Leases (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Assets and Liabilities, Lessee

The following table provides information on the amounts (in thousands) of our right-of-use assets (“ROU assets”) and liabilities, weighted-average remaining lease term, and weighted average discount rate as of September 30, 2025, and December 31, 2024, and their placement within our condensed consolidated balance sheets:


Lease type	Balance Sheet Location	September 30, 2025			December 31, 2024
Assets

Finance	Property, plant, and equipment	$	32,106		$	30,655
Finance	Accumulated amortization	(16,500)			(14,543)
Finance	Property, plant, and equipment, net	15,606			16,112
Operating	Operating lease right-of-use (“ROU”) assets	415,425			428,120
Total right-of-use assets		$	431,031		$	444,232

Liabilities
Current
Finance	Other accrued liabilities	$	2,339		$	2,252
Operating	Operating lease liabilities	96,527			80,174
Long-term
Finance	Finance lease liabilities	11,304			11,690
Operating	Operating lease liabilities	338,415			362,092
Total lease liabilities		$	448,585		$	456,208

Weighted-average remaining lease term (in years)
Finance		10.10			10.26
Operating		6.70			7.17
Weighted-average discount rate
Finance		6.98		%	6.97		%
Operating		7.67		%	7.76		%

Schedule of Lease, Cost

The following table summarizes the lease costs and income recognized in our condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease cost (income) type	2025		2024		2025		2024
Finance lease cost
Amortization of finance lease ROU assets	$	639	$	592	$	1,961	$	1,726
Interest on lease liabilities	240		246		712		745
Operating lease cost	31,610		29,319		94,649		81,686
Variable lease cost	3,190		2,041		9,267		5,454
Short-term lease cost	2,429		22		6,930		4,098
Net lease cost	$	38,108	$	32,220	$	113,519	$	93,709

Operating lease income (1)	$	(567)	$	(550)	$	(1,696)	$	(5,450)

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(1)The majority of our lessor income comes from leases with lease terms of one year or less and the estimated future undiscounted cash flows from lessor income are not expected to be material.

The following table summarizes the supplemental cash flow information related to leases as follows (in thousands):


	Nine Months Ended September 30,
Lease type	2025		2024
Cash paid for amounts included in the measurement of liabilities
Financing cash flows from finance leases	$	1,699	$	1,378
Operating cash flows from finance leases	708		715
Operating cash flows from operating leases	88,179		79,629
Non-cash supplemental amounts
ROU assets obtained in exchange for new finance lease liabilities	1,491		1,619
ROU assets obtained in exchange for new operating lease liabilities	55,860		150,308

ROU assets terminated in exchange for release from operating lease liabilities	23		41

Schedule of Lessee, Operating Lease, Liability, Maturity

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of September 30, 2025 (in thousands):


For the year ending December 31,	Finance leases		Operating leases		Total
2025 (1)	$	765	$	30,481	$	31,246
2026	2,918		127,157		130,075
2027	2,756		117,314		120,070
2028	1,854		102,200		104,054
2029	1,447		24,093		25,540
2030	922		17,570		18,492
Thereafter	8,340		114,520		122,860
Total lease payments	19,002		533,335		552,337
Less amount representing interest	(5,583)		(98,169)		(103,752)
Present value of lease liabilities	$	13,419	$	435,166	$	448,585

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(1)Represents the period from October 1, 2025, to December 31, 2025.

Schedule of Finance Lease, Liability, Maturity

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of September 30, 2025 (in thousands):


For the year ending December 31,	Finance leases		Operating leases		Total
2025 (1)	$	765	$	30,481	$	31,246
2026	2,918		127,157		130,075
2027	2,756		117,314		120,070
2028	1,854		102,200		104,054
2029	1,447		24,093		25,540
2030	922		17,570		18,492
Thereafter	8,340		114,520		122,860
Total lease payments	19,002		533,335		552,337
Less amount representing interest	(5,583)		(98,169)		(103,752)
Present value of lease liabilities	$	13,419	$	435,166	$	448,585

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(1)Represents the period from October 1, 2025, to December 31, 2025.