Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The components of lease expense were as follows:

(In thousands)	2023		2022		2021
Finance leases:
Depreciation expense	$	7,957	$	3,938	$	2,510
Interest on lease liabilities	2,036		784		495
Operating leases	34,735		33,773		32,544
Variable and short-term leases	52,200		49,811		47,780
Sublease income	(7)		(6)		(53)
Total lease expense from continuing operations	$	96,921	$	88,300	$	83,276

Supplemental cash flow information related to leases was as follows:

(In thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases (a)	$	37,880	$	34,420	$	33,645
Cash flows used by operating activities - Finance leases	1,914		798		517
Cash flows used by financing activities - Finance leases	7,736		3,975		2,330
ROU assets obtained in exchange for lease obligations:
Operating leases	$	27,951	$	32,817	$	42,442
Finance leases	27,128		11,175		11,495

(a)     Cash flows include cash paid for operating leases of discontinued operations.

Supplemental balance sheet information related to leases was as follows: 

(In thousands)	2023		2022
Operating Leases:
Operating lease ROU assets	$	95,841	$	101,253
Current portion of operating lease liabilities	25,119		25,521
Operating lease liabilities	72,145		75,246
Finance Leases:
Property, plant and equipment, net	$	43,151	$	23,671
Current maturities of long-term debt	9,723		5,562
Long-term debt	33,911		18,832

Supplemental additional information related to leases was as follows:

	2023		2022
Other information:
Weighted average remaining lease term - Operating leases (in years)	7.36		7.42
Weighted average remaining lease term - Finance leases (in years)	5.33		5.35
Weighted average incremental borrowing rate - Operating leases	6.3	%	6.0	%
Weighted average incremental borrowing rate - Finance leases	6.4	%	5.2	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2024	$	30,134	$	12,154
2025	23,486		10,531
2026	17,774		9,197
2027	11,740		7,426
2028	7,209		5,542
After 2028	34,524		6,869
Total lease payments	124,867		51,719
Less: Imputed interest	(27,603)		(8,085)
Total lease liabilities	$	97,264	$	43,634

The Company's leases, excluding short-term leases, have remaining terms of less than one year to approximately 27 years, some of which contain options to extend or terminate the lease terms, based on the provisions in the lease agreements. As of December 31, 2023, the Company has approximately $49 million of finance lease obligations to be recognized for equipment in CE with expected commencement dates in 2024 and 2025. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.

Leases

Leases

The components of lease expense were as follows:

(In thousands)	2023		2022		2021
Finance leases:
Depreciation expense	$	7,957	$	3,938	$	2,510
Interest on lease liabilities	2,036		784		495
Operating leases	34,735		33,773		32,544
Variable and short-term leases	52,200		49,811		47,780
Sublease income	(7)		(6)		(53)
Total lease expense from continuing operations	$	96,921	$	88,300	$	83,276

Supplemental cash flow information related to leases was as follows:

(In thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases (a)	$	37,880	$	34,420	$	33,645
Cash flows used by operating activities - Finance leases	1,914		798		517
Cash flows used by financing activities - Finance leases	7,736		3,975		2,330
ROU assets obtained in exchange for lease obligations:
Operating leases	$	27,951	$	32,817	$	42,442
Finance leases	27,128		11,175		11,495

(a)     Cash flows include cash paid for operating leases of discontinued operations.

Supplemental balance sheet information related to leases was as follows: 

(In thousands)	2023		2022
Operating Leases:
Operating lease ROU assets	$	95,841	$	101,253
Current portion of operating lease liabilities	25,119		25,521
Operating lease liabilities	72,145		75,246
Finance Leases:
Property, plant and equipment, net	$	43,151	$	23,671
Current maturities of long-term debt	9,723		5,562
Long-term debt	33,911		18,832

Supplemental additional information related to leases was as follows:

	2023		2022
Other information:
Weighted average remaining lease term - Operating leases (in years)	7.36		7.42
Weighted average remaining lease term - Finance leases (in years)	5.33		5.35
Weighted average incremental borrowing rate - Operating leases	6.3	%	6.0	%
Weighted average incremental borrowing rate - Finance leases	6.4	%	5.2	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2024	$	30,134	$	12,154
2025	23,486		10,531
2026	17,774		9,197
2027	11,740		7,426
2028	7,209		5,542
After 2028	34,524		6,869
Total lease payments	124,867		51,719
Less: Imputed interest	(27,603)		(8,085)
Total lease liabilities	$	97,264	$	43,634

The Company's leases, excluding short-term leases, have remaining terms of less than one year to approximately 27 years, some of which contain options to extend or terminate the lease terms, based on the provisions in the lease agreements. As of December 31, 2023, the Company has approximately $49 million of finance lease obligations to be recognized for equipment in CE with expected commencement dates in 2024 and 2025. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.

Leases

Leases

The components of lease expense were as follows:

(In thousands)	2023		2022		2021
Finance leases:
Depreciation expense	$	7,957	$	3,938	$	2,510
Interest on lease liabilities	2,036		784		495
Operating leases	34,735		33,773		32,544
Variable and short-term leases	52,200		49,811		47,780
Sublease income	(7)		(6)		(53)
Total lease expense from continuing operations	$	96,921	$	88,300	$	83,276

Supplemental cash flow information related to leases was as follows:

(In thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows used by operating activities - Operating leases (a)	$	37,880	$	34,420	$	33,645
Cash flows used by operating activities - Finance leases	1,914		798		517
Cash flows used by financing activities - Finance leases	7,736		3,975		2,330
ROU assets obtained in exchange for lease obligations:
Operating leases	$	27,951	$	32,817	$	42,442
Finance leases	27,128		11,175		11,495

(a)     Cash flows include cash paid for operating leases of discontinued operations.

Supplemental balance sheet information related to leases was as follows: 

(In thousands)	2023		2022
Operating Leases:
Operating lease ROU assets	$	95,841	$	101,253
Current portion of operating lease liabilities	25,119		25,521
Operating lease liabilities	72,145		75,246
Finance Leases:
Property, plant and equipment, net	$	43,151	$	23,671
Current maturities of long-term debt	9,723		5,562
Long-term debt	33,911		18,832

Supplemental additional information related to leases was as follows:

	2023		2022
Other information:
Weighted average remaining lease term - Operating leases (in years)	7.36		7.42
Weighted average remaining lease term - Finance leases (in years)	5.33		5.35
Weighted average incremental borrowing rate - Operating leases	6.3	%	6.0	%
Weighted average incremental borrowing rate - Finance leases	6.4	%	5.2	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2024	$	30,134	$	12,154
2025	23,486		10,531
2026	17,774		9,197
2027	11,740		7,426
2028	7,209		5,542
After 2028	34,524		6,869
Total lease payments	124,867		51,719
Less: Imputed interest	(27,603)		(8,085)
Total lease liabilities	$	97,264	$	43,634

The Company's leases, excluding short-term leases, have remaining terms of less than one year to approximately 27 years, some of which contain options to extend or terminate the lease terms, based on the provisions in the lease agreements. As of December 31, 2023, the Company has approximately $49 million of finance lease obligations to be recognized for equipment in CE with expected commencement dates in 2024 and 2025. There are no material residual value guarantees or material restrictive covenants in any of the Company's leases.