XML 39 R25.htm IDEA: XBRL DOCUMENT v3.22.4
LEASES
 12 Months Ended
Dec. 31, 2022
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 13 years.
The Company, as sublessor, subleases certain office and retail space in which the terms of any significant subleases end by 2027. Under all of our executed sublease arrangements, the sublessees are obligated to pay the Company sublease payments of $4.9 million in 2023, $3.3 million in 2024, $2.8 million in 2025, $2.9 million in 2026 and $2.7 million in 2027. For 2020 we incurred $2.5 million in impairment charges on lease right-of-use assets.
The components of lease expense were as follows:
 Years Ended December 31,
(in thousands)202220212020
Operating lease cost$8,762 $9,610 $11,989 
Finance lease cost:
Amortization of right-of-use assets
580 1,066 1,277 
Interest on lease liabilities
19 22 151 
Variable lease costs and nonlease components3,123 3,716 5,502 
Sublease income(2,565)(3,449)(6,662)
Total$9,919 $10,965 $12,257 
Supplemental cash flow information related to leases were as follows:
 Years Ended December 31,
(in thousands)202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$12,845 $13,647 $15,452 
Operating cash flows from finance leases
19 22 151 
Financing cash flows from finance leases
589 1,070 1,209 
Right-of-use assets obtained
Operating leases$6,347 $1,894 $5,666 
Finance leases145 707 — 
Other changes in right-of-use assets (1)
Operating leases$— $(460)$(39,924)
Finance leases— (2)(29)
            (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)20222021
Operating lease right-of-use assets, included in other assets$34,070$38,010
Operating lease liabilities, included in accounts payable and other liabilities42,84849,574
Finance lease right-of-use assets, included in other assets$359$777
Finance lease liabilities, included in accounts payable and other liabilities 359787
Weighted Average Remaining lease term in years
Operating leases5.075.87
Finance leases0.880.96
Weighted Average Discount Rate
Operating leases1.91%1.71%
Finance leases3.50%1.43%

Maturities of lease liabilities and obligations under leases classified as nonlease components were as follows:
Lease Liabilities
(in thousands)Operating LeasesFinance LeasesNonlease Components
Year ended December 31,
2023$11,098 $360 $4,846 
20249,492 8 4,490 
20257,976 — 4,357 
20266,862 — 4,454 
20276,137 — 3,850 
2028 and thereafter3,546 — 123 
Total lease payments
45,111 368 $22,120 
Less imputed interest2,263 9 
Total$42,848 $359 
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 13 years.
The Company, as sublessor, subleases certain office and retail space in which the terms of any significant subleases end by 2027. Under all of our executed sublease arrangements, the sublessees are obligated to pay the Company sublease payments of $4.9 million in 2023, $3.3 million in 2024, $2.8 million in 2025, $2.9 million in 2026 and $2.7 million in 2027. For 2020 we incurred $2.5 million in impairment charges on lease right-of-use assets.
The components of lease expense were as follows:
 Years Ended December 31,
(in thousands)202220212020
Operating lease cost$8,762 $9,610 $11,989 
Finance lease cost:
Amortization of right-of-use assets
580 1,066 1,277 
Interest on lease liabilities
19 22 151 
Variable lease costs and nonlease components3,123 3,716 5,502 
Sublease income(2,565)(3,449)(6,662)
Total$9,919 $10,965 $12,257 
Supplemental cash flow information related to leases were as follows:
 Years Ended December 31,
(in thousands)202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$12,845 $13,647 $15,452 
Operating cash flows from finance leases
19 22 151 
Financing cash flows from finance leases
589 1,070 1,209 
Right-of-use assets obtained
Operating leases$6,347 $1,894 $5,666 
Finance leases145 707 — 
Other changes in right-of-use assets (1)
Operating leases$— $(460)$(39,924)
Finance leases— (2)(29)
            (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)20222021
Operating lease right-of-use assets, included in other assets$34,070$38,010
Operating lease liabilities, included in accounts payable and other liabilities42,84849,574
Finance lease right-of-use assets, included in other assets$359$777
Finance lease liabilities, included in accounts payable and other liabilities 359787
Weighted Average Remaining lease term in years
Operating leases5.075.87
Finance leases0.880.96
Weighted Average Discount Rate
Operating leases1.91%1.71%
Finance leases3.50%1.43%

Maturities of lease liabilities and obligations under leases classified as nonlease components were as follows:
Lease Liabilities
(in thousands)Operating LeasesFinance LeasesNonlease Components
Year ended December 31,
2023$11,098 $360 $4,846 
20249,492 8 4,490 
20257,976 — 4,357 
20266,862 — 4,454 
20276,137 — 3,850 
2028 and thereafter3,546 — 123 
Total lease payments
45,111 368 $22,120 
Less imputed interest2,263 9 
Total$42,848 $359