Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

We have operating leases for various types of properties, consisting of manufacturing plants, engineering and research centers, distribution warehouses, offices and other facilities, and equipment used in operations. Some leases provide us with an option, exercisable at our sole discretion, to terminate the lease or extend the lease term for one or more years. When measuring assets and liabilities arising from a lease that provides us with an option to extend the lease term, we take into account payments to be made in the optional extension period when it is reasonably certain that we will exercise the option. Total lease cost (all of which related to operating leases) was $31.1 million, $30.8 million and $32.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Maturities of lease liabilities

	December 31, 2023
2024	$	23,959
2025	22,604
2026	21,692
2027	20,297
2028	18,868
2029 and thereafter	45,298
Total lease payments	152,718
Less: interest	(21,917)
Present value of lease liabilities	$	130,801

Supplemental information

	December 31, 2023			December 31, 2022
Total lease liabilities (1)	$	130,801		$	139,894
Cash paid for amounts included in the measurement of lease liabilities within operating cash flows	$	26,938		$	28,308
Right of use assets obtained in exchange for operating lease obligations	$	12,145		$	25,202
Weighted average remaining lease term	7.0 years			7.9 years
Weighted average discount rate	4.4		%	4.2		%

(1) The current portion of the operating lease liability is included in other current liabilities.