| Leases |
The components of lease cost consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| (in thousands) |
|
2024 |
|
2023 |
|
2022 |
| Operating lease cost |
|
$ |
93,653 |
|
|
$ |
83,866 |
|
|
$ |
76,650 |
|
| Variable lease cost |
|
67,459 |
|
|
65,376 |
|
|
63,537 |
|
| Short term lease cost |
|
10,972 |
|
|
10,117 |
|
|
5,775 |
|
|
|
$ |
172,084 |
|
|
$ |
159,359 |
|
|
$ |
145,962 |
|
The following table presents supplemental cash flow information related to leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| (in thousands) |
|
2024 |
|
2023 |
|
2022 |
| Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
98,620 |
|
|
$ |
85,793 |
|
|
$ |
81,130 |
|
Operating lease liabilities arising from obtaining lease ROU assets(1)
|
|
$ |
128,605 |
|
|
$ |
83,393 |
|
|
$ |
51,976 |
|
(1) Includes amounts added to the carrying amount of lease liabilities resulting from lease modifications and reassessments.
The following table presents supplemental balance sheet information related to leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2024 |
|
2023 |
| Weighted average remaining lease term |
|
5.79 years |
|
5.45 years |
| Weighted average discount rate |
|
4.89 |
% |
|
4.42 |
% |
The following table presents the future maturities of operating lease liabilities as of December 31, 2024:
|
|
|
|
|
|
|
|
|
| (in thousands) |
|
|
| 2025 |
|
$ |
94,523 |
|
| 2026 |
|
91,054 |
|
| 2027 |
|
79,911 |
|
| 2028 |
|
70,783 |
|
| 2029 |
|
53,899 |
|
| Thereafter |
|
133,955 |
|
Total operating lease payments |
|
524,125 |
|
| Less: imputed interest |
|
(74,940) |
|
Total operating lease liabilities |
|
449,185 |
|
Less: current operating lease liabilities |
|
(75,857) |
|
Non-current operating lease liabilities |
|
$ |
373,328 |
|
|