Operating Leases |
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| Operating Leases | 7. Operating Leases We have entered into various non-cancellable operating leases agreements, primarily for the use of office space, expiring at various dates through 2029. Our lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. We consider these options in determining the lease term on a lease-by-lease basis. We account for lease components and non-lease components as a single lease component for all leases. None of our lease agreements contain material non-lease components, material residual value guarantees, or restrictive covenants. We have elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the consolidated balance sheets. Lease Cost The components of lease cost were as follows:
Lease Term and Discount Rate The weighted-average remaining lease term and discount rate related to the operating leases were as follows:
Maturity of Lease Liabilities The present value of our operating lease liabilities as of December 31, 2025 was as follows:
Other Information Right-of-use assets obtained in exchange for lease liabilities were immaterial for the years ended December 31, 2025 and 2024 and were $12.0 million for the year ended December 31, 2023. Cash payments included in the measurement of our operating lease liabilities were immaterial for the years ended December 31, 2025, 2024, and 2023.
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