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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Lessees are required to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months on the balance sheet. All leases disclosed within this note are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term. To determine the discount rate used to calculate present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew. The main leases entered into by the Company are for office space used by the Company’s operating units across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information is as follows:
|  |  | For the Year Ended December 31,
(In thousands) | 2023 |  | 2022
Leases: |  |  |  |  |
Lease cost |  |  | $ | 44,256 |  |  | $ | 43,383 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows |  |  | $ | 49,910 |  |  | $ | 43,871 |
Right-of-use assets obtained in exchange for new lease liabilities |  |  | $ | 53,753 |  |  | $ | 28,075 |
| As of December 31,
($ in thousands) | 2023 |  | 2022
Right-of-use assets | $ | 176,496 |  |  | $ | 169,271 |
Lease liabilities | $ | 218,621 |  |  | $ | 204,088 |
Weighted-average remaining lease term | 7.3 years |  | 7.1 years
Weighted-average discount rate | 5.10 | % |  | 4.40 | %
Contractual maturities of the Company’s future minimum lease payments are as follows:
(In thousands) | December 31, 2023 |  |  |
Contractual Maturities: |  |  |  |
2024 | $ | 50,222 |  |  |  |
2025 | 41,249 |  |  |  |
2026 | 34,072 |  |  |  |
2027 | 24,900 |  |  |  |
2028 | 23,206 |  |  |  |
Thereafter | 84,014 |  |  |  |
Total undiscounted future minimum lease payments | 257,663 |  |  |  |
Less: Discount impact | 39,042 |  |  |  |
Total lease liability | $ | 218,621 |  |  |  |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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