Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

The components of our global lease cost reflected in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 are as follows:

(in thousands)	2023		2022		2021
Lease liability cost	$	28,481	$	27,543	$	28,357
Variable lease cost not included in the lease liability(1)	5,749		4,436		4,085
Total lease cost	$	34,230	$	31,979	$	32,442

(1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.

Lessee, Operating Lease Other Information

Other information related to operating leases for the years ended December 31, 2023, 2022 and 2021 is as follows:

(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases	$	(28,281)	$	(26,767)	$	(28,474)
Right-of-use assets obtained in exchange for new operating lease liabilities	$	12,913	$	36,735	$	13,586

	As of December 31,
	2023		2022
Weighted-average remaining lease term of operating leases	6.4 years		6.9 years
Weighted-average discount rate of operating leases	3.4	%	3.1	%

Schedule of Maturity of Operating Lease Liabilities

The maturity schedule of the operating lease liabilities as of December 31, 2023 is as follows:

(in thousands)
2024	$	27,030
2025	22,843
2026	20,460
2027	18,930
2028	17,266
Thereafter	31,049
Total future lease payments	137,578
Less: Present value adjustment	(13,767)
Present value of future lease payments(1)	$	123,811

(1)Includes the current portion of operating lease liabilities of $23.3 million, which is reflected in other accrued expenses and liabilities in the consolidated balance sheets.