v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
Since the rate implicit in our leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments.
The following table summarizes the leases included in the condensed consolidated balance sheets:
(In thousands)Balance Sheet LocationJune 30, 2025December 31, 2024
Assets
OperatingOperating lease right-of-use assets$51,649 $58,390 
FinanceProperty and equipment, net11,069 11,695 
Total lease assets$62,718 $70,085 
Liabilities
Current:
OperatingCurrent portion of lease obligations$30,246 $27,798 
FinanceCurrent portion of lease obligations3,915 4,641 
$34,161 $32,439 
Noncurrent:
OperatingLease obligations$39,928 $51,929 
FinanceLease obligations11,518 12,652 
$51,446 $64,581 
Total lease liabilities$85,607 $97,020 
Leases Leases
The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
Since the rate implicit in our leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments.
The following table summarizes the leases included in the condensed consolidated balance sheets:
(In thousands)Balance Sheet LocationJune 30, 2025December 31, 2024
Assets
OperatingOperating lease right-of-use assets$51,649 $58,390 
FinanceProperty and equipment, net11,069 11,695 
Total lease assets$62,718 $70,085 
Liabilities
Current:
OperatingCurrent portion of lease obligations$30,246 $27,798 
FinanceCurrent portion of lease obligations3,915 4,641 
$34,161 $32,439 
Noncurrent:
OperatingLease obligations$39,928 $51,929 
FinanceLease obligations11,518 12,652 
$51,446 $64,581 
Total lease liabilities$85,607 $97,020