v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to December 2033, some of which include one or more options to extend. Additionally, some lease contracts include termination options.
Supplemental balance sheet information related to lease liabilities at December 31, 2023 and 2022 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20232022
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$182,863 $200,240 
Total right-of-use assets$182,863 $200,240 
Lease liabilities:
Operating leasesOperating lease liabilities$54,176 $45,099 
Operating lease liabilities, noncurrent175,216 204,305 
Total lease liabilities$229,392 $249,404 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20232022
Operating lease expense$61,972 $55,483 
Short-term lease expense4,949 4,956 
Variable lease expense4,772 5,309 
Sublease income(18,905)(13,011)
Total lease expense, net$52,788 $52,737 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing.
Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands):
As of December 31, 2023
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2024$67,420 $16,593 $50,827 
202557,053 14,357 42,696 
202640,068 13,748 26,320 
202728,278 14,423 13,855 
202821,816 12,470 9,346 
Thereafter62,116 30,761 31,355 
Total undiscounted liabilities276,751 102,352 174,399 
Less: Imputed interest(47,359)— (47,359)
Total operating lease liabilities$229,392 $102,352 $127,040 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2023 and 2022 was six years and seven years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2023 and 2022 was 6%.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2023 and 2022 (in thousands):
Years Ended December 31,
20232022
Cash paid for operating lease liabilities$63,374 $53,772 
Lease liabilities arising from obtaining right-of-use assets
$28,112 $28,169 
As of December 31, 2023, the Company has no additional operating leases for office space that have not yet commenced.
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to December 2033, some of which include one or more options to extend. Additionally, some lease contracts include termination options.
Supplemental balance sheet information related to lease liabilities at December 31, 2023 and 2022 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20232022
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$182,863 $200,240 
Total right-of-use assets$182,863 $200,240 
Lease liabilities:
Operating leasesOperating lease liabilities$54,176 $45,099 
Operating lease liabilities, noncurrent175,216 204,305 
Total lease liabilities$229,392 $249,404 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20232022
Operating lease expense$61,972 $55,483 
Short-term lease expense4,949 4,956 
Variable lease expense4,772 5,309 
Sublease income(18,905)(13,011)
Total lease expense, net$52,788 $52,737 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing.
Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands):
As of December 31, 2023
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2024$67,420 $16,593 $50,827 
202557,053 14,357 42,696 
202640,068 13,748 26,320 
202728,278 14,423 13,855 
202821,816 12,470 9,346 
Thereafter62,116 30,761 31,355 
Total undiscounted liabilities276,751 102,352 174,399 
Less: Imputed interest(47,359)— (47,359)
Total operating lease liabilities$229,392 $102,352 $127,040 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2023 and 2022 was six years and seven years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2023 and 2022 was 6%.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2023 and 2022 (in thousands):
Years Ended December 31,
20232022
Cash paid for operating lease liabilities$63,374 $53,772 
Lease liabilities arising from obtaining right-of-use assets
$28,112 $28,169 
As of December 31, 2023, the Company has no additional operating leases for office space that have not yet commenced.