Leases and Other Finance Obligations (Table)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Lessee Lease Description [Line Items] |
|
| Summary of Right-of-use Assets and Lease Liabilities |
Right-of-use assets and lease liabilities consisted of the following as of December 31:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use assets, net |
|
$ |
594,301 |
|
|
$ |
502,184 |
|
Finance lease right-of-use assets, net (included in property, plant and equipment, net) |
|
|
1,318 |
|
|
|
2,714 |
|
Total right-of-use assets |
|
$ |
595,619 |
|
|
$ |
504,898 |
|
Liabilities |
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
103,499 |
|
|
$ |
98,217 |
|
Current portion of finance lease liabilities (included in current maturities of long-term debt) |
|
|
470 |
|
|
|
1,184 |
|
Noncurrent |
|
|
|
|
|
|
Noncurrent portion of operating lease liabilities |
|
|
525,213 |
|
|
|
434,081 |
|
Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) |
|
|
608 |
|
|
|
1,113 |
|
Total lease liabilities |
|
$ |
629,790 |
|
|
$ |
534,595 |
|
|
| Summary of Total Lease Costs |
Total lease costs consisted of the following for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Operating lease costs (1) |
|
$ |
143,878 |
|
|
$ |
144,243 |
|
|
$ |
144,755 |
|
Finance lease costs: |
|
|
|
|
|
|
|
|
|
Amortization of finance lease right-of-use assets |
|
|
1,120 |
|
|
|
2,089 |
|
|
|
1,876 |
|
Interest on finance lease liabilities |
|
|
95 |
|
|
|
201 |
|
|
|
179 |
|
Variable lease costs |
|
|
34,781 |
|
|
|
34,408 |
|
|
|
30,590 |
|
Total lease costs |
|
$ |
179,874 |
|
|
$ |
180,941 |
|
|
$ |
177,400 |
|
(1) Includes short-term lease costs and sublease income which were not material for all periods presented.
|
| Summary of Future Maturities of Lease Liabilities |
Future maturities of lease liabilities as of December 31, 2024, were as follows:
|
|
|
|
|
|
|
|
|
|
|
Finance
Leases |
|
|
Operating
Leases |
|
|
|
(in thousands) |
|
2025 |
|
$ |
512 |
|
|
$ |
136,195 |
|
2026 |
|
|
257 |
|
|
|
127,053 |
|
2027 |
|
|
210 |
|
|
|
112,578 |
|
2028 |
|
|
130 |
|
|
|
100,534 |
|
2029 |
|
|
55 |
|
|
|
80,167 |
|
Thereafter |
|
|
— |
|
|
|
218,774 |
|
Total lease payments |
|
|
1,164 |
|
|
|
775,301 |
|
Less: amount representing interest |
|
|
(86 |
) |
|
|
(146,589 |
) |
Present value of lease liabilities |
|
|
1,078 |
|
|
|
628,712 |
|
Less: current portion |
|
|
(470 |
) |
|
|
(103,499 |
) |
Long-term lease liabilities, net of current portion |
|
$ |
608 |
|
|
$ |
525,213 |
|
|
| Summary of Weighted Average Lease Terms and Discount Rates |
Weighted average lease terms and discount rates as of December 31 were as follows:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
Weighted average remaining lease term (years) |
|
|
|
|
|
|
Operating leases |
|
|
7.0 |
|
|
|
6.6 |
|
Finance leases |
|
|
3.0 |
|
|
|
2.8 |
|
Weighted average discount rate |
|
|
|
|
|
|
Operating leases |
|
|
6.0 |
% |
|
|
6.0 |
% |
Finance leases |
|
|
5.7 |
% |
|
|
6.1 |
% |
|
| Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities |
The following table presents cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
132,989 |
|
|
$ |
127,562 |
|
|
$ |
125,311 |
|
Operating cash flows from finance leases |
|
|
95 |
|
|
|
201 |
|
|
|
179 |
|
Financing cash flows from finance leases |
|
|
1,182 |
|
|
|
2,214 |
|
|
|
1,844 |
|
|
| Other Finance Obligations |
|
| Lessee Lease Description [Line Items] |
|
| Summary of Future Maturities of Other Finance Obligation |
Future maturities for other finance obligations as of December 31, 2024, were as follows:
|
|
|
|
|
|
|
(in thousands) |
|
2025 |
|
$ |
16,272 |
|
2026 |
|
|
15,939 |
|
2027 |
|
|
15,874 |
|
2028 |
|
|
15,887 |
|
2029 |
|
|
15,907 |
|
Thereafter |
|
|
103,127 |
|
Total |
|
$ |
183,006 |
|
|