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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Future Minimum Lease Payments under Operating Leases

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):

 

 

 

June 30,
2024

 

 

December 31,
2023

 

2024

 

$

20,448

 

 

$

38,943

 

2025

 

 

35,387

 

 

 

27,638

 

2026

 

 

31,865

 

 

 

24,945

 

2027

 

 

25,643

 

 

 

22,842

 

2028

 

 

19,683

 

 

 

18,318

 

Thereafter

 

 

84,490

 

 

 

79,755

 

Total lease payments

 

 

217,516

 

 

 

212,441

 

Less: imputed interest

 

 

(39,867

)

 

 

(40,290

)

Operating lease liabilities

 

$

177,649

 

 

$

172,151

 

Lease Cost

The following table summarizes lease costs (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

11,599

 

 

$

10,653

 

 

$

22,880

 

 

$

21,230

 

Variable lease cost

 

 

578

 

 

 

690

 

 

 

1,071

 

 

 

1,448

 

Short-term lease cost

 

 

8,809

 

 

 

9,211

 

 

 

18,988

 

 

 

15,430

 

Sublease income

 

 

(830

)

 

 

(798

)

 

 

(1,684

)

 

 

(1,641

)

 

$

20,156

 

 

$

19,756

 

 

$

41,255

 

 

$

36,467

 

Operating Leases Weighted Average Discount Rate and Remaining Lease Term

The following table summarizes other supplemental information about the Company’s operating leases:

 

 

 

June 30,
2024

 

 

December 31,
2023

 

Weighted average discount rate

 

 

4.6

%

 

 

4.4

%

Weighted average remaining lease term

 

9 years

 

 

9 years