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LEASES | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
LEASES | LEASES: We have operating and finance leases for certain office space and finance leases for certain equipment. Our leases have remaining lease terms of up to 14 years. The Company, as sublessor, subleases certain office and retail space in which the terms of the subleases end by May 2029. Under all of our executed sublease arrangements, the sublessees are obligated to pay the Company sublease payments of $5.7 million in 2022, $4.4 million in 2023, $2.8 million in 2024, $2.3 million in 2025, $2.3 million in 2026 and $2.3 million thereafter. For 2020 and 2019 we incurred $2.5 million and $5.0 million in impairment charges on lease right-of-use assets, respectively. The components of lease expense were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2021 |  | 2020 |  | 2019 |
Operating lease cost |  |  |  |  | $ | 9,610 |  |  | $ | 11,989 |  |  | $ | 14,538 |  |
Short-term leases |  |  |  |  | — |  |  | — |  |  | 28 |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 1,066 |  |  | 1,277 |  |  | 2,030 |  |
Interest on lease liabilities |  |  |  |  | 22 |  |  | 151 |  |  | 340 |  |
Variable lease costs and nonlease components |  |  |  |  | 3,716 |  |  | 5,502 |  |  | 6,627 |  |
Sublease income |  |  |  |  | (3,449) |  |  | (6,662) |  |  | (4,378) |  |
Total |  |  |  |  | $ | 10,965 |  |  | $ | 12,257 |  |  | $ | 19,185 |  |
Supplemental cash flow information related to leases were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2021 |  | 2020 |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 13,647 |  |  | $ | 15,452 |  |  | $ | 17,054 |  |
Operating cash flows from finance leases |  |  |  |  | 22 |  |  | 151 |  |  | 340 |  |
Financing cash flows from finance leases |  |  |  |  | 1,070 |  |  | 1,209 |  |  | 1,694 |  |
Right-of-use assets obtained |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | 1,894 |  |  | $ | 5,666 |  |  | $ | 5,800 |  |
Finance leases |  |  |  |  | 707 |  |  | — |  |  | 139 |  |
Other changes in right-of-use assets (1) |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | (460) |  |  | $ | (39,924) |  |  | $ | (13,605) |  |
Finance leases |  |  |  |  | (2) |  |  | (29) |  |  | (1,172) |  |
(1) Change in 2020 primarily relates to changes in assumptions regarding the exercise of renewal options available under real estate lease agreements. Supplemental information related to leases was as follows:
|  |  | At December 31,
(in thousands, except lease term and discount rate) |  |  | 2021 |  | 2020
Operating lease right-of-use assets, included in other assets |  |  | $ | 38,010 |  | $ | 45,560
Operating lease liabilities, included in accounts payable and other liabilities |  |  | 49,574 |  | 62,563
Finance lease right-of-use assets, included in other assets |  |  | $ | 777 |  | $ | 1,081
Finance lease liabilities, included in accounts payable and other liabilities |  |  | 787 |  | 1,097
Weighted Average Remaining lease term in years |  |  |  |  |
Operating leases |  |  | 5.87 |  | 6.09
Finance leases |  |  | 0.96 |  | 1.52
Weighted Average Discount Rate |  |  |  |  |
Operating leases |  |  | 1.71% |  | 1.71%
Finance leases |  |  | 1.43% |  | 3.12%
Maturities of lease liabilities and obligations under leases classified as nonlease components were as follows:
|  | Lease Liabilities |  |
(in thousands) |  | Operating Leases |  | Finance Leases |  | Nonlease Components
Year ended December 31, |  |  |  |  |  |
2022 |  | $ | 12,969 |  |  | $ | 521 |  |  | $ | 5,306 |
2023 |  | 10,558 |  |  | 281 |  |  | 4,842 |
2024 |  | 8,487 |  |  | — |  |  | 4,413 |
2025 |  | 6,908 |  |  | — |  |  | 4,245 |
2026 |  | 5,896 |  |  | — |  |  | 4,355 |
2027 and thereafter |  | 9,855 |  |  | — |  |  | 4,417 |
Total lease payments |  | 54,673 |  |  | 802 |  |  | $ | 27,578 |
Less imputed interest |  | 5,099 |  |  | 15 |  |  |
Total |  | $ | 49,574 |  |  | $ | 787 |  |  |
LEASES | LEASES: We have operating and finance leases for certain office space and finance leases for certain equipment. Our leases have remaining lease terms of up to 14 years. The Company, as sublessor, subleases certain office and retail space in which the terms of the subleases end by May 2029. Under all of our executed sublease arrangements, the sublessees are obligated to pay the Company sublease payments of $5.7 million in 2022, $4.4 million in 2023, $2.8 million in 2024, $2.3 million in 2025, $2.3 million in 2026 and $2.3 million thereafter. For 2020 and 2019 we incurred $2.5 million and $5.0 million in impairment charges on lease right-of-use assets, respectively. The components of lease expense were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2021 |  | 2020 |  | 2019 |
Operating lease cost |  |  |  |  | $ | 9,610 |  |  | $ | 11,989 |  |  | $ | 14,538 |  |
Short-term leases |  |  |  |  | — |  |  | — |  |  | 28 |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 1,066 |  |  | 1,277 |  |  | 2,030 |  |
Interest on lease liabilities |  |  |  |  | 22 |  |  | 151 |  |  | 340 |  |
Variable lease costs and nonlease components |  |  |  |  | 3,716 |  |  | 5,502 |  |  | 6,627 |  |
Sublease income |  |  |  |  | (3,449) |  |  | (6,662) |  |  | (4,378) |  |
Total |  |  |  |  | $ | 10,965 |  |  | $ | 12,257 |  |  | $ | 19,185 |  |
Supplemental cash flow information related to leases were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2021 |  | 2020 |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 13,647 |  |  | $ | 15,452 |  |  | $ | 17,054 |  |
Operating cash flows from finance leases |  |  |  |  | 22 |  |  | 151 |  |  | 340 |  |
Financing cash flows from finance leases |  |  |  |  | 1,070 |  |  | 1,209 |  |  | 1,694 |  |
Right-of-use assets obtained |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | 1,894 |  |  | $ | 5,666 |  |  | $ | 5,800 |  |
Finance leases |  |  |  |  | 707 |  |  | — |  |  | 139 |  |
Other changes in right-of-use assets (1) |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | (460) |  |  | $ | (39,924) |  |  | $ | (13,605) |  |
Finance leases |  |  |  |  | (2) |  |  | (29) |  |  | (1,172) |  |
(1) Change in 2020 primarily relates to changes in assumptions regarding the exercise of renewal options available under real estate lease agreements. Supplemental information related to leases was as follows:
|  |  | At December 31,
(in thousands, except lease term and discount rate) |  |  | 2021 |  | 2020
Operating lease right-of-use assets, included in other assets |  |  | $ | 38,010 |  | $ | 45,560
Operating lease liabilities, included in accounts payable and other liabilities |  |  | 49,574 |  | 62,563
Finance lease right-of-use assets, included in other assets |  |  | $ | 777 |  | $ | 1,081
Finance lease liabilities, included in accounts payable and other liabilities |  |  | 787 |  | 1,097
Weighted Average Remaining lease term in years |  |  |  |  |
Operating leases |  |  | 5.87 |  | 6.09
Finance leases |  |  | 0.96 |  | 1.52
Weighted Average Discount Rate |  |  |  |  |
Operating leases |  |  | 1.71% |  | 1.71%
Finance leases |  |  | 1.43% |  | 3.12%
Maturities of lease liabilities and obligations under leases classified as nonlease components were as follows:
|  | Lease Liabilities |  |
(in thousands) |  | Operating Leases |  | Finance Leases |  | Nonlease Components
Year ended December 31, |  |  |  |  |  |
2022 |  | $ | 12,969 |  |  | $ | 521 |  |  | $ | 5,306 |
2023 |  | 10,558 |  |  | 281 |  |  | 4,842 |
2024 |  | 8,487 |  |  | — |  |  | 4,413 |
2025 |  | 6,908 |  |  | — |  |  | 4,245 |
2026 |  | 5,896 |  |  | — |  |  | 4,355 |
2027 and thereafter |  | 9,855 |  |  | — |  |  | 4,417 |
Total lease payments |  | 54,673 |  |  | 802 |  |  | $ | 27,578 |
Less imputed interest |  | 5,099 |  |  | 15 |  |  |
Total |  | $ | 49,574 |  |  | $ | 787 |  |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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