Leases

6 Months Ended

Jun. 30, 2026

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 is as follows:


(in thousands)	Balance Sheet Classification	June 30, 2026		December 31, 2025
Right-of-use assets
Finance leases		$	392,280	$	406,381
Operating leases		591,720		448,958
	Lease right-of-use assets, net	$	984,000	$	855,339

Lease liabilities
Current lease liabilities
Finance leases		$	16,411	$	17,298
Operating leases		25,228		19,168
	Current portion of lease liabilities	$	41,639	$	36,466

Non-current lease liabilities
Finance leases		$	394,647	$	402,697
Operating leases		572,559		449,683
	Lease liabilities, net of current portion	$	967,206	$	852,380
Total lease liabilities		$	1,008,845	$	888,846

The components of lease costs, excluding short-term lease costs and sublease income (both immaterial for the periods presented), were as follows:


	Statements of Operations Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2026		2025		2026		2025
Finance lease costs
Amortization of right-of-use assets	Cost of sales	$	7,457	$	6,725	$	14,911	$	13,285
Amortization of right-of-use assets	Selling, general, and administrative	—		15		—		30
Interest on lease liabilities	Interest expense	6,105		5,729		12,282		11,338
Total finance lease costs		13,562		12,469		27,193		24,653

Operating lease costs
Lease expenses	Cost of sales	15,400		9,656		28,953		18,319
Lease expenses	Selling, general, and administrative	693		699		1,386		1,399
Total operating lease costs		16,093		10,355		30,339		19,718



Variable lease costs	Cost of sales	2,823		2,310		5,584		4,425
Total lease costs		$	32,478	$	25,134	$	63,116	$	48,796

Supplemental cash flow information related to leases is as follows for the periods presented:


	Six Months Ended June 30,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	12,282	$	11,337
Operating cash flows from operating leases	25,906		14,872
Financing cash flows from finance leases	9,576		7,111
Right-of-use assets obtained in exchange for lease obligations
Finance leases	639		18,982
Operating leases	138,549		67,354

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 is as follows:


(in thousands)	Balance Sheet Classification	June 30, 2026		December 31, 2025
Right-of-use assets
Finance leases		$	392,280	$	406,381
Operating leases		591,720		448,958
	Lease right-of-use assets, net	$	984,000	$	855,339

Lease liabilities
Current lease liabilities
Finance leases		$	16,411	$	17,298
Operating leases		25,228		19,168
	Current portion of lease liabilities	$	41,639	$	36,466

Non-current lease liabilities
Finance leases		$	394,647	$	402,697
Operating leases		572,559		449,683
	Lease liabilities, net of current portion	$	967,206	$	852,380
Total lease liabilities		$	1,008,845	$	888,846

The components of lease costs, excluding short-term lease costs and sublease income (both immaterial for the periods presented), were as follows:


	Statements of Operations Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2026		2025		2026		2025
Finance lease costs
Amortization of right-of-use assets	Cost of sales	$	7,457	$	6,725	$	14,911	$	13,285
Amortization of right-of-use assets	Selling, general, and administrative	—		15		—		30
Interest on lease liabilities	Interest expense	6,105		5,729		12,282		11,338
Total finance lease costs		13,562		12,469		27,193		24,653

Operating lease costs
Lease expenses	Cost of sales	15,400		9,656		28,953		18,319
Lease expenses	Selling, general, and administrative	693		699		1,386		1,399
Total operating lease costs		16,093		10,355		30,339		19,718



Variable lease costs	Cost of sales	2,823		2,310		5,584		4,425
Total lease costs		$	32,478	$	25,134	$	63,116	$	48,796

Supplemental cash flow information related to leases is as follows for the periods presented:


	Six Months Ended June 30,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	12,282	$	11,337
Operating cash flows from operating leases	25,906		14,872
Financing cash flows from finance leases	9,576		7,111
Right-of-use assets obtained in exchange for lease obligations
Finance leases	639		18,982
Operating leases	138,549		67,354