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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company has entered into various operating lease agreements for its offices and co-location sites and related equipment. The Company has also entered into sublease agreements with tenants of various offices previously vacated by the Company. These operating leases have lease periods expiring between 2025 and 2034. The Company’s operating lease costs for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Real Estate Arrangements |  | Co-location Arrangements |  | Total
2024 |  |  |  |  |
Operating lease cost | $ | 67,757 |  |  | $ | 225,145 |  |  | $ | 292,902 |
Short-term lease cost | 660 |  |  | 25,288 |  |  | 25,948 |
Variable lease cost | 26,122 |  |  | 67,728 |  |  | 93,850 |
Sublease income | (31,722) |  |  | — |  |  | (31,722) |
Total operating lease costs | $ | 62,817 |  |  | $ | 318,161 |  |  | $ | 380,978 |
2023 |  |  |  |  |
Operating lease cost | $ | 74,054 |  |  | $ | 179,552 |  |  | $ | 253,606 |
Short-term lease cost | 133 |  |  | 23,565 |  |  | 23,698 |
Variable lease cost | 25,860 |  |  | 62,084 |  |  | 87,944 |
Sublease income | (32,024) |  |  | — |  |  | (32,024) |
Total operating lease costs | $ | 68,023 |  |  | $ | 265,201 |  |  | $ | 333,224 |
2022 |  |  |  |  |
Operating lease cost | $ | 82,761 |  |  | $ | 152,215 |  |  | $ | 234,976 |
Short-term lease cost | 52 |  |  | 21,741 |  |  | 21,793 |
Variable lease cost | 25,167 |  |  | 35,025 |  |  | 60,192 |
Sublease income | (25,743) |  |  | — |  |  | (25,743) |
Total operating lease costs | $ | 82,237 |  |  | $ | 208,981 |  |  | $ | 291,218 |
Lease costs for real estate arrangements are included in general and administrative expenses in the consolidated statements of income. Lease costs for co-location arrangements are primarily included in cost of revenue. Weighted average remaining lease terms and discount rates related to the Company's operating leases as of December 31, 2024 and 2023 were as follows:
| December 31, 2024 |  | December 31, 2023
| Real Estate Arrangements |  | Co-location Arrangements |  | Real Estate Arrangements |  | Co-location Arrangements
Weighted average remaining lease term (in years) | 9.1 |  | 4.6 |  | 9.9 |  | 4.6
Weighted average discount rate | 3.5 | % |  | 4.3 | % |  | 3.5 | % |  | 4.2 | %
Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):
| Real Estate Arrangements |  | Co-location Arrangements
2025 | $ | 67,939 |  |  | $ | 195,152 |
2026 | 67,334 |  |  | 134,556 |
2027 | 61,036 |  |  | 113,227 |
2028 | 56,355 |  |  | 80,465 |
2029 | 54,556 |  |  | 66,100 |
Thereafter | 261,818 |  |  | 73,094 |
Total lease payments | 569,038 |  |  | 662,594 |
Less: imputed interest | 81,745 |  |  | 61,093 |
Total lease liabilities | $ | 487,293 |  |  | $ | 601,501 |
The table above excludes $182.5 million of future sublease income that is expected to be recognized through 2034. As of December 31, 2024, the Company had additional operating leases for co-location sites that had not yet commenced of $197.0 million, of which a majority will commence in 2025, with lease terms of one year to ten years. Additionally, during the fourth quarter of 2024, the Company entered into an operating lease with a data center operator for space in the Virginia area that is expected to commence beginning in the third quarter of 2025. The lease is for a datacenter with gross payments of approximately $750.0 million over a 12 year lease term. The Company has contemporaneously entered into a sublease with the affiliate of a large social media customer for the use of the space on substantially similar terms. The operating lease costs and associated sublease income will be recorded as general and administrative expense in the consolidated statements of income and are expected to substantially offset each other. As of December 31, 2024, the Company had outstanding letters of credit in the amount of $4.0 million, primarily related to operating leases. The letters of credit remain in effect until the Company fulfills its obligations under these leases or as such obligations expire under the terms of the letters of credit.

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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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