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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
We lease office space, distribution centers, land, vehicles and equipment. Lease agreements with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides information about the financial statement classification of our lease balances reported within the consolidated balance sheets as of December 31, 2024 and December 31, 2023 (in thousands):
December 31,
LeasesClassification20242023
Assets
Operating lease assetsOther assets$76,530 $84,956 
Liabilities
Current
Operating lease liabilitiesAccrued expenses and other current liabilities$18,452 $20,582 
Non-current
Operating lease liabilitiesOther liabilities65,898 71,033 
Total lease liabilities$84,350 $91,615 
The following table provides information about the financial statement classification of our lease expenses reported within the consolidated statement of operations for the years ended December 31, 2024 and 2023 (in thousands):
December 31,
Lease costClassification20242023
Operating lease cost (a)
Selling and administrative expenses$24,008 $24,054 
(a)
Excludes short-term and variable lease costs, which are immaterial.
Future minimum lease payments under non-cancelable leases as of December 31, 2024 are as follows (in thousands):
Operating leases
2025$21,758 
202619,065 
202716,154 
202812,415 
20299,997 
After 202917,385 
Total lease payments96,774 
Less: Interest(12,424)
Present value of lease liabilities$84,350 
The following table provides information about the remaining lease terms and discount rates applied as of December 31, 2024 and 2023:
December 31,
20242023
Weighted average remaining lease term (years):
Operating leases5.825.46
Weighted average discount rate (%):
Operating leases4.64 4.21 
The following table provides other information related to leases for the years ended December 31, 2024 and 2023 (in thousands):
December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$28,734 $24,088 
Leased assets obtained in exchange for new operating lease liabilities(a)
19,906 28,675 
(a) Includes operating lease assets acquired as part of the Infocenter acquisition of $3,706,000 in 2024. Includes operating lease assets acquired as part of the Amdaris and SADA acquisitions of $2,881,000 and $2,032,000 in 2023, respectively.
Leases Leases
We lease office space, distribution centers, land, vehicles and equipment. Lease agreements with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. Some agreements also include options to purchase the leased property. The estimated life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides information about the financial statement classification of our lease balances reported within the consolidated balance sheets as of December 31, 2024 and December 31, 2023 (in thousands):
December 31,
LeasesClassification20242023
Assets
Operating lease assetsOther assets$76,530 $84,956 
Liabilities
Current
Operating lease liabilitiesAccrued expenses and other current liabilities$18,452 $20,582 
Non-current
Operating lease liabilitiesOther liabilities65,898 71,033 
Total lease liabilities$84,350 $91,615 
The following table provides information about the financial statement classification of our lease expenses reported within the consolidated statement of operations for the years ended December 31, 2024 and 2023 (in thousands):
December 31,
Lease costClassification20242023
Operating lease cost (a)
Selling and administrative expenses$24,008 $24,054 
(a)
Excludes short-term and variable lease costs, which are immaterial.
Future minimum lease payments under non-cancelable leases as of December 31, 2024 are as follows (in thousands):
Operating leases
2025$21,758 
202619,065 
202716,154 
202812,415 
20299,997 
After 202917,385 
Total lease payments96,774 
Less: Interest(12,424)
Present value of lease liabilities$84,350 
The following table provides information about the remaining lease terms and discount rates applied as of December 31, 2024 and 2023:
December 31,
20242023
Weighted average remaining lease term (years):
Operating leases5.825.46
Weighted average discount rate (%):
Operating leases4.64 4.21 
The following table provides other information related to leases for the years ended December 31, 2024 and 2023 (in thousands):
December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$28,734 $24,088 
Leased assets obtained in exchange for new operating lease liabilities(a)
19,906 28,675 
(a) Includes operating lease assets acquired as part of the Infocenter acquisition of $3,706,000 in 2024. Includes operating lease assets acquired as part of the Amdaris and SADA acquisitions of $2,881,000 and $2,032,000 in 2023, respectively.