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LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Lease Expense
Expense
(in thousands)202220212020
Fixed lease costs (1)
$20,186 $(1,694)$20,235 
Short-term lease costs3,356 2,244 1,669 
Variable lease costs3,894 4,480 4,470 
$27,436 $5,030 $26,374 
(1) The lower fixed lease costs in 2021 was due to the modification of the corporate headquarters lease.
Schedule of Right of Use Asset and Lease Liabilities
Right of use assets and lease liabilities
(in thousands)December 31, 2022December 31, 2021
Right of use assets (1)
$76,114 $87,521 
Operating lease liabilities (2)
$14,976 $6,989 
Long-term operating lease liabilities$79,152 $87,818 
(1) Represents the Company’s right to use the leased asset during the lease term. Included in other long-term assets.
(2) Included in other current liabilities.
Schedule of Weighted Average and Discount Rate
The weighted-average remaining lease term and discount rate for the Company’s leases were:
December 31, 2022December 31, 2021
Weighted-average remaining lease term7.5 years7.7 years
Weighted-average discount rate (1)
4.1 %4.4 %
(1) The rates implicit in most of the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.
Schedule of Lease Maturities after Adoption of 842
Maturities of lease liabilities:
(in thousands)December 31, 2022
2023$18,476 
202417,101 
202514,444 
202610,860 
20279,814 
Thereafter39,265 
Total lease payments109,960 
Less: imputed interest (1)
(15,832)
$94,128 
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event.
Schedule of Supplemental Cash Flow Lease Information
Cash flow information (1) (2)
(in thousands)20222021
Cash paid for operating leases, net of tenant improvement allowances$7,690 $18,428 
Right of use assets recognized for new leases and amendments (non-cash)$4,733 $55,068 
(1) In 2022 and 2021, the Company received tenant improvement allowances of $8.8 million and $3.0 million, respectively, as part of the lease of the Company’s new corporate headquarters in Waltham, Massachusetts.
(2) In 2021, the Company received $18 million as a one-time payment for the Company’s accelerated exit from its then corporate headquarters in Cambridge, Massachusetts. This payment has been excluded from the above table.