Leases (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Leases [Abstract] |
|
| Schedule of lease balances |
Lease balances were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
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Balance Sheet location |
|
December 31, 2025 |
|
December 31, 2024 |
Operating leases |
|
|
|
|
|
|
|
|
Right-of-use assets |
|
Other long-term assets |
|
$ |
1,089,709 |
|
$ |
899,091 |
Current operating lease liabilities |
|
Accrued expenses and other liabilities |
|
|
32,064 |
|
|
27,313 |
Non-current operating lease liabilities |
|
Other long-term liabilities |
|
|
897,899 |
|
|
788,669 |
|
| Schedule of components of lease expense and revenue |
The components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2023 |
Operating lease expense |
|
$ |
58,544 |
|
$ |
69,836 |
|
$ |
54,290 |
Variable lease expense |
|
|
35,329 |
|
|
33,246 |
|
|
25,364 |
Short-term lease expense |
|
|
42,814 |
|
|
44,683 |
|
|
36,853 |
|
| Supplemental information related to leases |
The increase in our right-of-use assets from December 31, 2024 to December 31, 2025 includes the right-of-use assets obtained in exchange for lease obligations included below plus prepaid rent for certain port facilities.
Supplemental cash flow and non-cash information related to leases was as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
Operating cash outflows from operating leases |
|
$ |
86,107 |
|
$ |
86,566 |
|
$ |
122,499 |
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
137,848 |
|
|
168,369 |
|
|
77,954 |
Other supplemental information related to leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2023 |
|
Weighted average remaining lease term (years) - operating leases |
|
|
28.37 |
|
|
26.45 |
|
|
22.68 |
|
Weighted average discount rate - operating leases |
|
|
6.53 |
% |
|
6.87 |
% |
|
7.92 |
% |
|
| Maturities of operating lease liabilities |
As of December 31, 2025, maturities of lease liabilities were as follows (in thousands):
|
|
|
|
|
|
Operating |
|
|
leases |
2026 |
|
$ |
90,920 |
2027 |
|
|
81,253 |
2028 |
|
|
75,468 |
2029 |
|
|
77,113 |
2030 |
|
|
79,053 |
Thereafter |
|
|
1,757,400 |
Total |
|
|
2,161,207 |
Less: Present value discount |
|
|
(1,231,244) |
Present value of lease liabilities |
|
$ |
929,963 |
|
| Maturities of sales-type lease receivable |
The maturities of the lease receivable as of December 31, 2025 were as follows (in thousands):
|
|
|
|
|
|
Sales-type |
|
|
lease |
2026 |
|
$ |
2,682 |
2027 |
|
|
2,682 |
2028 |
|
|
2,682 |
2029 |
|
|
2,682 |
2030 |
|
|
2,682 |
Thereafter |
|
|
23,903 |
Total |
|
$ |
37,313 |
|