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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES. All of our leases are operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. At December 31, 2024, the weighted-average remaining lease term on our leases is approximately 10.2 years and the weighted-average discount rate used to measure the lease liabilities is 3.4%. Operating lease expense was $42.2 million in 2024, $52.4 million in 2023, and $50.0 million in 2022. Charges related to our operating leases that are variable, including certain maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $14.1 million in 2024. We made lease payments of $59.6 million during 2024. Our future undiscounted cash flows related to our operating leases, and the reconciliation to the operating lease liability as of December 31, 2024, are as follows:
(in millions) | 2024
2025 | $ | 31.9 |
2026 | 40.5 |
2027 | 40.6 |
2028 | 36.5 |
2029 | 24.3 |
Thereafter | 155.6 |
Total future undiscounted cash flows | 329.4 |
Less: imputed interest to be recognized in lease expense | (50.7) |
Operating lease liabilities, as reported | $ | 278.7 |
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 early 2025.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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