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Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
Leases | Leases The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 "Summary of Significant Accounting Policies" and Note 15 "Leases" to the Consolidated Financial Statements of the Company's 2023 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows:
(in thousands) |  | Financial Statement Location |  | March 31, 2024 |  | December 31, 2023
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 212,689 |  |  | $ | 229,499 |
Operating lease liabilities |  | Operating lease liabilities |  | 260,483 |  |  | 278,317 |
Finance leases |  |  |  |  |  |
Property and equipment, at cost |  | Property, equipment, and capitalized software, net |  | 40,828 |  |  | 40,857 |
Accumulated depreciation |  | Property, equipment, and capitalized software, net |  | (14,331) |  |  | (11,781) |
Finance lease liabilities |  | Accounts payable, accrued expenses, and other liabilities |  | 27,163 |  |  | 29,609 |
Weighted average remaining lease term and discount rate are as follows:
|  | March 31, 2024 |  | December 31, 2023
Weighted average remaining lease term |  |  |  |
Operating leases |  | 5.12 years |  | 5.25 years
Finance leases |  | 3.33 years |  | 3.50 years
Weighted average discount rate |  |  |  |
Operating leases |  | 6.37 | % |  | 6.40 | %
Finance leases |  | 5.58 | % |  | 5.51 | %
The components of lease expense are as follows:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |
Fixed |  |  |  |  |  | $ | 18,431 |  |  | $ | 18,878 |  |  |
Variable |  |  |  |  |  | 1,508 |  |  | 1,764 |  |  |
Total Operating lease cost |  |  |  |  |  | $ | 19,939 |  |  | $ | 20,642 |  |  |
Sublease income |  |  |  |  |  | 4,692 |  |  | 4,889 |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of ROU Asset |  |  |  |  |  | $ | 2,579 |  |  | $ | 2,124 |  |  |
Interest on lease liabilities |  |  |  |  |  | 412 |  |  | 208 |  |  |
Total Finance lease cost |  |  |  |  |  | $ | 2,991 |  |  | $ | 2,332 |  |  |
Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2024, are as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 56,242 |  |  | $ | 8,406 |
2025 |  | 68,658 |  |  | 7,677 |
2026 |  | 66,540 |  |  | 6,683 |
2027 |  | 31,137 |  |  | 5,513 |
2028 |  | 27,999 |  |  | 1,941 |
2029 and thereafter |  | 55,213 |  |  | — |
Total lease payments |  | $ | 305,789 |  |  | $ | 30,220 |
Less imputed interest |  | (45,306) |  |  | (3,057) |
Total lease liability |  | $ | 260,483 |  |  | $ | 27,163 |
Leases | Leases The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 "Summary of Significant Accounting Policies" and Note 15 "Leases" to the Consolidated Financial Statements of the Company's 2023 Annual Report on Form 10-K. Lease assets and liabilities are summarized as follows:
(in thousands) |  | Financial Statement Location |  | March 31, 2024 |  | December 31, 2023
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 212,689 |  |  | $ | 229,499 |
Operating lease liabilities |  | Operating lease liabilities |  | 260,483 |  |  | 278,317 |
Finance leases |  |  |  |  |  |
Property and equipment, at cost |  | Property, equipment, and capitalized software, net |  | 40,828 |  |  | 40,857 |
Accumulated depreciation |  | Property, equipment, and capitalized software, net |  | (14,331) |  |  | (11,781) |
Finance lease liabilities |  | Accounts payable, accrued expenses, and other liabilities |  | 27,163 |  |  | 29,609 |
Weighted average remaining lease term and discount rate are as follows:
|  | March 31, 2024 |  | December 31, 2023
Weighted average remaining lease term |  |  |  |
Operating leases |  | 5.12 years |  | 5.25 years
Finance leases |  | 3.33 years |  | 3.50 years
Weighted average discount rate |  |  |  |
Operating leases |  | 6.37 | % |  | 6.40 | %
Finance leases |  | 5.58 | % |  | 5.51 | %
The components of lease expense are as follows:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |
Fixed |  |  |  |  |  | $ | 18,431 |  |  | $ | 18,878 |  |  |
Variable |  |  |  |  |  | 1,508 |  |  | 1,764 |  |  |
Total Operating lease cost |  |  |  |  |  | $ | 19,939 |  |  | $ | 20,642 |  |  |
Sublease income |  |  |  |  |  | 4,692 |  |  | 4,889 |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of ROU Asset |  |  |  |  |  | $ | 2,579 |  |  | $ | 2,124 |  |  |
Interest on lease liabilities |  |  |  |  |  | 412 |  |  | 208 |  |  |
Total Finance lease cost |  |  |  |  |  | $ | 2,991 |  |  | $ | 2,332 |  |  |
Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of March 31, 2024, are as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 56,242 |  |  | $ | 8,406 |
2025 |  | 68,658 |  |  | 7,677 |
2026 |  | 66,540 |  |  | 6,683 |
2027 |  | 31,137 |  |  | 5,513 |
2028 |  | 27,999 |  |  | 1,941 |
2029 and thereafter |  | 55,213 |  |  | — |
Total lease payments |  | $ | 305,789 |  |  | $ | 30,220 |
Less imputed interest |  | (45,306) |  |  | (3,057) |
Total lease liability |  | $ | 260,483 |  |  | $ | 27,163 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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