Leases (Tables)

3 Months Ended

Mar. 31, 2025

The components of our global lease cost reflected in the condensed consolidated statements of income are as follows:


	Three Months Ended
(in thousands)		March 31, 2025		March 31, 2024
Lease liability cost		$	7,002	$	7,328
Variable lease cost not included in the lease liability(1)		1,287		1,383
Total lease cost		$	8,289	$	8,711

(1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.

Lessee, Operating Lease Other Information

Other information related to operating leases is as follows:


	Three Months Ended
(in thousands)		March 31, 2025		March 31, 2024
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases		$	(7,215)	$	(7,213)
Right-of-use assets obtained in exchange for new operating lease liabilities		$	103	$	1,389


	As of March 31,
	2025		2024
Weighted-average remaining lease term of operating leases	5.7 years		6.2 years
Weighted-average discount rate of operating leases	3.4	%	3.4	%

Schedule of Maturity of Operating Lease Liabilities

The maturity schedule of the operating lease liabilities as of March 31, 2025 is as follows:


(in thousands)
Remainder of 2025	$	21,455
2026	23,783
2027	19,262
2028	17,540
2029	12,659
Thereafter	22,148
Total future lease payments	116,847
Less: Present value adjustment	(10,229)
Present value of future lease payments(1)	$	106,618

(1) Includes the current portion of operating lease liabilities of $24.8 million, which is reflected in other accrued expenses and liabilities in the condensed consolidated balance sheets.