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LEASES

12 Months Ended

Dec. 31, 2023

LEASES.

All of our leases are operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. In December 2020, we announced that we signed a letter of intent for a long-term lease for our global headquarters in a different downtown location in Baltimore, Maryland and plan to relocate in late 2024.

At December 31, 2023, the weighted-average remaining lease term on our leases is approximately 10.3 years and the weighted-average discount rate used to measure the lease liabilities is 3.3%.

Operating lease expense was $52.4 million in 2023, $50.0 million in 2022, and $32.5 million in 2021. Charges related to our operating leases that are variable, including variable common area maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $11.2 million in 2023. We made lease payments of $42.4 million during 2023.

Our future undiscounted cash flows related to our operating leases, and the reconciliation to the operating lease liability as of December 31, 2023, are as follows:


(in millions)	2023
2024	$	57.5
2025	26.4
2026	35.2
2027	35.3
2028	33.1
Thereafter	178.7
Total future undiscounted cash flows	366.2
Less: imputed interest to be recognized in lease expense	(57.7)
Operating lease liabilities, as reported	$	308.5