Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases |
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| Summary of components of Lease Expense |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (In thousands) | Operating lease cost | | $ | 160,246 | | $ | 150,330 | | $ | 321,468 | | $ | 311,124 | | | | | | | | | | | | | | Short-term lease cost (1) | | | 4,956 | | | 2,934 | | | 12,151 | | | 5,862 | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | | | | | | Amortization of right-of-use assets | | | 7,358 | | | 13,419 | | | 14,757 | | | 27,364 | Interest on lease liabilities | | | 1,342 | | | 2,397 | | | 2,844 | | | 5,189 | Total finance lease cost | | | 8,700 | | | 15,816 | | | 17,601 | | | 32,553 | Total lease costs | | $ | 173,902 | | $ | 169,080 | | $ | 351,220 | | $ | 349,539 |
| (1) | Leases that have terms of 12 months or less. |
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| Summary of Supplemental cash flow information related to leases |
| | | | | | | | | For the Six Months Ended | | | June 30, | | | 2025 | | 2024 | | | | (In thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows from operating leases | | $ | 272,204 | | $ | 220,891 | Operating cash flows from finance leases | | $ | 2,314 | | $ | 5,299 | Financing cash flows from finance leases | | $ | 11,406 | | $ | 29,627 | | | | | | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | Operating leases | | $ | 109,394 | | $ | 313,628 | Finance leases | | $ | — | | $ | — |
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| Summary of supplemental balance sheet information related to leases |
| | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | | | 2025 | | 2024 | | | | (In thousands) | Operating Leases: | | | | | | | Operating lease assets | | $ | 3,097,445 | | $ | 3,134,938 | | | | | | | | Other current liabilities | | $ | 549,878 | | $ | 510,697 | Operating lease liabilities | | | 3,060,585 | | | 3,089,950 | Total operating lease liabilities | | $ | 3,610,463 | | $ | 3,600,647 | | | | | | | | Finance Leases: | | | | | | | Property and equipment, gross | | $ | 121,102 | | $ | 121,102 | Accumulated depreciation | | | (88,176) | | | (73,419) | Property and equipment, net | | $ | 32,926 | | $ | 47,683 | | | | | | | | Other current liabilities | | $ | 34,088 | | $ | 30,381 | Other long-term liabilities | | | 21,705 | | | 36,818 | Total finance lease liabilities | | $ | 55,793 | | $ | 67,199 | | | | | | | | Weighted Average Remaining Lease Term: | | | | | | | Operating leases | | | 9.4 years | | | 9.7 years | Finance leases | | | 1.3 years | | | 1.7 years | | | | | | | | Weighted Average Discount Rate: | | | | | | | Operating leases | | | 10.3% | | | 10.3% | Finance leases | | | 9.6% | | | 9.3% |
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| Summary of maturities of operating lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2025 (remaining six months) | | $ | 287,950 | | $ | 21,672 | | $ | 309,622 | 2026 | | | 593,302 | | | 36,588 | | | 629,890 | 2027 | | | 596,420 | | | 2,574 | | | 598,994 | 2028 | | | 557,434 | | | — | | | 557,434 | 2029 | | | 539,296 | | | — | | | 539,296 | Thereafter | | | 3,018,333 | | | — | | | 3,018,333 | Total lease payments | | | 5,592,735 | | | 60,834 | | | 5,653,569 | Less: Imputed interest | | | (1,982,272) | | | (5,041) | | | (1,987,313) | Total | | | 3,610,463 | | | 55,793 | | | 3,666,256 | Less: Current portion | | | (549,878) | | | (34,088) | | | (583,966) | Long-term portion of lease obligations | | $ | 3,060,585 | | $ | 21,705 | | $ | 3,082,290 |
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| Summary of maturities of finance lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2025 (remaining six months) | | $ | 287,950 | | $ | 21,672 | | $ | 309,622 | 2026 | | | 593,302 | | | 36,588 | | | 629,890 | 2027 | | | 596,420 | | | 2,574 | | | 598,994 | 2028 | | | 557,434 | | | — | | | 557,434 | 2029 | | | 539,296 | | | — | | | 539,296 | Thereafter | | | 3,018,333 | | | — | | | 3,018,333 | Total lease payments | | | 5,592,735 | | | 60,834 | | | 5,653,569 | Less: Imputed interest | | | (1,982,272) | | | (5,041) | | | (1,987,313) | Total | | | 3,610,463 | | | 55,793 | | | 3,666,256 | Less: Current portion | | | (549,878) | | | (34,088) | | | (583,966) | Long-term portion of lease obligations | | $ | 3,060,585 | | $ | 21,705 | | $ | 3,082,290 |
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