| Leases |
The components of lease cost consisted of the following:
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Year Ended December 31, |
| (in thousands) |
|
2025 |
|
2024 |
|
2023 |
| Operating lease cost |
|
$ |
108,432 |
|
|
$ |
93,653 |
|
|
$ |
83,866 |
|
| Variable lease cost |
|
68,242 |
|
|
67,459 |
|
|
65,376 |
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| Short term lease cost |
|
10,179 |
|
|
10,972 |
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|
10,117 |
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|
|
$ |
186,853 |
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|
$ |
172,084 |
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|
$ |
159,359 |
|
The following table presents supplemental cash flow information related to leases:
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Year Ended December 31, |
| (in thousands) |
|
2025 |
|
2024 |
|
2023 |
| Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
108,895 |
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|
$ |
98,620 |
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$ |
85,793 |
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Operating lease liabilities arising from obtaining lease ROU assets(1)
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|
$ |
110,028 |
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$ |
128,605 |
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$ |
83,393 |
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(1) Includes amounts added to the carrying amount of lease liabilities resulting from lease modifications and reassessments.
The following table presents supplemental balance sheet information related to leases:
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As of December 31, |
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2025 |
|
2024 |
| Weighted average remaining lease term |
|
6.31 years |
|
5.79 years |
| Weighted average discount rate |
|
5.14 |
% |
|
4.89 |
% |
The following table presents the future maturities of operating lease liabilities as of December 31, 2025:
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| (in thousands) |
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| 2026 |
|
$ |
109,510 |
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| 2027 |
|
97,462 |
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| 2028 |
|
84,637 |
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| 2029 |
|
66,055 |
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| 2030 |
|
52,937 |
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| Thereafter |
|
152,395 |
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Total operating lease payments |
|
562,996 |
|
| Less: imputed interest |
|
(85,307) |
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Total operating lease liabilities |
|
477,689 |
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Less: current operating lease liabilities |
|
(88,501) |
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Non-current operating lease liabilities |
|
$ |
389,188 |
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