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Leases (Tables)
9 Months Ended
Sep. 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):

 

 

 

September 30,
2024

 

 

December 31,
2023

 

2024

 

$

10,497

 

 

$

38,943

 

2025

 

 

38,144

 

 

 

27,638

 

2026

 

 

34,644

 

 

 

24,945

 

2027

 

 

28,510

 

 

 

22,842

 

2028

 

 

22,631

 

 

 

18,318

 

Thereafter

 

 

88,353

 

 

 

79,755

 

Total lease payments

 

 

222,779

 

 

 

212,441

 

Less: imputed interest

 

 

(40,113

)

 

 

(40,290

)

Operating lease liabilities

 

$

182,666

 

 

$

172,151

 

Lease Cost

The following table summarizes lease costs (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

11,728

 

 

$

10,481

 

 

$

34,608

 

 

$

31,711

 

Variable lease cost

 

 

371

 

 

 

388

 

 

 

1,442

 

 

 

1,836

 

Short-term lease cost

 

 

9,515

 

 

 

8,167

 

 

 

28,503

 

 

 

23,597

 

Sublease income

 

 

(836

)

 

 

(791

)

 

 

(2,520

)

 

 

(2,432

)

 

$

20,778

 

 

$

18,245

 

 

$

62,033

 

 

$

54,712

 

Operating Leases Weighted Average Discount Rate and Remaining Lease Term

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

 

 

 

September 30,
2024

 

 

December 31,
2023

 

Weighted average discount rate

 

 

4.6

%

 

 

4.4

%

Weighted average remaining lease term

 

8 years

 

 

9 years