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LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases, Operating
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $44 million, $42 million, and $42 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Operating lease cost $44,322 $42,125 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 347 390 
Total finance lease cost$1,384 $1,427 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Cash used for operating activities:
Operating cash flows used for operating leases$(36,294)$(34,186)
Operating cash flows used for finance leases(347)(390)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$14,361 $17,740 

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20232022
Operating Leases
Operating lease right-of-use assets, net$141,435 $153,855 
Other current liabilities$30,629 $29,910 
Long-term operating lease liability118,611 132,275 
Total operating lease liabilities$149,240 $162,185 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(9,682)(8,645)
Property, plant, and equipment, net$5,879 $6,916 
Other current liabilities$1,181 $1,098 
Other liabilities6,742 7,924 
Total finance lease liabilities$7,923 $9,022 
Weighted average remaining lease term
Operating leases7.2 years7.5 years
Finance leases5.7 years6.7 years
Weighted average discount rate
Operating leases3.99 %3.80 %
Finance leases4.05 %4.05 %
Maturities of lease liabilities were as follows:
As of December 31, 2023
(In thousands)Operating LeasesFinance Leases
2024$35,623 $1,481 
202529,043 1,518 
202624,115 1,556 
202718,438 1,595 
202815,429 1,635 
Thereafter49,883 1,107 
Total lease payments172,531 8,892 
Less: imputed interest(23,291)(969)
Total$149,240 $7,923 
Leases, Finance
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $44 million, $42 million, and $42 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Operating lease cost $44,322 $42,125 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 347 390 
Total finance lease cost$1,384 $1,427 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Cash used for operating activities:
Operating cash flows used for operating leases$(36,294)$(34,186)
Operating cash flows used for finance leases(347)(390)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$14,361 $17,740 

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20232022
Operating Leases
Operating lease right-of-use assets, net$141,435 $153,855 
Other current liabilities$30,629 $29,910 
Long-term operating lease liability118,611 132,275 
Total operating lease liabilities$149,240 $162,185 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(9,682)(8,645)
Property, plant, and equipment, net$5,879 $6,916 
Other current liabilities$1,181 $1,098 
Other liabilities6,742 7,924 
Total finance lease liabilities$7,923 $9,022 
Weighted average remaining lease term
Operating leases7.2 years7.5 years
Finance leases5.7 years6.7 years
Weighted average discount rate
Operating leases3.99 %3.80 %
Finance leases4.05 %4.05 %
Maturities of lease liabilities were as follows:
As of December 31, 2023
(In thousands)Operating LeasesFinance Leases
2024$35,623 $1,481 
202529,043 1,518 
202624,115 1,556 
202718,438 1,595 
202815,429 1,635 
Thereafter49,883 1,107 
Total lease payments172,531 8,892 
Less: imputed interest(23,291)(969)
Total$149,240 $7,923