Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 128

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 128
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 expense and the cash flows arising from lease transactions:Year ended December 31,202420232022Lease cost:Operating lease expense$17,273$21,499$20,611 Short-term lease expense(1)7812,291813 Sublease income(2)(4,554)(4,531)(3,423)Total lease expense$13,500$19,259$18,001 Other information:Operating cash outflows from operating leases$17,035$20,190 $22,932 Right-of-use assets obtained in exchange for new operating lease liabilities(3) $(3,209)$34,988 $6,514 Weighted-average remaining lease term - operating leases(4)9.3 years9.8 years9.9 yearsWeighted-average discount rate - operating lease(5)4.9%4.4 %4.1 %(1)    Short-term lease expense is recognized on a straight-line basis over the lease term.(2)    Sublease income largely relates to office properties in Chicago, Alpharetta and London.(3)    In 2024, the Company modified a lease agreement to reflect an increase in lease payments for its office property in London, terminated a lease agreement for its office property in Singapore and entered into a new lease agreement for an office property with a reduced floor in Singapore. (4)    Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date.(5)    Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date.

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 202213.    LEASES (CONTINUED) 

The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2024:Year ended December 31,Expected cash flows2025$17,787 202615,181 202713,026 202812,283 202912,280 Later years62,663 Discount(26,606)Total discounted operating lease liabilities$106,614 The following table presents the scheduled maturity of the Company's operating lease