The Company’s leases primarily consist of noncancellable operating leases for office space with contractual terms expiring from 2025 to 2031. All of our leases are operating leases. The lease term is defined as the fixed noncancellable term of the lease plus all periods, if any, for which failure to renew the lease imposes a penalty on us in an amount that appears, at the inception of the lease, to be reasonably assured. While some of our leases include an option to extend the lease up to five years, it is not reasonably certain that any such options will be exercised. Some of our leases contain a termination option that is not reasonably certain to be exercised. If a termination option is exercised, we remeasure the lease asset in the consolidated balance sheets using the updated lease period. None of our leases contain residual value guarantees, substantial restrictions or covenants.

The table below presents the lease assets and liabilities as of December 31, 2024 and December 31, 2023.


Balance Sheet location	December 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	80.6	$	73.8
Lease liabilities:
Operating lease liabilities	$	20.4	$	19.2
Long-term operating lease liabilities	$	63.0	$	56.7

Rent expense under operating leases for the years ended December 31, 2024, 2023 and 2022 was $21.7 million, $18.1 million and $12.3 million, respectively. Cash paid for amounts relating to our operating leases was $23.2 million for the year ended December 31, 2024.

Because no implicit discount rates for our leases could be readily determined, we elected to use an estimated incremental borrowing rate to determine the present value of our leases. The weighted average discount rate related to our portfolio of leases at December 31, 2024 was 5.0%. The weighted average remaining lease term for our leases was 4.4 years as of December 31, 2024.

The undiscounted cash flows for the future annual maturities of our operating lease liabilities and the reconciliation of those total undiscounted cash flows to our lease liabilities as of December 31, 2024 were as follows:


2025	$	21.0
2026		21.4
2027		19.8
2028		17.7
2029		9.7
Thereafter		3.8
Total undiscounted cash flows	$	93.4
Present value discount		(10.0	)
Lease liabilities	$	83.4

The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced. As of December 31, 2024, the present value of the operating lease liabilities that had not yet commenced was $0.5 million.