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LEASES | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
LEASES | NOTE 7. LEASES Expense
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed lease costs | $ | 5,271 |  |  | $ | 4,495 |  |  | $ | 9,533 |  |  | $ | 10,261 |
Short-term lease costs | 410 |  |  | 696 |  |  | 953 |  |  | 1,477 |
Variable lease costs | 1,763 |  |  | 2,186 |  |  | 3,372 |  |  | 4,160 |
| $ | 7,444 |  |  | $ | 7,377 |  |  | $ | 13,858 |  |  | $ | 15,898 |
Right of use assets and lease liabilities
(in thousands) | June 30, 2024 |  | December 31, 2023
Right of use assets | $ | 68,293 |  |  | $ | 64,198 |
Operating lease liabilities | $ | 15,254 |  |  | $ | 15,000 |
Long-term operating lease liabilities | $ | 70,202 |  |  | $ | 66,901 |
Weighted-average remaining lease term and discount rate for the Company’s leases were:
| June 30, 2024 |  | December 31, 2023
Weighted-average remaining lease term | 6.4 years |  | 6.8 years
Weighted-average discount rate (1) | 4.6 | % |  | 4.0 | %
(1) The rates implicit in 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. Maturities of lease liabilities:
(in thousands) | June 30, 2024
Remainder of 2024 | $ | 7,954 |
2025 | 18,784 |
2026 | 14,384 |
2027 | 13,387 |
2028 | 12,813 |
2029 | 10,099 |
Thereafter | 21,650 |
Total lease payments | 99,071 |
Less: imputed interest (1) | (13,615) |
| $ | 85,456 |
(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. Cash flow information
| Six Months Ended June 30,
(in thousands) | 2024 |  | 2023
Cash paid for operating leases, net of tenant improvement allowances | $ | 9,493 |  |  | $ | 10,540 |
Right of use assets recognized for new leases and amendments (non-cash) | $ | 12,290 |  |  | $ | 1,465 |

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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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