Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases |
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| Components of Lease Expense |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (In thousands) | Operating lease cost | | $ | 166,505 | | $ | 155,484 | | $ | 333,862 | | $ | 322,490 | | | | | | | | | | | | | | Short-term lease cost (1) | | | 3,051 | | | 1,028 | | | 8,341 | | | 2,051 | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | | | | | | Amortization of right-of-use assets | | | 13,238 | | | 14,210 | | | 26,469 | | | 32,678 | Interest on lease liabilities | | | 1,342 | | | 2,397 | | | 2,844 | | | 5,189 | Total finance lease cost | | | 14,580 | | | 16,607 | | | 29,313 | | | 37,867 | Total lease costs | | $ | 184,136 | | $ | 173,119 | | $ | 371,516 | | $ | 362,408 |
| (1) | Leases that have terms of 12 months or less. |
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| Summary of Supplemental cash flow information related to leases |
| | | | | | | | | For the Six Months Ended | | | June 30, | | | 2025 | | 2024 | | | | (In thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows from operating leases | | $ | 284,667 | | $ | 238,574 | Operating cash flows from finance leases | | $ | 2,314 | | $ | 5,299 | Financing cash flows from finance leases | | $ | 11,406 | | $ | 29,627 | | | | | | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | Operating leases | | $ | 110,400 | | $ | 313,628 | Finance leases | | $ | — | | $ | — |
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| Summary of supplemental balance sheet information related to leases |
| | | | | | | | | As of | | | June 30, | | December 31, | | | 2025 | | 2024 | | | | (In thousands) | Operating Leases: | | | | | | | Operating lease assets | | $ | 3,218,062 | | $ | 3,260,768 | | | | | | | | Other current liabilities | | $ | 565,684 | | $ | 528,542 | Operating lease liabilities | | | 3,178,737 | | | 3,211,407 | Total operating lease liabilities | | $ | 3,744,421 | | $ | 3,739,949 | | | | | | | | Finance Leases: | | | | | | | Property and equipment, gross | | $ | 477,377 | | $ | 466,074 | Accumulated depreciation | | | (267,697) | | | (235,001) | Property and equipment, net | | $ | 209,680 | | $ | 231,073 | | | | | | | | Other current liabilities | | $ | 34,088 | | $ | 30,381 | Other long-term liabilities | | | 21,705 | | | 36,818 | Total finance lease liabilities | | $ | 55,793 | | $ | 67,199 | | | | | | | | Weighted Average Remaining Lease Term: | | | | | | | Operating leases | | | 9.3 years | | | 9.7 years | Finance leases | | | 1.3 years | | | 1.7 years | | | | | | | | Weighted Average Discount Rate: | | | | | | | Operating leases | | | 10.2% | | | 10.2% | Finance leases | | | 9.6% | | | 9.3% |
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| Summary of Maturities of lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2025 (remaining six months) | | $ | 300,553 | | $ | 21,672 | | $ | 322,225 | 2026 | | | 617,416 | | | 36,588 | | | 654,004 | 2027 | | | 619,052 | | | 2,574 | | | 621,626 | 2028 | | | 577,897 | | | — | | | 577,897 | 2029 | | | 558,768 | | | — | | | 558,768 | Thereafter | | | 3,106,518 | | | — | | | 3,106,518 | Total lease payments | | | 5,780,204 | | | 60,834 | | | 5,841,038 | Less: Imputed interest | | | (2,035,783) | | | (5,041) | | | (2,040,824) | Total | | | 3,744,421 | | | 55,793 | | | 3,800,214 | Less: Current portion | | | (565,684) | | | (34,088) | | | (599,772) | Long-term portion of lease obligations | | $ | 3,178,737 | | $ | 21,705 | | $ | 3,200,442 |
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| Schedule of Lease Revenue |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (In thousands) | Lease revenue: | | | | | | | | | | | | | Sales-type lease revenue | | $ | 1,787 | | $ | 1,539 | | $ | 3,984 | | $ | 2,623 | Operating lease revenue | | | 2,014 | | | 3,830 | | | 4,415 | | | 9,484 | Total lease revenue | | $ | 3,801 | | $ | 5,369 | | $ | 8,399 | | $ | 12,107 |
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| Schedule of Operating Lease Payments to be Received |
| | | | For the Years Ending December 31, | | Total | | | (In thousands) | 2025 (remaining six months) | | $ | 5,515 | 2026 | | | 7,271 | 2027 | | | 5,839 | 2028 | | | 3,669 | 2029 | | | 3,128 | Thereafter | | | 2,028 | Total lease payments to be received | | $ | 27,450 |
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