v3.26.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Schedule of Operating Lease Right-of-use Assets
Our total operating lease right-of-use assets were as follows:
(in thousands)September 30, 2026December 31, 2025
Operating lease right-of-use assets - cost$209,544 $206,518 
Operating lease right-of-use assets - accumulated amortization(152,251)(106,731)
Operating lease right-of-use assets - net$57,293 $99,787 
Schedule of Finance Lease Right-of-use Assets
Our total finance lease right-of-use assets were as follows:
(in thousands)September 30, 2026December 31, 2025
Finance lease right-of-use assets - cost$57,397 $53,292 
Finance lease right-of-use assets - accumulated amortization(55,504)(42,655)
Finance lease right-of-use assets - net$1,893 $10,637 
Schedule of Lease Costs
The components of lease costs are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2026202520262025
Operating lease cost$16,236 $15,731 $48,680 $46,600 
Finance lease cost:
Amortization of right-of-use assets$3,690 $4,559 $12,850 $13,967 
Interest on lease liabilities44 370 354 1,335 
Total finance lease cost$3,734 $4,929 $13,204 $15,302 
Variable lease cost$1,369 $1,152 $3,403 $3,180 
Short-term lease cost$162 $120 $450 $506 
Supplemental cash flow information related to leases are as follows:
Nine Months Ended September 30,
(in thousands)20262025
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases$35,861 $34,205 
Operating cash flows from finance lease354 1,335 
Financing cash flows from finance lease14,622 13,829 
Noncash lease obligations arising from obtaining right-of-use assets related to:
Operating leases (1)
3,016 29,184 
Finance lease (2)
4,106 $— 
(1)During the nine months ended September 30, 2026, we recorded noncash operating lease obligations arising from obtaining right-of-use assets related to an office lease for our power generation segment. During the nine months ended September 30, 2025, we recorded noncash operating lease obligations arising from obtaining right-of-use assets related to the receipt of equipment under the Electric Fleet Leases and right-of-use assets related to office leases for our corporate headquarters and power generation services segment.
(2)During the nine months ended September 30, 2026, we recorded noncash finance lease obligations related to additional rent on the Power Equipment Lease and right-of-use assets related to a facility lease.
Schedule of Lease Terms and Discount Rates
Lease terms and discount rates are as follows:
September 30, 2026December 31, 2025
Weighted average remaining lease term:
Operating leases2.0 years2.2 years
Finance leases0.3 years0.6 years
Weighted average discount rate:
Operating leases6.3 %6.6 %
Finance leases5.2 %7.3 %
Schedule of Undiscounted and Discounted Remaining Future Lease Payments for Operating Lease Maturity
The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2026 are as follows:
(in thousands)Operating LeasesFinance Leases
Remainder of 2026$11,566 $1,738 
202723,929 108 
202812,645 99 
20291,688 — 
20301,296 — 
2031 and beyond1,609 — 
Total undiscounted future lease payments52,733 1,945 
Less: amount representing interest(3,236)(20)
Present value of future lease payments (lease obligation)$49,497 $1,925 
Schedule of Undiscounted and Discounted Remaining Future Lease Payments for Finance Lease Maturity
The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2026 are as follows:
(in thousands)Operating LeasesFinance Leases
Remainder of 2026$11,566 $1,738 
202723,929 108 
202812,645 99 
20291,688 — 
20301,296 — 
2031 and beyond1,609 — 
Total undiscounted future lease payments52,733 1,945 
Less: amount representing interest(3,236)(20)
Present value of future lease payments (lease obligation)$49,497 $1,925