Leases (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Leases [Abstract] |
|
| Summary of Lease Costs |
The components of lease costs for the three months ended March 31, 2026 and March 31, 2025 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2026 |
|
|
March 31, 2025 |
|
Operating lease cost |
|
$ |
16,533 |
|
|
$ |
16,555 |
|
Short-term lease cost |
|
|
5,270 |
|
|
$ |
3,378 |
|
Amortization of right-of-use assets |
|
|
1,131 |
|
|
$ |
1,108 |
|
Interest on lease liabilities |
|
|
117 |
|
|
$ |
128 |
|
Sublease income |
|
|
(867 |
) |
|
$ |
(924 |
) |
Total lease cost |
|
$ |
22,184 |
|
|
$ |
20,245 |
|
|
| Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases for the three months ended March 31, 2026 and March 31, 2025 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2026 |
|
|
March 31, 2025 |
|
Operating cash flows for operating leases |
|
$ |
16,132 |
|
|
$ |
17,088 |
|
Operating cash flows for finance leases |
|
|
117 |
|
|
|
128 |
|
Financing cash flows from finance leases |
|
|
1,121 |
|
|
|
1,073 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
|
12,345 |
|
|
|
4,694 |
|
Right-of-use assets obtained in exchange for new finance lease liabilities |
|
$ |
345 |
|
|
$ |
548 |
|
|
| Schedule of Supplemental Balance Sheet and Other Information Related to Leases |
Supplemental balance sheet and other information related to leases as of March 31, 2026 and December 31, 2025 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Operating Leases: |
|
|
|
|
|
|
Right-of-use assets |
|
$ |
151,669 |
|
|
$ |
126,770 |
|
Lease liabilities: |
|
|
|
|
|
|
Current |
|
|
42,760 |
|
|
|
45,353 |
|
Long-term |
|
|
121,309 |
|
|
|
94,044 |
|
Total operating lease liabilities |
|
$ |
164,069 |
|
|
$ |
139,397 |
|
Finance Leases: |
|
|
|
|
|
|
Other noncurrent assets |
|
$ |
8,533 |
|
|
$ |
8,990 |
|
Accrued expenses and other current liabilities |
|
$ |
4,132 |
|
|
$ |
4,118 |
|
Other long-term liabilities |
|
$ |
4,780 |
|
|
$ |
5,240 |
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
Operating leases |
|
4.4 Years |
|
|
3.7 Years |
|
Finance leases |
|
2.5 Years |
|
|
2.6 Years |
|
Weighted Average Discount Rate: |
|
|
|
|
|
|
Operating leases |
|
|
4.6 |
% |
|
|
4.6 |
% |
Finance leases |
|
|
4.9 |
% |
|
|
4.9 |
% |
|
| Schedule of Maturity Analysis of Future Undiscounted Cash Flows |
A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of March 31, 2026 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
|
Finance Leases |
|
2026 |
|
$ |
38,610 |
|
|
$ |
3,482 |
|
2027 |
|
|
40,662 |
|
|
|
3,474 |
|
2028 |
|
|
34,484 |
|
|
|
2,130 |
|
2029 |
|
|
26,637 |
|
|
|
686 |
|
2030 |
|
|
14,087 |
|
|
|
75 |
|
Thereafter |
|
|
31,456 |
|
|
|
- |
|
Total lease payments |
|
|
185,936 |
|
|
|
9,847 |
|
Less: imputed interest |
|
|
(21,867 |
) |
|
|
(935 |
) |
Total present value of lease liabilities |
|
$ |
164,069 |
|
|
$ |
8,912 |
|
|