Leases
We lease certain facilities under long-term operating leases. Operating lease assets are included in operating lease right-of-use (“ROU”) assets within other assets, net and operating lease liabilities are included in other accrued liabilities and other noncurrent liabilities in our consolidated balance sheets.
The following table presents the components of lease expense for the years ended December 31, 2025 and 2024 (in thousands):
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| Year Ended December 31, |
| 2025 | | 2024 |
| Operating lease cost | $ | 16,092 | | | $ | 16,045 | |
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The following table presents supplemental cash flow information related to leases (in thousands):
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| Year Ended December 31, |
| 2025 | | 2024 |
| Supplemental Cash Flow Information | | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | |
| Operating cash flows used in operating leases | $ | 16,928 | | | $ | 16,705 | |
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| Right-of-use assets obtained in exchange for lease obligations: | | | |
| Operating leases | $ | 4,220 | | | $ | 9,530 | |
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The following table presents supplemental balance sheet information related to leases (in thousands):
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| December 31, |
| 2025 | | 2024 |
| Operating Leases | | | |
| Operating lease right-of-use assets | $ | 57,520 | | | $ | 66,835 | |
| Other accrued liabilities | 15,248 | | | 15,285 | |
| Other noncurrent liabilities | 45,393 | | | 52,516 | |
| Total operating lease liabilities | $ | 60,641 | | | $ | 67,801 | |
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The following table presents other supplemental information related to leases:
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| December 31, |
| 2025 | | 2024 |
| Weighted Average Remaining Lease Term (in years) | | | |
| Operating leases | 5.4 | | 6.2 |
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| Weighted Average Discount Rate | | | |
| Operating leases | 7.2 | % | | 7.4 | % |
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Lease Commitments
We lease certain facilities under long term operating leases. Collectively, we lease approximately 725 thousand square feet of office space in 49 locations in 37 countries. Certain of our lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental
reviews. We recognize rent expense with fixed rate increases and/or fixed rent reductions on a straight line basis over the term of the lease.
Our leases have remaining minimum terms that range between one and seven years. Some of our leases include options to extend for up to ten additional years; others include options to terminate the agreement within two months. Future minimum lease payments under non-cancellable operating leases as of December 31, 2025 are as follows (in thousands):
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| Year Ending December 31, | | Operating Leases | | |
| 2026 | | $ | 15,545 | | | |
| 2027 | | 14,237 | | | |
| 2028 | | 11,354 | | | |
| 2029 | | 11,557 | | | |
| 2030 | | 6,999 | | | |
| Thereafter | | 12,446 | | | |
| Total | | 72,138 | | | |
| Imputed Interest | | (11,497) | | | |
| Total | | $ | 60,641 | | | |
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.