v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
As of December 31, 2024, the future lease payments for operating and finance lease liabilities were as follows:
(in thousands)Operating LeasesFinance Leases
2025$73,817 $32,006 
202666,773 30,488 
202754,144 27,253 
202841,901 29,735 
202925,572 21,858 
Thereafter49,285 25,306 
Total lease payments311,492 166,646 
Less: interest(44,239)(22,858)
Present value of lease liabilities$267,253 $143,788 
Lease liabilities as of December 31, 2024 excluded $48.7 million of minimum lease payments related to a lease arrangement that was legally binding but had not yet commenced. The lease is estimated to commence in fiscal year 2025 with an initial lease term of 12 years.
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the consolidated balance sheets.
The Company’s lease activity during the years ended December 31, 2024, 2023, and 2022 was as follows:
Years Ended December 31,
Components of lease expense (in thousands)
202420232022
Finance Lease Expense
Amortization of finance lease assets$14,159 $16,945 $13,900 
Interest on obligations under finance leases6,350 3,777 1,899 
Total finance lease expense$20,509 $20,722 $15,799 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$1,101 $1,396 $2,797 
Selling, general and administrative80,199 67,374 60,017 
Short-term lease expense
Cost of leasing and services28,758 26,010 32,947 
Selling, general and administrative2,071 1,789 1,792 
Variable lease expense
Cost of leasing and services762 2,109 5,388 
Selling, general and administrative10,925 8,380 7,289 
Total operating lease expense$123,816 $107,058 $110,230 
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 was as follows:
Years Ended December 31,
Supplemental Cash Flow Information (in thousands)
202420232022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$81,046 $68,889 $61,418 
Operating cash outflows from finance leases$6,087 $3,715 $1,895 
Financing cash outflows from finance leases$19,429 $16,510 $15,159 
Right of use assets obtained in exchange for lease obligations$92,343 $95,897 $55,005 
Assets obtained in exchange for finance leases $46,253 $58,737 $29,803 
Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:
Lease Terms and Discount Rates20242023
Weighted-average remaining lease term - operating leases5.1 years5.4 years
Weighted-average discount rate - operating leases5.8 %5.9 %
Weighted-average remaining lease term - finance leases4.8 years5.0 years
Weighted-average discount rate - finance leases5.1 %4.8 %
Leases Leases
As of December 31, 2024, the future lease payments for operating and finance lease liabilities were as follows:
(in thousands)Operating LeasesFinance Leases
2025$73,817 $32,006 
202666,773 30,488 
202754,144 27,253 
202841,901 29,735 
202925,572 21,858 
Thereafter49,285 25,306 
Total lease payments311,492 166,646 
Less: interest(44,239)(22,858)
Present value of lease liabilities$267,253 $143,788 
Lease liabilities as of December 31, 2024 excluded $48.7 million of minimum lease payments related to a lease arrangement that was legally binding but had not yet commenced. The lease is estimated to commence in fiscal year 2025 with an initial lease term of 12 years.
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the consolidated balance sheets.
The Company’s lease activity during the years ended December 31, 2024, 2023, and 2022 was as follows:
Years Ended December 31,
Components of lease expense (in thousands)
202420232022
Finance Lease Expense
Amortization of finance lease assets$14,159 $16,945 $13,900 
Interest on obligations under finance leases6,350 3,777 1,899 
Total finance lease expense$20,509 $20,722 $15,799 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$1,101 $1,396 $2,797 
Selling, general and administrative80,199 67,374 60,017 
Short-term lease expense
Cost of leasing and services28,758 26,010 32,947 
Selling, general and administrative2,071 1,789 1,792 
Variable lease expense
Cost of leasing and services762 2,109 5,388 
Selling, general and administrative10,925 8,380 7,289 
Total operating lease expense$123,816 $107,058 $110,230 
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 was as follows:
Years Ended December 31,
Supplemental Cash Flow Information (in thousands)
202420232022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$81,046 $68,889 $61,418 
Operating cash outflows from finance leases$6,087 $3,715 $1,895 
Financing cash outflows from finance leases$19,429 $16,510 $15,159 
Right of use assets obtained in exchange for lease obligations$92,343 $95,897 $55,005 
Assets obtained in exchange for finance leases $46,253 $58,737 $29,803 
Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:
Lease Terms and Discount Rates20242023
Weighted-average remaining lease term - operating leases5.1 years5.4 years
Weighted-average discount rate - operating leases5.8 %5.9 %
Weighted-average remaining lease term - finance leases4.8 years5.0 years
Weighted-average discount rate - finance leases5.1 %4.8 %