Leases (Tables)

6 Months Ended

Jun. 30, 2026

The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):


	Consolidated Balance Sheets Location	June 30, 2026		December 31, 2025
Right-of-use assets - operating	Operating lease right-of-use assets	$	136,793	$	162,493
Right-of-use assets - financing	Property, plant and equipment, net	434,079		—
Total right-of-use assets		$	570,872	$	162,493

Current operating lease liabilities	Operating leases - current liabilities	$	1,633	$	3,883
Current finance lease liabilities	Accrued and other current liabilities	33,409		—
Non-current operating lease liabilities	Operating leases - non-current liabilities	118,932		142,266
Non-current finance lease liabilities	Debt, net	396,707		—
Total lease liabilities		$	550,681	$	146,149

Schedule of Lease Costs

Total lease costs consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	2,720	$	2,579	$	5,317	$	5,114
Finance lease cost:
Amortization of right-of-use assets	7,352		—		7,352		—
Interest on lease liabilities	5,073		—		5,073		—
Total finance lease cost	12,425		—		12,425		—


Sublease income	(4,069)		—		(4,069)		—
Total lease cost	$	11,076	$	2,579	$	13,673	$	5,114

Other information related to our leases is as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,365	$	3,824
Operating cash flows from finance leases	5,073		—
Financing cash flows from finance leases	5,397		—
Noncash right-of-use assets and lease liabilities recorded for new and modified operating leases	(23,927)		—
Noncash right-of-use assets and lease liabilities recorded for new finance leases	435,513		—

Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturities

Maturities of operating and finance lease liabilities as of June 30, 2026 are as follows (in thousands, except lease term and discount rate):


	Operating Leases		Finance Leases
2026 (remaining)	$	4,928	$	31,576
2027	10,359		62,638
2028	10,403		42,308
2029	10,146		35,624
2030	10,191		35,624
Thereafter	319,587		578,475
Total undiscounted lease payments	365,614		786,245
Discount to present value	(245,049)		(356,129)
Present value of lease liabilities	$	120,565	$	430,116

Weighted average remaining lease term — years	41.2		18.9
Weighted average discount rate — percent	7.0		7.1

Schedule of Lessee, Finance Lease, Liability, to be Paid, Maturities

Maturities of operating and finance lease liabilities as of June 30, 2026 are as follows (in thousands, except lease term and discount rate):


	Operating Leases		Finance Leases
2026 (remaining)	$	4,928	$	31,576
2027	10,359		62,638
2028	10,403		42,308
2029	10,146		35,624
2030	10,191		35,624
Thereafter	319,587		578,475
Total undiscounted lease payments	365,614		786,245
Discount to present value	(245,049)		(356,129)
Present value of lease liabilities	$	120,565	$	430,116

Weighted average remaining lease term — years	41.2		18.9
Weighted average discount rate — percent	7.0		7.1