We had $17.1 million and $0.4 million of legally binding minimum lease payments for operating leases signed but not yet commenced as of December 31, 2025 and 2024. We did not have material subleases, leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.
Other information related to our leases is as follows:
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| December 31, | | |
| 2025 | | 2024 | | |
| (Amounts in thousands) | | |
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| Finance Leases: | | | | | |
| ROU assets recorded under finance leases | $ | 47,086 | | | $ | 32,385 | | | |
| Accumulated depreciation associated with finance leases | (21,981) | | | (17,020) | | | |
| Total finance leases ROU assets, net(1) | $ | 25,105 | | | $ | 15,365 | | | |
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| Total finance leases liabilities(2) | $ | 29,847 | | | $ | 19,990 | | | |
The costs components of operating and finance leases are as follows:
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| December 31, | | |
| 2025 | | 2024 | | 2023 | | |
| (Amounts in thousands) | | |
| Operating Lease Costs: | | | | | | | |
| Fixed lease expense(3) | $ | 58,051 | | | $ | 57,862 | | | $ | 55,588 | | | |
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| Variable lease expense(3) | 10,661 | | | 8,990 | | | 8,131 | | | |
| Total operating lease expense | $ | 68,712 | | | $ | 66,852 | | | $ | 63,719 | | | |
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| Finance Lease Costs: | | | | | | | |
| Depreciation of finance lease ROU assets(3) | $ | 9,069 | | | $ | 6,800 | | | $ | 6,655 | | | |
| Interest on lease liabilities(4) | 1,414 | | | 1,047 | | | 885 | | | |
| Total finance lease expense | $ | 10,483 | | | $ | 7,847 | | | $ | 7,540 | | | |
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(1) Included in property, plant and equipment, net
(2) Included in debt due within one year and long-term debt due after one year, accordingly
(3) Included in cost of sales and selling, general and administrative expense, accordingly
(4) Included in interest expense
Supplemental cash flows information related to our leases is as follows:
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| December 31, | | |
| (Amounts in thousands, except lease term and discount rate) | 2025 | | 2024 | | 2023 | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | |
| Operating cash flows from operating leases(1) | $ | 68,208 | | | $ | 64,976 | | | $ | 62,303 | | | |
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| Financing cash flows from finance leases(2) | 8,926 | | | 6,964 | | | 8,234 | | | |
| ROU assets obtained in exchange for lease obligations: | | | | | | | |
| Operating leases | $ | 35,191 | | | $ | 51,219 | | | $ | 18,570 | | | |
| Finance leases | 18,914 | | | 8,623 | | | 8,259 | | | |
| Weighted average remaining lease term (in years) | | | | | | | |
| Operating leases | 7 years | | 7 years | | 8 years | | |
| Finance leases | 3 years | | 3 years | | 5 years | | |
| Weighted average discount rate (percent) | | | | | | | |
| Operating leases | 5.4 | % | | 5.2 | % | | 4.1 | % | | |
| Finance leases | 6.0 | % | | 5.6 | % | | 4.6 | % | | |
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(1) Included in our consolidated statement of cash flows, operating activities, prepaid expenses and other assets, net and retirement obligations and other liabilities.
(2) Included in our consolidated statement of cash flows, financing activities, payments under other financing arrangements
Future undiscounted lease payments under operating and finance leases as of December 31, 2025, were as follows:
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| Year ending December 31, | Operating
Leases | | Finance Leases |
| (Amounts in thousands) |
| 2026 | 44,563 | | | 11,011 | |
| 2027 | 36,677 | | | 8,374 | |
| 2028 | 30,996 | | | 6,384 | |
| 2029 | 24,598 | | | 3,213 | |
| 2030 | 20,171 | | | 982 | |
| Thereafter | 62,144 | | | 3,299 | |
| Total future minimum lease payments | $ | 219,149 | | | $ | 33,263 | |
| Less: Imputed interest | (33,954) | | | (3,416) | |
| Total | $ | 185,195 | | | $ | 29,847 | |
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| Other current liabilities | $ | 35,630 | | | $ | — | |
| Operating lease liabilities | 149,565 | | | — | |
| Debt due within one year | — | | | 9,148 | |
| Long-term debt due after one year | — | | | 20,699 | |
| Total | $ | 185,195 | | | $ | 29,847 | |
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