BRIGHT HORIZONS FAMILY SOLUTIONS INC.BFAM

BRIGHT HORIZONS FAMILY SOLUTIONS INC. Leases Disclosure

10-KFiled Feb 26, 20261 min read
LEASES
Lease Expense
The components of lease expense were as follows:
Years ended December 31,
202520242023
(In thousands)
Operating lease expense (1)
$172,240 $165,814 $173,549 
Variable lease expense (1)
45,214 45,305 43,419 
Total lease expense$217,454 $211,119 $216,968 
(1)Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.
Operating lease expense for the years ended December 31, 2025, 2024, and 2023 includes impairment losses on operating lease right-of-use assets of $23.2 million, $15.2 million, and $21.0 million, respectively. Refer to Note 13, Fair Value Measurements, for additional information.
Other Information
The weighted average remaining lease term and the weighted average discount rate were as follows:
December 31,
20252024
Weighted average remaining lease term (in years)99
Weighted average discount rate7.0%7.0%
Maturity of Lease Liabilities
The following table summarizes the maturity of lease liabilities as of December 31, 2025:
Operating Leases
(In thousands)
2026$152,112 
2027156,089 
2028142,360 
2029126,048 
2030105,496 
Thereafter431,553 
Total lease payments1,113,658 
Less imputed interest(300,584)
Present value of lease liabilities813,074 
Less current portion of operating lease liabilities
(110,229)
Long-term operating lease liabilities$702,845 
As of December 31, 2025, the Company did not have any material operating leases that have not yet commenced.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 27, 2024
2022Feb 28, 2023
2021Feb 25, 2022
2020Mar 1, 2021
2019Feb 27, 2020

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.

Other Available Disclosures

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