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LEASES

12 Months Ended

Dec. 31, 2024

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.