XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.23.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Leases | 5. Leases The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of September 30, 2023, non-cancelable leases expire on various dates between 2023 and 2043, some of which include options to extend the leases for up to 20 years. The components of lease expense recorded in the condensed consolidated statements of operations were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (In thousands)
Operating lease cost | $ | 5,311 |  |  | $ | 1,809 |  |  | $ | 8,798 |  |  | $ | 6,037 |  |  |
Sublease income | — |  |  | (14) |  |  | — |  |  | (206) |  |  |
Total net lease cost | $ | 5,311 |  |  | $ | 1,795 |  |  | $ | 8,798 |  |  | $ | 5,831 |  |  |
Other supplemental information related to operating leases were as follows:
|  |  | Nine months ended September 30,
|  |  |  |  | 2023 |  | 2022 |  |
|  |  |  |  | (In thousands)
Weighted average remaining lease term (in years) |  |  |  |  | 19.33 |  | 2.28 |  |
Weighted average discount rate |  |  |  |  | 8.73 | % |  | 4.61 | % |  |
Maturities of operating lease liabilities were as follows:
|  |  | As of September 30, |  |
|  |  | 2023 |  |
|  |  | (In thousands) |  |
2023 (remaining) |  |  | $ | 5,029 |  |  |
2024 |  |  | 23,544 |  |  |
2025 |  |  | 22,904 |  |  |
2026 |  |  | 22,365 |  |  |
2027 |  |  | 22,119 |  |  |
Thereafter |  |  | 401,269 |  |  |
Total lease payments |  |  | 497,230 |  |  |
Less: imputed interest |  |  | (269,750) |  |  |
Total lease obligations |  |  | 227,480 |  |  |
Less: current obligations |  |  | (4,766) |  |  |
Long-term lease obligations |  |  | $ | 222,714 |  |  |
New Corporate Headquarters On August 1, 2023, the Company commenced a lease for a new corporate headquarters in Raleigh, North Carolina. The lease term will continue for a period of twenty (20) years (the “Initial Term”). The Company has the option to renew the Initial Term for two ten-year periods at a rental rate equal to 100% of the then-prevailing market rental rate for comparable buildings in the Raleigh, North Carolina, market. The Company relocated its corporate headquarters to the leased property during the third quarter of 2023. Upon commencement of the lease, the Company recognized right-of-use (“ROU”) assets of $156.0 million and operating lease liabilities of $223.1 million. The operating lease liabilities include $67.8 million of incentives provided by the landlord throughout development of the new corporate headquarters. Assets obtained through lease incentives are reported in property, plant and equipment, net, on the condensed consolidated balance sheets. Total lease payments over the Initial Term will be approximately $495.7 million. The Company also has recorded $2.5 million in security deposits and $1.0 million in escrow deposits to fund additional improvements. Deposits are reported as a component of other long-term assets on the Company’s condensed consolidated balance sheets.

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