Annual report [Section 13 and 15(d), not S-K Item 405]

Leases (Tables)

v3.25.4
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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​

​

​

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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.

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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