Right-of-Use Assets and Lease Liabilities
The Company has entered into various operating lease agreements for office space. As of December 31, 2025, the Company had various leased properties with remaining lease terms from 0.1 years to 5.0 years, some of which include options to extend the leases for up to 5.0 years.
In the years ended December 31, 2025 and 2024, there were no significant impairment charges related to office closures. During 2023, as a result of the office closures described in Note 6, the Company impaired several of its ROU assets related to office leases that would no longer be used to support its ongoing operations. Of the $34.8 million of impairment recorded in the year ended December 31, 2023, $24.8 million related to the ROU assets and the remaining amount related to the associated assets in the property, plant and equipment categories.
For the years ended December 31, 2025, 2024 and 2023, the Company did not have significant sublease income related to any of its subleased offices.
Operating lease costs recorded in the accompanying consolidated statements of operations were $27.0 million, $25.4 million and $35.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Lease costs associated with short-term leases, variable leases and finance leases were not significant.
Supplemental cash flow and other information related to operating leases are as follows:
| | | | | | | | | | | | | | |
| | Year Ended |
| | December 31, |
| | 2025 | | 2024 |
| Operating cash flows paid for amounts included in operating lease liabilities (in thousands) | | $ | 40,700 | | $ | 54,376 |
| Weighted average remaining lease term (in years) | | 2.9 | | 3.6 |
| Weighted average discount rate | | 4.7 | % | | 4.6 | % |
Maturities of operating lease liabilities are as follows:
| | | | | | | | |
| | As of December 31, 2025 |
| Year Ended December 31, | | (In thousands) |
| 2026 | | $ | 38,557 | |
| 2027 | | 29,320 | |
| 2028 | | 22,445 | |
| 2029 | | 4,492 | |
| 2030 | | 554 | |
| | |
| Total lease payments | | 95,368 | |
| Less: imputed interest | | (6,083) | |
| Total operating lease obligations | | 89,285 | |
| Less: current obligations | | (35,123) | |
| Long-term operating lease obligations | | $ | 54,162 | |