v3.24.2.u1
Leases
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

11. Leases

The Company leases office facilities under non-cancelable operating leases that expire at various dates through February 2035. During the six months ended June 30, 2024, the Company modified various leases of office spaces globally. The Company recorded a reduction in right-of-use assets of $7.3 million and an increase in lease liabilities of $0.5 million for these leases during the period upon the lease modification.

Operating lease expense and cash payments related to operating lease liabilities for the three and six months ended June 30, 2024 and 2023 are as follows:
 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

(in thousands)

 

Operating lease expense

 

$

9,860

 

 

$

9,989

 

 

$

19,740

 

 

$

22,910

 

Cash payments

 

 

13,555

 

 

 

16,705

 

 

 

29,425

 

 

 

31,127

 

The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the three and six months ended June 30, 2024 and 2023 are as follows:
 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

 

(in thousands)

 

Operating sublease income

 

$

1,679

 

 

$

2,015

 

 

$

3,926

 

 

$

4,042