Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Lessee Disclosure [Abstract]  
Leases LEASES
The Company has operating leases with various terms through September 2038, primarily for office space and office
equipment. The following table provides additional information about the Company’s leases:
Year Ended December 31,
2025
2024
2023
Lease costs
Operating lease costs
$35,547
$31,375
$36,907
Short-term lease costs
Operating lease costs
1,550
1,000
870
Sublease income
(600)
(514)
(642)
Lease costs – net
$36,497
$31,861
$37,135
Cash paid for amounts included in the measurement of lease
liabilities
Operating cash flows used for operating leases
$34,638
$32,351
$32,933
Non-cash related activities
 
Right-of-use assets obtained in exchange for new operating lease
liabilities
23,692
31,487
11,771
Amortization of right-of-use assets for operating leases
26,658
22,460
24,664
Weighted-average discount rate (percent)
Operating leases
5.4%
5.4%
5.1%
Weighted-average remaining lease term (years)
 
Operating leases
6.8
7.6
8.2
The estimated future minimum payments of operating leases as of December 31, 2025, were as follows:
2026
$34,969
2027
35,726
2028
30,182
2029
27,860
2030
26,163
Thereafter
61,770
Total undiscounted future lease payments
$216,670
Less: Imputed interest
(37,594)
Present value lease liabilities
$179,076
The Company had three leases with inception dates prior to December 31, 2025, that had not yet commenced as of
December 31, 2025, for total future estimated lease liabilities of $5.2 million.
Leases LEASES
The Company has operating leases with various terms through September 2038, primarily for office space and office
equipment. The following table provides additional information about the Company’s leases:
Year Ended December 31,
2025
2024
2023
Lease costs
Operating lease costs
$35,547
$31,375
$36,907
Short-term lease costs
Operating lease costs
1,550
1,000
870
Sublease income
(600)
(514)
(642)
Lease costs – net
$36,497
$31,861
$37,135
Cash paid for amounts included in the measurement of lease
liabilities
Operating cash flows used for operating leases
$34,638
$32,351
$32,933
Non-cash related activities
 
Right-of-use assets obtained in exchange for new operating lease
liabilities
23,692
31,487
11,771
Amortization of right-of-use assets for operating leases
26,658
22,460
24,664
Weighted-average discount rate (percent)
Operating leases
5.4%
5.4%
5.1%
Weighted-average remaining lease term (years)
 
Operating leases
6.8
7.6
8.2
The estimated future minimum payments of operating leases as of December 31, 2025, were as follows:
2026
$34,969
2027
35,726
2028
30,182
2029
27,860
2030
26,163
Thereafter
61,770
Total undiscounted future lease payments
$216,670
Less: Imputed interest
(37,594)
Present value lease liabilities
$179,076
The Company had three leases with inception dates prior to December 31, 2025, that had not yet commenced as of
December 31, 2025, for total future estimated lease liabilities of $5.2 million.