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Leases (Tables) | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Lease assets and liabilities | Lease assets and liabilities are summarized as follows:
(in thousands) |  | Financial Statement Location |  | March 31, 2024 |  | December 31, 2023
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 212,689 |  |  | $ | 229,499 |
Operating lease liabilities |  | Operating lease liabilities |  | 260,483 |  |  | 278,317 |
Finance leases |  |  |  |  |  |
Property and equipment, at cost |  | Property, equipment, and capitalized software, net |  | 40,828 |  |  | 40,857 |
Accumulated depreciation |  | Property, equipment, and capitalized software, net |  | (14,331) |  |  | (11,781) |
Finance lease liabilities |  | Accounts payable, accrued expenses, and other liabilities |  | 27,163 |  |  | 29,609 |
Lease term, discount rate and components of lease expense | Weighted average remaining lease term and discount rate are as follows:
|  | March 31, 2024 |  | December 31, 2023
Weighted average remaining lease term |  |  |  |
Operating leases |  | 5.12 years |  | 5.25 years
Finance leases |  | 3.33 years |  | 3.50 years
Weighted average discount rate |  |  |  |
Operating leases |  | 6.37 | % |  | 6.40 | %
Finance leases |  | 5.58 | % |  | 5.51 | %
The components of lease expense are as follows:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |
Fixed |  |  |  |  |  | $ | 18,431 |  |  | $ | 18,878 |  |  |
Variable |  |  |  |  |  | 1,508 |  |  | 1,764 |  |  |
Total Operating lease cost |  |  |  |  |  | $ | 19,939 |  |  | $ | 20,642 |  |  |
Sublease income |  |  |  |  |  | 4,692 |  |  | 4,889 |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of ROU Asset |  |  |  |  |  | $ | 2,579 |  |  | $ | 2,124 |  |  |
Interest on lease liabilities |  |  |  |  |  | 412 |  |  | 208 |  |  |
Total Finance lease cost |  |  |  |  |  | $ | 2,991 |  |  | $ | 2,332 |  |  |
Future minimum lease payments under operating leases | Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2024, are as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 56,242 |  |  | $ | 8,406 |
2025 |  | 68,658 |  |  | 7,677 |
2026 |  | 66,540 |  |  | 6,683 |
2027 |  | 31,137 |  |  | 5,513 |
2028 |  | 27,999 |  |  | 1,941 |
2029 and thereafter |  | 55,213 |  |  | — |
Total lease payments |  | $ | 305,789 |  |  | $ | 30,220 |
Less imputed interest |  | (45,306) |  |  | (3,057) |
Total lease liability |  | $ | 260,483 |  |  | $ | 27,163 |
Future minimum lease payments under finance leases | Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2024, are as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 56,242 |  |  | $ | 8,406 |
2025 |  | 68,658 |  |  | 7,677 |
2026 |  | 66,540 |  |  | 6,683 |
2027 |  | 31,137 |  |  | 5,513 |
2028 |  | 27,999 |  |  | 1,941 |
2029 and thereafter |  | 55,213 |  |  | — |
Total lease payments |  | $ | 305,789 |  |  | $ | 30,220 |
Less imputed interest |  | (45,306) |  |  | (3,057) |
Total lease liability |  | $ | 260,483 |  |  | $ | 27,163 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Assets And Liabilities, Lessee [Table Text Block] + References No definition available. + Details
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