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

LEASES (Tables)

v3.25.4
LEASES (Tables)
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Significant Components of Operating Lease Expense
The significant components of operating lease expense are as follows:
Year Ended December 31,
2025 2024
(in thousands)
Operating lease cost $ 309,999  $ 264,339 
Variable and short-term lease cost 203,094  182,372 
Sublease income (7,461) (6,006)
Net lease cost $ 505,632  $ 440,705 
Supplemental Cash Flow Information for our Operating Leases
Supplemental cash flow information for our operating leases is as follows:
Year Ended December 31,
2025 2024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 244,159  $ 249,052 
Lease assets obtained in exchange for lease obligations, net of terminations $ 385,319  $ 249,501 
Lessee, Operating Lease, Liability, Maturity
Future maturities of our operating lease liabilities at December 31, 2025 are as follows:
(in thousands)
2026 $ 286,012 
2027 254,108 
2028 289,268 
2029 268,627 
2030 251,379 
Thereafter 2,407,075 
Total lease payments 3,756,469 
Less: Interest 1,551,731 
Present value of lease liabilities $ 2,204,738 
Weighted Average Remaining Lease Term And Discount Rate For Operating Leases
The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
Year Ended December 31,
2025 2024
Weighted average remaining lease term (in years) 15.1 14.5
Weighted average discount rate 6.33 % 6.24 %