v3.26.1
Leases (Tables)
6 Months Ended
Jun. 30, 2026
Leases  
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.
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

$

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.
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

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

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