XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | 5. Leases The Company has entered into various operating lease agreements for office space and finance lease agreements for automobiles. The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of December 31, 2024, non-cancelable leases expire on various dates between 2025 and 2043, some of which include options to extend the leases for up to 20 years. For the years ended December 31, 2024, 2023 and 2022, operating lease cost recorded in the consolidated statements of operations was $23.1 million, $15.7 million and $7.8 million, respectively. During the years ended December 31, 2024, 2023 and 2022, short-term operating lease expense was $0.7 million, $0.6 million, and $0.6 million, respectively. Operating lease assets are recorded net of accumulated amortization of $7.3 million and $20.3 million as of December 31, 2024 and 2023, respectively. Other supplemental information related to operating leases were as follows:
|  |  | Year ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Weighted average remaining lease term (in years) |  |  |  |  | 18.29 |  | 19.30 |  | 2.12
Weighted average discount rate |  |  |  |  | 8.76 | % |  | 8.76 | % |  | 4.58 | %
Maturities of operating lease liabilities were as follows:
|  |  | As of December 31,
|  |  | 2024
|  |  | (In thousands)
2025 |  |  | $ | 20,968 |  |  |
2026 |  |  | 22,503 |  |  |
2027 |  |  | 22,909 |  |  |
2028 |  |  | 23,258 |  |  |
2029 |  |  | 23,673 |  |  |
Thereafter |  |  | 357,016 |  |  |
Total lease payments |  |  | 470,327 |  |  |
Less: imputed interest |  |  | (246,150) |  |  |
Less: accrued lease incentive |  |  | (1,875) |  |  |
Total lease obligations |  |  | 222,302 |  |  |
Less: current obligations |  |  | (3,111) |  |  |
Long-term lease obligations |  |  | $ | 219,191 |  |  |
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. The Company evaluated the stated yield explicitly set forth in the lease, and determined it was not calculated in a manner as required by ASC 842. Therefore, the Company determined it appropriate to use its IBR as the discount rate for the lease. The IBR was estimated by determining the risk-free rate for a similar length security and applying a risk premium based on the Company’s estimated credit rating. Because the Company’s estimated credit rating was based on presumed unsecured credit, the rating was increased one level to estimate the yield on secured debt, consistent with ASC 842’s requirements. The estimated rate was 8.78%. Upon commencement of the lease, the Company recognized ROU assets of $156.0 million and operating lease liabilities of $223.1 million, both of which do not include the two ten-year renewal options. 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 consolidated balance sheets. The Company also recorded $2.5 million in security deposits and $1.0 million in escrow deposits to fund additional improvements. As of December 31, 2024, there is no balance remaining on the escrow deposits to fund additional improvements. Deposits are reported as a component of other long-term assets on the Company’s 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