Leases

12 Months Ended

Dec. 31, 2022

We have operating leases for offices which have remaining lease terms of up to nine years, some of which include options to extend the lease with renewal terms from one to five years. Some leases include an option to terminate the lease for up to five years from the lease commencement date.

Components of lease expense were as follows (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021
Operating lease expense	$	31,707	$	29,153
Short-term lease expense	1,317		728
Variable lease expense	5,528		5,048
Sublease income	(221)		(325)
Total lease expense	$	38,331	$	34,604

Supplemental balance sheet information related to leases was as follows (in thousands, except weighted-average figures):


		As of
	Classification	December 31, 2022		December 31, 2021
Operating lease assets	Other assets	$	120,535	$	98,393

Current operating lease liabilities	Accrued expenses and other	$	34,469	$	23,729
Long-term operating lease liabilities	Other long-term liabilities	107,776		92,539
Total operating lease liabilities		$	142,245	$	116,268

As of December 31, 2022, our operating leases had a weighted-average remaining lease term of 5.0 years and a weighted-average discount rate of 4.0%. As of December 31, 2021, our operating leases had a weighted-average remaining lease term of 5.9 years and a weighted-average discount rate of 4.3%.

As of December 31, 2022, our lease liabilities were as follows (in thousands):


	Operating Leases (1)
Gross lease liabilities	$	157,097
Less: imputed interest	(14,852)
Present value of lease liabilities	$	142,245

(1) Excludes future minimum payments for leases which have not yet commenced as of December 31, 2022.

As of December 31, 2022, we had entered into leases that have not yet commenced with future minimum lease payments of $40.1 million that are not yet reflected on our consolidated balance sheets. These operating leases will commence in 2023 with lease terms of approximately five to ten years.