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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Leases
The Company and its subsidiaries lease office and manufacturing facilities, computer equipment and software under various operating arrangements. Certain of the leases are subject to escalation clauses and renewal periods. The Company and its subsidiaries recognize lease expense, including predetermined fixed escalations, on a straight-line basis over the initial term of the lease including reasonably assured renewal periods from the time that the Company and its subsidiaries control the leased property. Leases 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 of our subsidiaries have leases that contain both fixed rent costs and variable rent costs based on achievement of certain operating metrics. The variable lease expense was not a material component of our total lease expense for the years ending December 31, 2023, 2022 or 2021.
The maturities of lease liabilities at December 31, 2023 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows (in thousands):
2024$44,194 
202542,585 
202641,606 
202737,121 
202829,645 
Thereafter76,417 
Total undiscounted lease payments$271,568 
Less: Interest68,754 
Present value of lease liabilities$202,814 
The Company’s rent expense for the fiscal years ended December 31, 2023, 2022 and 2021 totaled $50.8 million, $42.5 million and $34.6 million, respectively.
The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and discount rate used to present value the minimum lease payments. The Company's lease agreements often include one or more options to renew at the company's discretion. In general, it is not reasonably certain that lease renewals will be exercised at lease commencement and therefore lease renewals are not included in the lease term. As the discount rate is rarely determinable, the Company utilizes the incremental borrowing rate of the subsidiary entering into the lease arrangement, on a collateralized basis, over a similar term as adjusted for any country specific risk.
The weighted average remaining lease terms and discount rates for all of our operating leases were as follows:
Lease Term and Discount RateDecember 31, 2023December 31, 2022
Weighted-average remaining lease term (years)6.766.48
Weighted-average discount rate8.50 %7.76 %
Supplemental balance sheet information related to leases was as follows (in thousands):
Line Item in the Company’s Consolidated Balance SheetDecember 31, 2023December 31, 2022
Operating lease right-of-use assetsOther non-current assets$177,581 $144,010 
Current portion, operating lease liabilitiesOther current liabilities$29,228 $27,206 
Operating lease liabilitiesOther non-current liabilities$173,586 $137,279 
Supplemental cash flow information related to leases was as follows (in thousands):
Year ended December 31, 2023Year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
   Operating cash flows from operating leases$40,294 $36,851 
Right-of-use assets obtained in exchange for lease obligations:
   Operating leases$61,860 $57,366 
Legal Proceedings
In the normal course of business, the Company and its subsidiaries are involved in various claims and legal proceedings. While the ultimate resolution of these matters has yet to be determined, the Company does not believe that any unfavorable outcomes will have a material adverse effect on the Company’s consolidated financial position or results of operations.