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Note 9 - Leases

12 Months Ended

Dec. 31, 2024

Note 9 — Leases

Our leases include operating and finance leases for property and equipment. Property leases include office space in the UK, Europe, the U.S. and the Asia Pacific region. Equipment leases include copiers and server equipment located throughout our office space and off-site. Our leases have remaining lease terms of one year to nine years. Certain leases include options to extend or early terminate the leases; however, we currently have not exercised these options, and they are not reflected in our lease assets and liabilities. The impact of operating and financing leases on our financial statements is summarized below.

Balance Sheet

Operating lease assets and liabilities in our Consolidated Balance Sheets as of December 31, 2024 and 2023, consisted of the following (in millions)⁽¹⁾:

	*December 31,*
	*2024*		*2023*
Operating lease ROU assets:
Other non-current assets	$	84.1	$	69.5

Operating lease liabilities:
Accounts payable and accrued liabilities	$	16.5	$	23.0
Other non-current liabilities		74.9		54.8
Total operating lease liabilities	$	91.4	$	77.8

(1)	As of December 31, 2024 and 2023, financing lease assets and liabilities were insignificant.

Statement of Comprehensive Income

The components of lease expense in our Consolidated Statements of Comprehensive Income during the years ended December 31, 2024, 2023 and 2022, are summarized below (in millions)⁽¹⁾:

	*Year ended December 31,*
	*2024*		*2023*		*2022*
Operating lease cost⁽²⁾	$	19.9	$	22.6	$	27.5

(1)	For the years ended December 31, 2024, 2023 and 2022, finance lease costs were insignificant.

(2)	Included in general, administrative and occupancy in our Consolidated Statements of Comprehensive Income.

We sublease certain office buildings in the UK. For the years ended December 31, 2024, 2023 and 2022, sublease income received from tenants was insignificant.

For the years ended December 31, 2024, 2023 and 2022, the impairment of subleased ROU operating assets was insignificant.

Supplemental Information

Cash payments for operating leases included in our Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in millions):

	*Year ended December 31,*
	*2024*		*2023*		*2022*
Operating cash flows from operating leases	$	27.7	$	29.4	$	26.9

For the years ended December 31, 2024, 2023 and 2022, financing cash flows from finance leases were insignificant.

Supplemental non-cash lease information, which includes changes in ROU assets related to modified operating lease liabilities, was insignificant for the years ended December 31, 2024, 2023 and 2022.

The weighted-average remaining lease term, weighted-average discount rate and future lease obligations are summarized below.

	*As of December 31,*
Weighted-average remaining lease term (in months):	*2024*		*2023*
Operating leases		63		51
Finance leases		39		37

	*As of December 31,*
Weighted-average discount rate⁽¹⁾:	*2024*			*2023*
Operating leases		4.3	%		2.5	%
Finance leases		5.3	%		4.0	%

(1)	Discounted using incremental borrowing rates determined for each lease as of the date of adoption, including consideration for specific interest rate environments.

Future lease obligations (in millions)⁽¹⁾:	*Operating leases*
2025	$	17.9
2026	19.3
2027		18.7
2028	19.7
2029		10.5
Thereafter		19.8
Total lease payments		105.9
Less interest		14.5
Total	$	91.4

(1)	Future lease obligations for finance leases were insignificant as of December 31, 2024.