LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

LEASES

Right-of-Use Assets and Operating Lease Liabilities

Amounts reported in the condensed consolidated balance sheets were:

	March 31, 2026		December 31, 2025
	(in thousands)
Assets:
Right-of-use assets	$	345,137	$	338,669
Liabilities:
Current operating lease liabilities	$	88,298	$	85,772
Long-term operating lease liabilities	301,325		297,192
Total operating lease liabilities	$	389,623	$	382,964

Lease Costs and Other Information

Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:

	Three Months Ended March 31,
	2026		2025
	(in thousands)
Operating lease cost	$	28,053	$	24,186
Short-term lease cost	2,650		2,960
Variable lease cost	5,825		5,589
Total lease costs	$	36,528	$	32,735

The weighted average remaining lease term and discount rate related to our lease liabilities as of March 31, 2026, was 5.4 years and 6.6%, respectively. As of March 31, 2025, the weighted average remaining lease term and discount rate related to our lease liabilities was 6.0 years and 6.5%, respectively.

Maturities

The maturities of our operating lease liabilities were:

	As of March 31, 2026
	(in thousands)
2026 (remainder of year)	$	75,021
2027	97,935
2028	78,406
2029	62,685
2030	47,313
Thereafter	104,260
Total future minimum lease payments	465,620
Less: imputed interest	(75,997)
Total operating lease liabilities	$	389,623