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v3.23.1

Operating leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Operating leases | Operating leases Lease costs recorded under operating leases for the three months ended March 31, 2023 and March 31, 2022 were as follows:
|  | Three Months Ended |
|  |  | March 31, 2023 | March 31, 2022 |
|  | (in thousands) |
Operating lease costs |  |  | $ | 12,871 |  | $ | 15,264 |  |
Income from sub-leases |  |  | (278) |  | (327) |  |
Net operating lease costs |  |  | $ | 12,593 |  | $ | 14,937 |  |
Of the total cost of $12.6 million incurred in the three months ended March 31, 2023 (March 31, 2022: $14.9 million), $10.0 million (March 31, 2022: $14.3 million) is recorded within selling, general and administration costs and $2.6 million (March 31, 2022: $0.6 million) is recorded within direct costs. During the three months ended March 31, 2023 and March 31, 2022, costs incurred by the Group related to variable lease payments was de minimis. Right-of-use assets obtained, in exchange for lease obligations, net of early termination options now reasonably certain to be exercised, during the three months ended March 31, 2023, totaled $12.3 million (March 31, 2022: $6.8 million). The weighted average remaining lease term and weighted-average discount rate at March 31, 2023 were 7.25 years and 2.60%, respectively. Future minimum lease payments under non-cancelable leases as of March 31, 2023 were as follows:
| Minimum rental payments |
(in thousands) | March 31, 2023 |
Year 1 | $ | 47,268 |  |
Year 2 | 34,247 |  |
Year 3 | 24,934 |  |
Year 4 | 20,339 |  |
Year 5 | 17,173 |  |
Thereafter | 44,866 |  |
Total future minimum lease payments | 188,827 |  |
Lease imputed interest | (12,396) |  |
Total | $ | 176,431 |  |
Operating lease liabilities are presented as current and non-current. Operating lease liabilities of $43.4 million have been included in other liabilities as at March 31, 2023 (March 31, 2022: $48.6 million).

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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