Leases (Notes)

12 Months Ended

Dec. 31, 2025

The Company has operating leases relating to its facilities and office equipment with terms expiring though August 2035. Determination of whether a new contract is a lease is made at contract inception or at the modification date for a modified contract. The Company's operating leases may require fixed rental payments, variable lease payments based on usage or sales and fixed non-lease costs relating to the leased asset. Fixed non-lease costs such as common-area maintenance costs are included in the measurement of the right-of-use asset and lease liability as the Company does not separate lease and non-lease components. Variable lease payments are generally not included in the measurement of the right-of-use asset and lease liability and are recorded as lease expense in the period incurred. Short-term leases of 12 months or less are expensed in conjunction with the Company's short-term policy election.

The Company's operating leases may include renewal or termination options. Options to extend or terminate leases are excluded from balance sheet recognition until the options are reasonably certain to be exercised. The Company only included executed options to extend its leases in its calculation of right-of-use assets and lease liabilities at December 31, 2025.

Operating lease right-of-use assets and lease liabilities were as follows:


	December 31,
(in thousands)	2025		2024
Assets:
Right-of-use assets	$	61,976	$	72,367

Liabilities:
Operating lease liabilities, current portion	$	18,088	$	17,078
Operating lease liabilities, non-current	57,651		68,775
Total operating lease liabilities	$	75,739	$	85,853

The components of the lease costs were as follows:


	For the Years Ended December 31,
(in thousands)	2025		2024		2023
Operating lease costs	$	20,775	$	21,504	$	23,195
Variable lease costs	1,263		5,175		3,677

Supplemental cash flow information relating to our leases was as follows:


	For the Years Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows used in operating leases	$	21,775	$	21,719	$	19,587

Operating lease non-cash items:
Right-of-use assets obtained in exchange for operating lease liabilities	$	3,248	$	2,794	$	6,414
Right-of-use assets increased through lease modifications and reassessments	2,731		767		1,063

Weighted average remaining lease terms and discount rates were as follows:


	December 31,
	2025		2024
Operating leases:
Remaining lease term	4.5 years		5.2 years
Discount rate	5.5	%	5.4	%

Future minimum lease payments under non-cancelable operating lease agreements at December 31, 2025 were as follows:


(in thousands)	Minimum Future Lease Payments
For the years ending December 31,
2026	$	21,723
2027	20,318
2028	16,635
2029	14,299
2030	7,883
Thereafter	5,031
Total minimum lease payments	85,889
Less: amounts representing interest or imputed interest	(10,150)
Present value of lease liabilities	$	75,739