Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Leases [Abstract] |
|
| Summary of Lease Costs |
The components of lease costs for the three and six months ended June 30, 2026 and June 30, 2025 are as follows (in thousands):
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Three Months Ended |
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Six Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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June 30, 2026 |
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June 30, 2025 |
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Operating lease cost |
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$ |
15,843 |
|
|
$ |
16,709 |
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|
$ |
32,376 |
|
|
$ |
33,264 |
|
Short-term lease cost |
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|
4,478 |
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$ |
3,289 |
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|
|
9,748 |
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|
|
6,667 |
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Amortization of right-of-use assets |
|
|
1,201 |
|
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$ |
1,169 |
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|
|
2,332 |
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|
|
2,277 |
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Interest on lease liabilities |
|
|
125 |
|
|
$ |
133 |
|
|
|
242 |
|
|
|
261 |
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Sublease income |
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|
(606 |
) |
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$ |
(898 |
) |
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|
(1,473 |
) |
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|
(1,822 |
) |
Total lease cost |
|
$ |
21,041 |
|
|
$ |
20,402 |
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|
$ |
43,225 |
|
|
$ |
40,647 |
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| Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases for the six months ended June 30, 2026 and June 30, 2025 is as follows (in thousands):
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Six Months Ended |
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June 30, 2026 |
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|
June 30, 2025 |
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Operating cash flows for operating leases |
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$ |
31,893 |
|
|
$ |
33,068 |
|
Operating cash flows for finance leases |
|
|
248 |
|
|
|
261 |
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Financing cash flows from finance leases |
|
|
2,356 |
|
|
|
2,210 |
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Right-of-use assets obtained in exchange for new operating lease liabilities |
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|
19,318 |
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|
|
10,174 |
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Right-of-use assets obtained in exchange for new finance lease liabilities |
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$ |
3,413 |
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$ |
1,591 |
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| Schedule of Supplemental Balance Sheet and Other Information Related to Leases |
Supplemental balance sheet and other information related to leases as of June 30, 2026 and December 31, 2025 are as follows (in thousands):
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June 30, 2026 |
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December 31, 2025 |
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Operating Leases: |
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|
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Right-of-use assets |
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$ |
147,854 |
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$ |
126,770 |
|
Lease liabilities: |
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|
|
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Current |
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|
40,308 |
|
|
|
45,353 |
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Long-term |
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|
120,296 |
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|
|
94,044 |
|
Total operating lease liabilities |
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$ |
160,604 |
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|
$ |
139,397 |
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Finance Leases: |
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Other noncurrent assets |
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$ |
10,338 |
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|
$ |
8,990 |
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Accrued expenses and other current liabilities |
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$ |
4,580 |
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$ |
4,118 |
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Other long-term liabilities |
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$ |
6,147 |
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$ |
5,240 |
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Weighted Average Remaining Lease Term: |
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Operating leases |
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4.5 Years |
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|
3.7 Years |
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Finance leases |
|
2.7 Years |
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|
2.6 Years |
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Weighted Average Discount Rate: |
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Operating leases |
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|
4.6 |
% |
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|
4.6 |
% |
Finance leases |
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|
4.9 |
% |
|
|
4.9 |
% |
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| 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 June 30, 2026 is as follows (in thousands):
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Operating Leases |
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Finance Leases |
|
2026 |
|
$ |
24,579 |
|
|
$ |
2,692 |
|
2027 |
|
|
42,898 |
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|
|
4,303 |
|
2028 |
|
|
36,312 |
|
|
|
2,958 |
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2029 |
|
|
28,127 |
|
|
|
1,524 |
|
2030 |
|
|
15,534 |
|
|
|
323 |
|
Thereafter |
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|
34,774 |
|
|
|
- |
|
Total lease payments |
|
|
182,224 |
|
|
|
11,800 |
|
Less: imputed interest |
|
|
(21,620 |
) |
|
|
(1,073 |
) |
Total present value of lease liabilities |
|
$ |
160,604 |
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|
$ |
10,727 |
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