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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Summary of Lease Expense and Related Cash Flows | The following table presents the Company’s total lease expense and the cash flows arising from lease transactions:
| Year ended December 31, | 2022 |  | 2021 |  | 2020 |
| Lease cost: |  |  |  |  |  |
| Operating lease expense | $ | 20,611 |  | $ | 21,864 |  | $ | 24,726 |  |
| Short-term lease expense(1) | 813 |  | 1,127 |  | 299 |  |
| Sublease income(2) | (3,423) |  | (3,116) |  | (3,578) |  |
| Total lease expense | $ | 18,001 |  | $ | 19,875 |  | $ | 21,447 |  |
| Other information: |  |  |  |  |  |
| Operating cash outflows from operating leases | $ | 22,932 |  | $ | 22,726 |  |  | $ | 20,452 |  |
| Right-of-use assets obtained in exchange for new operating lease liabilities(3) | $ | 6,514 |  | $ | (1,739) |  |  | $ | 36,742 |  |
| Weighted-average remaining lease term - operating leases(4) | 9.9 years |  | 10.0 years |  | 10.2 years |
| Weighted-average discount rate - operating lease(5) | 4.1% |  | 4.1 | % |  | 4.2 | % |
(1) Short-term lease expense is recognized on a straight-line basis over the lease term. (2) Sublease income largely relates to office properties in New York and London. (3) In 2021, the Company modified a lease agreement to reflect a reduction in the floor space it occupies in its office property in Zurich. (4) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date. (5) Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date.
Summary of Maturity and Minimum Lease Payments | The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2022:
| Year ended December 31, | Expected cash flows |
| 2023 | $ | 19,774 |  |
| 2024 | 13,725 |  |
| 2025 | 13,148 |  |
| 2026 | 11,052 |  |
| 2027 | 9,052 |  |
| Later years | 58,517 |  |
| Discount | (22,690) |  |
| Total discounted operating lease liabilities | $ | 102,577 |  |
The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2021:
| Year ended December 31, | Expected cash flows |
| 2022 | $ | 23,262 |  |
| 2023 | 19,725 |  |
| 2024 | 13,556 |  |
| 2025 | 12,924 |  |
| 2026 | 10,770 |  |
| Later years | 66,705 |  |
| Discount | (27,430) |  |
| Total discounted operating lease liabilities | $ | 119,512 |  |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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