We determine if a contract is a lease at inception. We have leases for office space and facilities, automobiles and certain information technology equipment. All of our leases are classified as operating leases and the majority of which are for office space and facilities.

Supplemental balance sheet information related to the Company’s operating leases as of December 31, 2024 and 2023 was as follows (in thousands):


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term	7.5 years		7.3 years
Weighted-average discount rate	5.91	%	5.51	%

The components of lease cost and other lease information as of and during the year ended December 31, 2024 and 2023 are as follows (in thousands):


	December 31, 2024		December 31, 2023
Operating lease cost	$	51,783	$	45,088
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for operating leases	$	52,483	$	46,936

Our leases have remaining lease terms ranging from less than 1 year to approximately 19 years. These leases generally contain renewal options for periods ranging from two to five years. Because the Company is not

reasonably certain to exercise these renewal options, the options are not included in the lease term, and associated potential option payments are excluded from lease payments.

Maturities of operating lease liabilities at December 31, 2024 and minimum cash commitments under operating leases at December 31, 2023 were as follows (in thousands):


	December 31, 2024
2025	$	84,270
2026	83,995
2027	80,062
2028	63,907
2029	55,120
Thereafter	178,389
Total undiscounted lease payments	545,743
Less: imputed interest	(112,608)
Total lease liabilities	$	433,135


	December 31, 2023
2024	$	47,446
2025	46,623
2026	43,131
2027	40,678
2028	29,261
Thereafter	90,535
Total undiscounted lease payments	297,674
Less: imputed interest	(57,486)
Total lease liabilities	$	240,188