Leases

12 Months Ended

Dec. 31, 2024

7. Leases

We lease our facilities and some of our equipment under noncancelable operating lease arrangements that expire at various dates through 2036. The total operating lease liabilities for these leases at December 31, 2024 was approximately $51.3 million. For a few of our facility leases, we have certain options to extend the lease term for up to 10 years, at our sole discretion. We have no finance leases.

We present below the operating lease right-of-use assets and lease liabilities as of December 31, 2024 (in thousands):


		December 31, 2024
ASSETS
Operating lease right-of-use assets		$47,923

LIABILITIES
Operating lease liabilities, current (included in accrued and other liabilities)		$3,532
Operating lease liabilities, long-term		47,794
Total operating lease liabilities		$51,326

Aggregate future minimum lease payments under noncancelable operating leases as of December 31, 2024 are as follows (in thousands):


Year Ending December 31,
2025	$	8,798
2026		9,396
2027		9,336
2028		9,324
2029		6,171
Thereafter		37,292
Total minimum payments required		80,317
Less short-term leases		(117	)
Less imputed interest		(28,874	)
Total operating lease liabilities	$	51,326

We are applying the practical expedient to not separate lease and non-lease components, which allows us to account for lease and non-lease components as a single lease component. The total lease cost in 2024 was $9.3 million, consisting of $9.0 million of operating lease costs and $0.3 million of short-term lease costs. The total lease cost in 2023 was $8.1 million, consisting of $7.8 million of operating lease costs, and $0.3 million of short-term lease costs. Total lease costs in 2022 were $7.7 million, consisting of $7.3 million of operating lease costs, and $0.4 million of short-term lease costs. Our variable lease cost during 2024, 2023 and 2022 were immaterial.


Weighted average remaining lease term	9.4 years
Weighted average discount rate		5.27	%
Supplemental cash flow information - operating cash flows (in thousands):
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	6,798

During 2024, we executed the eighth amendment to our lease agreement for our corporate headquarters office space, which extended our lease termination date from September 30, 2025, to September 30, 2036, for substantially all of the Company's leased premises at its headquarters in Atlanta, Georgia. To determine our discount rate for the lease liability, we evaluated peer company debt agreements, U.S. Treasury notes, company-specific risks, and other factors.