Leases (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of lease balances |
Lease balances were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet location |
|
December 31, 2024 |
|
December 31, 2023 |
Operating leases |
|
|
|
|
|
|
|
|
Right-of-use assets |
|
Other long-term assets |
|
$ |
899,091 |
|
$ |
753,652 |
Current operating lease liabilities |
|
Accrued expenses and other liabilities |
|
|
27,313 |
|
|
23,226 |
Non-current operating lease liabilities |
|
Other long-term liabilities |
|
|
788,669 |
|
|
644,646 |
|
| Schedule of components of lease expense and revenue |
The components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2022 |
Operating lease expense |
|
$ |
69,836 |
|
$ |
54,290 |
|
$ |
47,558 |
Variable lease expense |
|
|
33,246 |
|
|
25,364 |
|
|
29,886 |
Short-term lease expense |
|
|
44,683 |
|
|
36,853 |
|
|
38,476 |
|
| Supplemental information related to leases |
Supplemental cash flow and non-cash information related to leases was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
Operating cash outflows from operating leases |
|
$ |
86,566 |
|
$ |
122,499 |
|
$ |
47,828 |
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
168,369 |
|
|
77,954 |
|
|
(76,173) |
The right-of-use assets obtained in exchange for lease obligations for the year ended December 31, 2022 decreased primarily related to a modification of a port facility agreement.
Other supplemental information related to leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
|
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2022 |
|
Weighted average remaining lease term (years) - operating leases |
|
|
26.45 |
|
|
22.68 |
|
|
22.90 |
|
Weighted average discount rate - operating leases |
|
|
6.87 |
% |
|
7.92 |
% |
|
7.33 |
% |
|
| Maturities of operating lease liabilities |
As of December 31, 2024, maturities of lease liabilities were as follows (in thousands):
|
|
|
|
|
|
Operating |
|
|
leases |
2025 |
|
$ |
81,047 |
2026 |
|
|
75,425 |
2027 |
|
|
78,612 |
2028 |
|
|
71,062 |
2029 |
|
|
69,463 |
Thereafter |
|
|
1,490,686 |
Total |
|
|
1,866,295 |
Less: Present value discount |
|
|
(1,050,313) |
Present value of lease liabilities |
|
$ |
815,982 |
|
| Maturities of sales-type lease receivable |
The maturities of the lease receivable as of December 31, 2024 were as follows (in thousands):
|
|
|
|
|
|
Sales-type |
|
|
lease |
2025 |
|
$ |
1,839 |
2026 |
|
|
1,839 |
2027 |
|
|
1,839 |
2028 |
|
|
1,839 |
2029 |
|
|
1,839 |
Thereafter |
|
|
29,622 |
Total |
|
$ |
38,817 |
|