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Operating Leases | 9 Months Ended
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Sep. 30, 2025
Lessee Disclosure [Abstract] |
Operating Leases | NOTE 17 – Operating Leases Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 14 years. At September 30, 2025 and December 31, 2024, operating lease right-of-use assets were $794.4 million and $809.2 million, respectively, and lease liabilities were $858.3 million and $867.4 million, respectively. The tables below summarize our net lease cost for the three and nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 29,292 |  |  | $ | 27,789 |
Short-term lease cost |  |  | 571 |  |  |  | 814 |
Variable lease cost |  |  | 7,148 |  |  |  | 6,567 |
Sublease income |  |  | (241 | ) |  |  | (290 | )
Net lease cost |  | $ | 36,770 |  |  | $ | 34,880 |
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 85,429 |  |  | $ | 82,981 |
Short-term lease cost |  |  | 1,384 |  |  |  | 2,192 |
Variable lease cost |  |  | 21,899 |  |  |  | 20,579 |
Sublease income |  |  | (561 | ) |  |  | (839 | )
Net lease cost |  | $ | 108,151 |  |  | $ | 104,913 |
Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations. The table below summarizes other information related to our operating leases as of and for the nine months ended September 30, 2025 (in thousands):
Operating lease cash flows |  | $ | 83,810 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 65,359 |
Weighted-average remaining lease term (years) |  |  | 12.2 |
Weighted-average discount rate |  |  | 5.08 | %
The weighted average discount rate represents our company’s incremental borrowing rate at the lease inception date. The table below presents information about operating lease liabilities as of September 30, 2025, (in thousands, except percentages).
Remainder of 2025 |  | $ | 26,156 |
2026 |  |  | 109,853 |
2027 |  |  | 109,729 |
2028 |  |  | 107,281 |
2029 |  |  | 104,718 |
Thereafter |  |  | 736,207 |
Total undiscounted lease payments |  |  | 1,193,944 |
Imputed interest |  |  | (335,598 | )
Total operating lease liabilities |  | $ | 858,346 |
Aircraft Engine Operating Leases As of September 30, 2025, the Company had a total lease portfolio of 8 aircraft engines with a net book value of $35.2 million. The aircraft engines were purchased by the Company, through its subsidiaries, during 2024. See Note 25 for additional information. During the three months ended September 30, 2025, the Company sold 4 aircraft engines with a net book value of $33.0 million and recognized a gain from the sales of $9.9 million, which is included in principal transactions in the consolidated statements of operations. During the nine months ended September 30, 2025, the Company sold 10 aircraft engines with a net book value of $86.0 million and recognized a gain from the sales of $41.9 million, which is included in principal transactions in the consolidated statements of operations. Lease income, included in other income in the consolidated statements of operations, was $1.2 million and $8.6 million for the three months ended September 30, 2025 and 2024, respectively, and $7.7 million and $18.2 million for the nine months ended September 30, 2025 and 2024, respectively.

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- 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
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