Leases
The components of lease expense were as follows:
| | | | | | | | | | | | | | | | | |
| For the Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| (In thousands) | | |
| Operating lease cost | $ | 32,002 | | | $ | 40,110 | | | $ | 70,722 | |
| Finance lease cost | | | | | |
| Amortization of leased assets | 36,468 | | | 35,290 | | | 42,345 | |
| Interest on lease liabilities | 10,415 | | | 9,138 | | | 5,521 | |
| Total finance lease cost | 46,883 | | | 44,428 | | | 47,866 | |
| Short-term lease cost | 3,842 | | | 4,599 | | | 4,788 | |
| Variable lease cost | 9,649 | | | 7,409 | | | 6,921 | |
| Net lease cost | $ | 92,376 | | | $ | 96,546 | | | $ | 130,297 | |
Other information related to leases was as follows:
| | | | | | | | | | | | | | | | | |
| For the Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Supplemental Cash Flows Information (in thousands) | | | | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | |
| Operating cash flows for operating leases | $ | 34,075 | | | $ | 39,111 | | | $ | 73,774 | |
| Operating cash flows for finance leases | 10,579 | | | 8,736 | | | 5,419 | |
| Financing cash flows for finance leases | 89,942 | | | 72,255 | | | 66,398 | |
| | | | | |
| Weighted Average Remaining Lease Term (years) | | | | | |
| Operating leases | 6.5 | | 6.0 | | 6.1 |
| Finance leases | 4.3 | | 3.9 | | 3.2 |
| | | | | |
| Weighted Average Discount Rate | | | | | |
| Operating leases | 5.3 | % | | 5.8 | % | | 5.2 | % |
| Finance leases | 6.0 | % | | 6.3 | % | | 5.7 | % |
Maturities of lease liabilities were as follows:
| | | | | | | | | | | |
| December 31, 2025 |
| Operating Leases | | Finance Leases |
| (In thousands) |
| 2026 | $ | 26,317 | | | $ | 51,826 | |
| 2027 | 19,237 | | | 37,904 | |
| 2028 | 8,685 | | | 25,788 | |
| 2029 | 6,573 | | | 27,923 | |
| 2030 | 4,562 | | | 16,100 | |
| Thereafter | 17,565 | | | 11,220 | |
| Total future minimum lease payments | 82,939 | | | 170,761 | |
| Less: Imputed interest | (11,250) | | | (21,680) | |
| Total | $ | 71,689 | | | $ | 149,081 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.