Leases

9 Months Ended

Sep. 30, 2023

We lease office space and equipment under non-cancelable operating leases. We recognize operating lease expense on a straight-line basis over the lease term, which may include renewal or termination options that are reasonably certain of exercise. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to seven years. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The table below summarizes the carrying amount of our operating lease assets and liabilities:


Leases	Classification	September 30, 2023		December 31, 2022
Assets
Operating lease assets	Operating lease assets	$	202,505	$	203,764
Total lease assets		$	202,505	$	203,764
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	33,052	$	31,922
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	217,755		221,604
Total lease liabilities		$	250,807	$	253,526

The table below summarizes total lease costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost	2023		2022		2023		2022
Operating lease costs	$	12,923	$	11,874	$	38,871	$	36,328
Short-term lease costs	756		441		2,156		1,573
Variable lease costs	3,468		3,456		9,884		9,434
Sublease income	(320)		(224)		(959)		(610)
Total lease cost, net	$	16,827	$	15,547	$	49,952	$	46,725

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases and includes a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheets:


	As of September 30, 2023
2023 (remaining)	$	11,313
2024	52,021
2025	43,709
2026	39,525
2027	39,207
Thereafter	131,863
Total future lease payments	317,638
Less: imputed interest	(66,831)
Total	$	250,807

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Nine Months Ended September 30,
		2023			2022
Cash paid for amounts included in the measurement of operating lease liabilities		$	41,793		$	38,297

Operating lease assets obtained in exchange for lease liabilities		$	26,488		$	16,644

Weighted average remaining lease term (years)
Operating leases		8.0			8.5

Weighted average discount rate
Operating leases		5.8		%	5.5		%