v3.25.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2025
Leases [Abstract] |
Leases | 4. Leases The Company leases office facilities under non-cancelable operating leases that expire at various dates through February 2035. The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. The following table provides weighted average remaining lease terms and weighted average discount rate for operating leases:
|  | Year ended December 31,
|  | 2025 |  | 2024
Weighted-average remaining lease term: |  | 7.1 years |  | 7.8 years
Weighted-average discount rate: |  | 4.7% |  | 4.7%
Operating lease expense, variable lease expense and cash payments related to operating lease liabilities for the 2025, 2024, and 2023 are as follows:
|  | Year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Operating lease expense |  | $ | 41,389 |  |  | $ | 39,536 |  |  | $ | 42,826 |
Variable lease expense |  | $ | 6,165 |  |  | $ | 6,176 |  |  | $ | 5,730 |
Cash payments |  | $ | 47,664 |  |  | $ | 56,548 |  |  | $ | 55,322 |
The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2025 (in thousands):
|  | Operating leases |  |
Lease commitments (Note 12) |  | $ | 313,384 |  |
Less: Legally binding minimum lease payments for leases signed but not yet commenced |  |  | — |  |
Less: Operating leases with a duration of 12 months or less |  |  | (2,952 | ) |
Less: Present value discount |  |  | (48,127 | ) |
Total lease liabilities |  | $ | 262,305 |  |
The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements is as follows:
|  | Year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Operating sublease income |  | $ | 7,062 |  |  | $ | 6,653 |  |  | $ | 7,796 |
During the year ended December 31, 2023, the Company terminated and abandoned various leases of office spaces in connection with the Restructuring Plan. Refer to Note 18 for more information.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration