v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Assets and Liabilities, Lessee
The following table provides information on the amounts (in thousands) of our right-of-use assets (“ROU assets”) and liabilities, weighted-average remaining lease term, and weighted average discount rate as of June 30, 2025, and December 31, 2024, and their placement within our condensed consolidated balance sheets:
Lease typeBalance Sheet LocationJune 30, 2025December 31, 2024
Assets
FinanceProperty, plant, and equipment$31,132 $30,655 
FinanceAccumulated amortization(15,859)(14,543)
FinanceProperty, plant, and equipment, net15,273 16,112 
Operating
Operating lease right-of-use (“ROU”) assets
435,227 428,120 
Total right-of-use assets$450,500 $444,232 
Liabilities
Current
FinanceOther accrued liabilities$2,302 $2,252 
OperatingOperating lease liabilities93,265 80,174 
Long-term
FinanceFinance lease liabilities10,923 11,690 
OperatingOperating lease liabilities359,970 362,092 
Total lease liabilities$466,460 $456,208 
Weighted-average remaining lease term (in years)
Finance10.1710.26
Operating6.747.17
Weighted-average discount rate
Finance7.03 %6.97 %
Operating7.72 %7.76 %
Schedule of Lease, Cost
The following table summarizes the lease costs and income recognized in our condensed consolidated statements of operations (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Lease cost (income) type2025202420252024
Finance lease cost
Amortization of finance lease ROU assets$637 $590 $1,322 $1,134 
Interest on lease liabilities234 255 472 499 
Operating lease cost31,450 26,550 63,039 52,367 
Variable lease cost3,069 1,451 6,077 3,413 
Short-term lease cost2,232 2,018 4,501 4,076 
Net lease cost$37,622 $30,864 $75,411 $61,489 
Operating lease income (1)$(555)$(1,035)$(1,129)$(4,900)
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(1)The majority of our lessor income comes from leases with lease terms of one year or less and the estimated future undiscounted cash flows from lessor income are not expected to be material.
The following table summarizes the supplemental cash flow information related to leases as follows (in thousands):
Six Months Ended June 30,
Lease type20252024
Cash paid for amounts included in the measurement of liabilities
Financing cash flows from finance leases$1,116 $858 
Operating cash flows from finance leases472 478 
Operating cash flows from operating leases59,207 51,490 
Non-cash supplemental amounts
ROU assets obtained in exchange for new finance lease liabilities471 1,619 
ROU assets obtained in exchange for new operating lease liabilities52,634 42,058 
ROU assets terminated in exchange for release from operating lease liabilities23 — 
Schedule of Lessee, Operating Lease, Liability, Maturity
The table below includes the estimated future undiscounted cash flows for finance and operating leases as of June 30, 2025 (in thousands):
For the year ending December 31, Finance leasesOperating leasesTotal
2025 (1)$1,499 $60,698 $62,197 
20262,772 126,030 128,802 
20272,608 116,400 119,008 
20281,703 101,281 102,984 
20291,293 23,174 24,467 
2030785 16,737 17,522 
Thereafter7,872 112,633 120,505 
Total lease payments18,532 556,953 575,485 
Less amount representing interest(5,528)(103,497)(109,025)
Present value of lease liabilities$13,004 $453,456 $466,460 
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(1)Represents the period from July 1, 2025, to December 31, 2025.
Schedule of Finance Lease, Liability, Maturity
The table below includes the estimated future undiscounted cash flows for finance and operating leases as of June 30, 2025 (in thousands):
For the year ending December 31, Finance leasesOperating leasesTotal
2025 (1)$1,499 $60,698 $62,197 
20262,772 126,030 128,802 
20272,608 116,400 119,008 
20281,703 101,281 102,984 
20291,293 23,174 24,467 
2030785 16,737 17,522 
Thereafter7,872 112,633 120,505 
Total lease payments18,532 556,953 575,485 
Less amount representing interest(5,528)(103,497)(109,025)
Present value of lease liabilities$13,004 $453,456 $466,460 
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(1)Represents the period from July 1, 2025, to December 31, 2025.