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Leases
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

Note 5—Leases

Our total operating lease costs were $58.0 million, $66.6 million and $72.3 million during the years ended December 31, 2024, 2023 and 2022, respectively. Cash paid for amounts included in operating lease liabilities was $60.7 million, $69.3 million and $74.3 million during the years ended December 31, 2024, 2023 and 2022, respectively, and is included in operating cash flows. Total right-of-use assets obtained in exchange for operating lease liabilities was $26.9 million and $22.6 million for the years ended December 31, 2024 and 2023, respectively. Our weighted-average remaining lease term and weighted-average discount rates as of December 31, 2024 were 6.3 years and 5.3%, respectively. Our weighted-average remaining lease term and weighted-average discount rates as of December 31, 2023 were 6.5 years and 5.1%, respectively.

Lease liabilities as of December 31, 2024 are as follows (in millions):

Maturity of Lease Liabilities

 

 

 

2025

 

$

55.0

 

2026

 

 

47.1

 

2027

 

 

37.7

 

2028

 

 

34.9

 

2029

 

 

29.7

 

Thereafter

 

 

64.0

 

Total lease payments

 

$

268.4

 

Less: interest

 

 

(51.0

)

Present value of lease liabilities

 

$

217.4

 

 

We have certain lease agreements with our unconsolidated real estate joint ventures. We recognized operating lease expense of $1.3 million in each of the years ended December 31, 2024, 2023 and 2022, related to these lease agreements.

We have certain sublease agreements in place with third parties to lease portions of our office space. In addition, we serve as a lessor in other lease agreements for real estate and storage facilities. Total gross sublease and other rental income recognized for the years ended December 31, 2024, 2023 and 2022 was approximately $7.3 million, $6.3 million and $6.0 million, respectively.

Lease payments to be received as of December 31, 2024 are as follows (in millions):

Lease Payments to be Received

 

 

 

2025

 

$

8.5

 

2026

 

 

9.5

 

2027

 

 

7.4

 

2029

 

 

6.6

 

2029

 

 

4.9

 

Thereafter

 

 

12.4

 

Total lease payments

 

$

49.3