v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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 (e.g., a tenant improvement allowance). 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 its 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 LocationMarch 31, 2026December 31, 2025
Assets
OperatingOperating lease right-of-use assets$68,690 $72,545 
FinanceProperty and equipment, net11,762 12,478 
Total lease assets$80,452 $85,023 
Liabilities
Current:
OperatingCurrent portion of lease obligations$10,244 $14,059 
FinanceCurrent portion of lease obligations3,656 3,584 
$13,900 $17,643 
Noncurrent:
OperatingLease obligations$66,973 $70,037 
FinanceLease obligations11,610 12,226 
$78,583 $82,263 
Total lease liabilities$92,483 $99,906 
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 (e.g., a tenant improvement allowance). 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 its 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 LocationMarch 31, 2026December 31, 2025
Assets
OperatingOperating lease right-of-use assets$68,690 $72,545 
FinanceProperty and equipment, net11,762 12,478 
Total lease assets$80,452 $85,023 
Liabilities
Current:
OperatingCurrent portion of lease obligations$10,244 $14,059 
FinanceCurrent portion of lease obligations3,656 3,584 
$13,900 $17,643 
Noncurrent:
OperatingLease obligations$66,973 $70,037 
FinanceLease obligations11,610 12,226 
$78,583 $82,263 
Total lease liabilities$92,483 $99,906