The Company leases office facilities under non-cancelable operating leases that expire at various dates through February 2035.

The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments.

The following table provides weighted average remaining lease terms and weighted average discount rate for operating leases:


	Year ended December 31,
	2025	2024
Weighted-average remaining lease term:	7.1 years	7.8 years
Weighted-average discount rate:	4.7%	4.7%

Operating lease expense, variable lease expense and cash payments related to operating lease liabilities for the 2025, 2024, and 2023 are as follows:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Operating lease expense	$	41,389	$	39,536	$	42,826
Variable lease expense	$	6,165	$	6,176	$	5,730
Cash payments	$	47,664	$	56,548	$	55,322

The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2025 (in thousands):


	Operating leases
Lease commitments (Note 12)	$	313,384
Less: Legally binding minimum lease payments for leases signed but not yet commenced		—
Less: Operating leases with a duration of 12 months or less		(2,952	)
Less: Present value discount		(48,127	)
Total lease liabilities	$	262,305

The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements is as follows:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Operating sublease income	$	7,062	$	6,653	$	7,796

During the year ended December 31, 2023, the Company terminated and abandoned various leases of office spaces in connection with the Restructuring Plan. Refer to Note 18 for more information.