XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
LEASES
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of June 30, 2024 and December 31, 2023, there were no material finance leases.
Lease Expense
The components of lease expense were as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
(In thousands)
Operating lease expense (1)
$38,477 $39,459 $76,208 $77,427 
Variable lease expense (1)
11,332 10,565 22,103 21,740 
Total lease expense$49,809 $50,024 $98,311 $99,167 
(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.
Other Information
The weighted average remaining lease term and the weighted average discount rate were as follows:
June 30, 2024December 31, 2023
Weighted average remaining lease term (in years)1010
Weighted average discount rate7.1%7.1%
Maturity of Lease Liabilities
The following table summarizes the maturity of lease liabilities as of June 30, 2024:
Operating Leases
(In thousands)
Remainder of 2024$69,466 
2025153,824 
2026147,846 
2027138,514 
2028127,465 
Thereafter596,269 
Total lease payments1,233,384 
Less imputed interest(357,126)
Present value of lease liabilities876,258 
Less current portion of operating lease liabilities
(100,934)
Long-term operating lease liabilities$775,324 
As of June 30, 2024, the Company had entered into additional operating leases with total fixed payment obligations of $14.8 million that have not yet commenced. The leases are expected to commence in fiscal 2024 and have initial lease terms of approximately 15 years.