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Leases

12 Months Ended

Dec. 31, 2024

11. LEASES

For the years ended December 31, 2024, 2023 and 2022, operating lease expense was $191.3 million, $187.4 million and $185.5 million, respectively, and variable and short-term lease expense was $50.3 million, $44.5 million and $38.8 million, respectively. In addition, $169.6 million and $117.3 million of Operating lease right-of-use assets were obtained in exchange for lease obligations during the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024, our total commitments related to finance leases was $27.8 million. Leases in which we sublet do not represent a significant portion of our leasing activity.

Minimum future lease payments due in each of the next five years and thereafter, as of December 31, 2024, are presented in the table below.


(in millions)
2025	$	191.9
2026	178.0
2027	152.6
2028	128.8
2029	111.3
Thereafter	282.4
Total future minimum lease payments	$	1,045.0
Less imputed interest	139.0
Total	$	906.0

Other information related to operating leases is as follows.


	December 31, 2024
Weighted average remaining lease term	6.5 years
Weighted average discount rate	4.2	%