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Operating Leases (Tables) | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Schedule of Components of Lease Expense and Supplemental Consolidated Statement of Cash Flow Information | The components of lease expense were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Lease cost(a): |  |  |  |  |  |  |
Operating lease cost | $ | 22,546 |  |  | $ | 12,111 |  |  |  |  |
Short-term lease costs | 212 |  |  | 215 |  |  |  |  |
Variable lease cost | 3,081 |  |  | 2,974 |  |  |  |  |
Sublease income | (581) |  |  | (928) |  |  |  |  |
Total lease cost | $ | 25,258 |  |  | $ | 14,372 |  |  |  |  |
Weighted-average remaining lease term | 12.7 |  | 6.5 |  |  |  |
Weighted-average discount rate | 5.55 | % |  | 5.13 | % |  |  |  |
__________ (a)Office rent expense for the three months ended March 31, 2025 and 2024 was $22.6 million and $12.2 million, respectively. Supplemental Condensed Consolidated Statements of Cash Flows information related to leases were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,608 |  |  | $ | 7,500 |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities | 391,107 |  |  | — |  |  |
Other non-cash changes in right-of-use assets and operating lease liabilities | 726 |  |  | 1,881 |  |  |
Schedule of Undiscounted Cash Flows of Operating Leases on an Annual Basis | The following table shows the undiscounted cash flows on an annual basis for operating lease liabilities as of March 31, 2025 (in thousands):
Year Due |  | Lease Amount
Remainder of 2025 |  | $ | 30,171 |
2026 |  | 12,470 |
2027 |  | 83,026 |
2028 |  | 87,571 |
2029 |  | 85,611 |
Thereafter |  | 633,130 |
Total future undiscounted operating lease payments |  | 931,979 |
Less: imputed interest |  | (320,093) |
Present value of operating lease liabilities |  | $ | 611,886 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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