LeasesOur operating leases primarily consist of office space, certain manufacturing facilities, and vehicles. Our finance leases are not material. The term of our operating leases is generally 10 years or less, in some cases, with options to extend the term for up to 5 years, or options to terminate after one year without penalty. In general, our vehicle lease payments contain a monthly base rent payment. Certain other lease agreements contain variable payments related to a consumer price index or similar metric. Any change in payment amounts as a result of a change in a rate or index are considered variable lease payments and recognized as profit or loss when incurred.
Rent expense for operating leases in the Consolidated Statements of Income for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 were $45.3 million, $41.9 million, and $37.7 million, respectively. Cash paid for operating leases for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 was $44.6 million, $41.6 million, and $34.8 million, respectively, and reported as cash outflows from operating activities in the Consolidated Statements of Cash Flows. Right-of-use (“ROU”) assets obtained in exchange for lease obligations for the year ended December 31, 2025 and December 31, 2024 were $48.4 million and $37.5 million, respectively. Included in 2025 was $5.3 million related to acquisitions in 2025.
Amounts recognized for operating leases in the Consolidated Balance Sheets are as follows (in millions):
| | | | | | | | | | | |
| December 31, 2025 | December 31, 2024 |
| Operating lease right-of-use assets | $ | 155.5 | | $ | 146.2 | |
| TOTAL ASSETS | $ | 155.5 | | $ | 146.2 | |
| | |
| Other accrued liabilities | $ | 40.7 | | $ | 34.2 | |
| Other non-current liabilities | 121.2 | | 117.3 | |
| TOTAL LIABILITIES | $ | 161.9 | | $ | 151.5 | |
The weighted average remaining lease term as of December 31, 2025 and December 31, 2024 for operating leases was 4.8 and 4.7 years, respectively. The weighted average discount rate used to measure the ROU asset and lease liability for operating leases was 4.3% as of December 31, 2025 and 3.8% as of December 31, 2024.
Future maturities of our operating lease liabilities as of December 31, 2025 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total Payments | Imputed Interest | Total |
| Operating Leases | $46.6 | 41.1 | 33.9 | 22.8 | 12.7 | 21.2 | 178.3 | (16.4) | $161.9 |