Leases

12 Months Ended

Dec. 31, 2025

LEASES

The components of lease cost were as follows for the years ended December 31:


(In thousands)	2025		2024		2023
Operating lease cost	$	71,275	$	64,343	$	61,247
Short-term lease cost	3,039		3,587		4,969
Variable lease cost	4,291		4,180		4,312
Total lease cost	$	78,605	$	72,110	$	70,528

At December 31, 2025, the Company's operating leases had a weighted-average remaining lease term of 7.9 years and a weighted-average discount rate of 7.0 percent.

Cash Flows

Right-of-use assets of $96.9 million, $29.6 million, and $44.5 million were recognized as non-cash asset additions that resulted from new operating lease obligations during the years ended December 31, 2025, 2024, and 2023, respectively, which included $15.5 million, $5.5 million, and $0.4 million of right-of-use assets from acquisitions, respectively. Cash paid for amounts included in the present value of operating lease obligations and included in cash flows from operations was $63.2 million, $59.6 million, and $55.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Future minimum lease payments under operating leases as of December 31, 2025 were as follows:


(In thousands)
Year Ending December 31,
2026	$	62,286
2027	54,266
2028	49,318
2029	43,247
2030	36,471
Thereafter	135,371
Total future minimum lease payments	380,959
Less interest	(90,738)
Present value of operating lease liabilities	$	290,221

LCI INDUSTRIES 10-K