Operating Leases (Notes)

12 Months Ended

Dec. 31, 2024

Note 13 – Leases

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of December 31, 2024 and 2023:


		As of December 31,
(in thousands)	Balance Sheet Classification	2024			2023
Assets:
Noncurrent	Operating lease right-of-use asset	$	139,695		$	122,783

Liabilities:
Current	Operating leases - current portion	$	43,172		$	40,342
Noncurrent	Operating leases - long-term portion	109,816			98,536
Total operating lease liabilities		$	152,988		$	138,878

Weighted-average remaining lease term		4.5 years			4.5 years
Weighted-average discount rate		5.3		%	5.1		%

The following table presents the composition of lease costs during the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Operating lease cost	$	49,254	$	41,539	$	33,724
Variable lease cost	4,007		4,532		7,753

Less: sublease income	196		264		243
Total lease cost(1)	$	53,065	$	45,807	$	41,234

(1) Included in operating expenses on the Company’s Consolidated Statements of Income.

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the years ended December 31, 2024 and 2023:


	Years Ended December 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases(1)	$	50,802	$	44,577
Noncash transactions:
Right-of-use asset obtained in exchange for new operating lease liabilities	$	62,541	$	70,465
Right-of-use asset noncash lease expense(1)	$	45,629	$	37,851

(1) Included in leases and other liabilities in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the next five years and the total for the remaining years as of December 31, 2024:


(in thousands)
2025	$	49,831
2026	40,813
2027	28,973
2028	21,078
2029	11,444
Thereafter	20,682
Total minimum lease payments	172,821
Less: imputed interest	19,833
Total lease liabilities	$	152,988

Rent expense for the years ended December 31, 2024, 2023, and 2022 was approximately $61,693, $53,713, and $49,321, respectively.