Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
| Leases |
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| Schedule of components of lease expense |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (In thousands) | Operating lease cost | | $ | 122,407 | | $ | 166,505 | | $ | 250,398 | | $ | 333,862 | | | | | | | | | | | | | | Short-term lease cost (1) | | | 2,507 | | | 3,051 | | | 5,638 | | | 8,341 | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | | | | | | Amortization of right-of-use assets | | | 4,389 | | | 13,238 | | | 7,496 | | | 26,469 | Interest on lease liabilities | | | 1,395 | | | 1,342 | | | 2,223 | | | 2,844 | Total finance lease cost | | | 5,784 | | | 14,580 | | | 9,719 | | | 29,313 | Total lease costs | | $ | 130,698 | | $ | 184,136 | | $ | 265,755 | | $ | 371,516 |
| (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, | | | 2026 | | 2025 | | | | (In thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows from operating leases | | $ | 63,397 | | $ | 284,667 | Operating cash flows from finance leases | | $ | 763 | | $ | 2,314 | Financing cash flows from finance leases | | $ | 904 | | $ | 11,406 | | | | | | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | Operating leases | | $ | 28,223 | | $ | 110,400 | Finance leases | | $ | 125,546 | | $ | — |
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| Summary of supplemental balance sheet information related to leases |
| | | | | | | | | As of | | | June 30, | | December 31, | | | 2026 | | 2025 | | | | (In thousands) | Operating Leases: (1) | | | | | | | Operating lease assets | | $ | 66,696 | | $ | 214,549 | | | | | | | | Other current liabilities | | $ | 23,198 | | $ | 845,326 | Operating lease liabilities | | | 120,325 | | | 4,137,269 | Total operating lease liabilities | | $ | 143,523 | | $ | 4,982,595 | | | | | | | | Finance Leases: (2) | | | | | | | Property and equipment, gross | | $ | 209,257 | | $ | 83,141 | Accumulated depreciation | | | (11,600) | | | (5,124) | Property and equipment, net | | $ | 197,657 | | $ | 78,017 | | | | | | | | Other current liabilities | | $ | 11,288 | | $ | 41,520 | Other long-term liabilities | | | 113,353 | | | 2,528 | Total finance lease liabilities | | $ | 124,641 | | $ | 44,048 | | | | | | | | Weighted Average Remaining Lease Term: | | | | | | | Operating leases | | | 7.9 years | | | 9.5 years | Finance leases | | | 8.3 years | | | 0.8 years | | | | | | | | Weighted Average Discount Rate: | | | | | | | Operating leases | | | 9.1% | | | 9.9% | Finance leases | | | 7.3% | | | 10.0% |
| (1) | The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information. |
| (2) | The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries, offset by an increase primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease. |
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| Summary of maturities of lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2026 (remaining six months) | | $ | 16,319 | | $ | 10,000 | | $ | 26,319 | 2027 | | | 30,175 | | | 20,000 | | | 50,175 | 2028 | | | 25,685 | | | 20,000 | | | 45,685 | 2029 | | | 23,258 | | | 20,000 | | | 43,258 | 2030 | | | 20,463 | | | 20,000 | | | 40,463 | Thereafter | | | 82,427 | | | 76,667 | | | 159,094 | Total lease payments | | | 198,327 | | | 166,667 | | | 364,994 | Less: Imputed interest | | | (54,804) | | | (42,026) | | | (96,830) | Total | | | 143,523 | | | 124,641 | | | 268,164 | Less: Current portion | | | (23,198) | | | (11,288) | | | (34,486) | Long-term portion of lease obligations | | $ | 120,325 | | $ | 113,353 | | $ | 233,678 |
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| Schedule of lease revenue |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (In thousands) | Lease revenue: | | | | | | | | | | | | | Sales-type lease revenue | | $ | 812 | | $ | 1,787 | | $ | 1,573 | | $ | 3,984 | Operating lease revenue | | | 4,381 | | | 2,014 | | | 8,185 | | | 4,415 | Total lease revenue | | $ | 5,193 | | $ | 3,801 | | $ | 9,758 | | $ | 8,399 |
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| Schedule of operating lease payments to be received |
| | | | For the Years Ending December 31, | | Total | | | (In thousands) | 2026 (remaining six months) | | $ | 9,078 | 2027 | | | 8,874 | 2028 | | | 4,517 | 2029 | | | 3,286 | 2030 | | | 2,182 | Thereafter | | | 708 | Total lease payments to be received | | $ | 28,645 |
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