Leases (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Leases [Abstract] |
|
| Summary of Lease Costs |
The components of lease costs for the years ended December 31, 2024 and December 31, 2023 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
Operating lease cost |
|
$ |
64,858 |
|
|
$ |
67,181 |
|
Short-term lease cost |
|
|
17,114 |
|
|
|
13,782 |
|
Amortization of right-of-use assets |
|
|
3,549 |
|
|
|
2,699 |
|
Interest on lease liabilities |
|
|
434 |
|
|
|
273 |
|
Sublease income |
|
|
(4,289 |
) |
|
|
(4,718 |
) |
Total lease cost |
|
$ |
81,666 |
|
|
$ |
79,217 |
|
|
| Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases for the years ended December 31, 2024 and December 31, 2023 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
Operating cash flows for operating leases |
|
$ |
67,696 |
|
|
$ |
71,432 |
|
Operating cash flows for finance leases |
|
|
434 |
|
|
|
273 |
|
Financing cash flows for finance leases |
|
|
3,376 |
|
|
|
2,618 |
|
Right-of-use assets obtained in exchange for new
operating lease liabilities |
|
|
36,583 |
|
|
|
62,856 |
|
Right-of-use assets obtained in exchange for new
finance lease liabilities |
|
$ |
4,220 |
|
|
$ |
6,456 |
|
|
| Schedule of Supplemental Balance Sheet and Other Information Related to Leases |
Supplemental balance sheet and other information related to leases as of December 31, 2024 and December 31, 2023 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
Operating Leases: |
|
|
|
|
|
|
Right-of-use assets |
|
$ |
153,048 |
|
|
$ |
159,211 |
|
Lease liabilities: |
|
|
|
|
|
|
Current |
|
$ |
52,725 |
|
|
$ |
58,556 |
|
Long-term |
|
|
114,386 |
|
|
|
117,505 |
|
Total operating lease liabilities |
|
$ |
167,111 |
|
|
$ |
176,061 |
|
Finance Leases: |
|
|
|
|
|
|
Other noncurrent assets |
|
$ |
9,864 |
|
|
$ |
7,779 |
|
Accrued expenses and other current liabilities |
|
$ |
3,645 |
|
|
$ |
2,682 |
|
Other long-term liabilities |
|
$ |
6,441 |
|
|
$ |
5,129 |
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term: |
|
|
|
|
|
|
Operating leases |
|
3.9 Years |
|
|
3.9 Years |
|
Finance leases |
|
2.8 Years |
|
|
3.1 years |
|
Weighted Average Discount Rate: |
|
|
|
|
|
|
Operating leases |
|
|
4.5 |
% |
|
|
4.2 |
% |
Finance leases |
|
|
5.0 |
% |
|
|
4.6 |
% |
|
| Schedule of Maturity Analysis of Future Undiscounted Cash Flows |
A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of December 31, 2024 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Operating
Leases |
|
|
Finance
Leases |
|
2025 |
|
$ |
59,839 |
|
|
$ |
4,217 |
|
2026 |
|
|
42,669 |
|
|
|
3,492 |
|
2027 |
|
|
29,744 |
|
|
|
2,236 |
|
2028 |
|
|
24,383 |
|
|
|
933 |
|
2029 |
|
|
18,341 |
|
|
|
92 |
|
Thereafter |
|
|
7,682 |
|
|
|
- |
|
Total lease payments |
|
|
182,658 |
|
|
|
10,970 |
|
Less: imputed interest |
|
|
(15,547 |
) |
|
|
(884 |
) |
Total present value of lease liabilities |
|
$ |
167,111 |
|
|
$ |
10,086 |
|
|