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LEASES | 12 Months Ended
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Dec. 31, 2023
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 12 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 $3.3 million in 2024, $2.8 million in 2025, $2.9 million in 2026, $2.7 million in 2027 and $0.1 million in 2028. The components of lease expense were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2023 |  | 2022 |  | 2021 |
Operating lease cost |  |  |  |  | $ | 8,103 |  |  | $ | 8,762 |  |  | $ | 9,610 |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 425 |  |  | 580 |  |  | 1,066 |  |
Interest on lease liabilities |  |  |  |  | 8 |  |  | 19 |  |  | 22 |  |
Variable lease costs and nonlease components |  |  |  |  | 1,470 |  |  | 3,123 |  |  | 3,716 |  |
Sublease income |  |  |  |  | (1,376) |  |  | (2,565) |  |  | (3,449) |  |
Total |  |  |  |  | $ | 8,630 |  |  | $ | 9,919 |  |  | $ | 10,965 |  |
Supplemental cash flow information related to leases were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2023 |  | 2022 |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 11,248 |  |  | $ | 12,845 |  |  | $ | 13,647 |  |
Operating cash flows from finance leases |  |  |  |  | 8 |  |  | 19 |  |  | 22 |  |
Financing cash flows from finance leases |  |  |  |  | 456 |  |  | 589 |  |  | 1,070 |  |
Right-of-use assets obtained |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | 2,690 |  |  | $ | 6,347 |  |  | $ | 1,894 |  |
Finance leases |  |  |  |  | 385 |  |  | 145 |  |  | 707 |  |
Other changes in right-of-use assets (1) |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (460) |  |
Finance leases |  |  |  |  | — |  |  | — |  |  | (2) |  |
Supplemental information related to leases was as follows:
|  |  | At December 31,
(in thousands, except lease term and discount rate) |  |  | 2023 |  | 2022
Operating lease right-of-use assets, included in other assets |  |  | $ | 27,594 |  | $ | 34,070
Operating lease liabilities, included in accounts payable and other liabilities |  |  | 35,043 |  | 42,848
Finance lease right-of-use assets, included in other assets |  |  | $ | 318 |  | $ | 359
Finance lease liabilities, included in accounts payable and other liabilities |  |  | 288 |  | 359
Weighted Average Remaining lease term in years |  |  |  |  |
Operating leases |  |  | 4.49 |  | 5.07
Finance leases |  |  | 1.58 |  | 0.88
Weighted Average Discount Rate |  |  |  |  |
Operating leases |  |  | 1.88% |  | 1.91%
Finance leases |  |  | 3.50% |  | 3.50%
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, |  |  |  |  |  |
2024 |  | $ | 10,206 |  |  | $ | 197 |  |  | $ | 4,551 |
2025 |  | 8,562 |  |  | 98 |  |  | 4,400 |
2026 |  | 7,435 |  |  | — |  |  | 4,497 |
2027 |  | 6,624 |  |  | — |  |  | 3,895 |
2028 |  | 1,667 |  |  | — |  |  | 147 |
2029 and thereafter |  | 2,361 |  |  | — |  |  | — |
Total lease payments |  | 36,855 |  |  | 295 |  |  | $ | 17,490 |
Less imputed interest |  | 1,812 |  |  | 7 |  |  |
Total |  | $ | 35,043 |  |  | $ | 288 |  |  |
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 12 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 $3.3 million in 2024, $2.8 million in 2025, $2.9 million in 2026, $2.7 million in 2027 and $0.1 million in 2028. The components of lease expense were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2023 |  | 2022 |  | 2021 |
Operating lease cost |  |  |  |  | $ | 8,103 |  |  | $ | 8,762 |  |  | $ | 9,610 |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 425 |  |  | 580 |  |  | 1,066 |  |
Interest on lease liabilities |  |  |  |  | 8 |  |  | 19 |  |  | 22 |  |
Variable lease costs and nonlease components |  |  |  |  | 1,470 |  |  | 3,123 |  |  | 3,716 |  |
Sublease income |  |  |  |  | (1,376) |  |  | (2,565) |  |  | (3,449) |  |
Total |  |  |  |  | $ | 8,630 |  |  | $ | 9,919 |  |  | $ | 10,965 |  |
Supplemental cash flow information related to leases were as follows:
|  |  | Years Ended December 31,
(in thousands) |  |  |  |  | 2023 |  | 2022 |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 11,248 |  |  | $ | 12,845 |  |  | $ | 13,647 |  |
Operating cash flows from finance leases |  |  |  |  | 8 |  |  | 19 |  |  | 22 |  |
Financing cash flows from finance leases |  |  |  |  | 456 |  |  | 589 |  |  | 1,070 |  |
Right-of-use assets obtained |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | 2,690 |  |  | $ | 6,347 |  |  | $ | 1,894 |  |
Finance leases |  |  |  |  | 385 |  |  | 145 |  |  | 707 |  |
Other changes in right-of-use assets (1) |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (460) |  |
Finance leases |  |  |  |  | — |  |  | — |  |  | (2) |  |
Supplemental information related to leases was as follows:
|  |  | At December 31,
(in thousands, except lease term and discount rate) |  |  | 2023 |  | 2022
Operating lease right-of-use assets, included in other assets |  |  | $ | 27,594 |  | $ | 34,070
Operating lease liabilities, included in accounts payable and other liabilities |  |  | 35,043 |  | 42,848
Finance lease right-of-use assets, included in other assets |  |  | $ | 318 |  | $ | 359
Finance lease liabilities, included in accounts payable and other liabilities |  |  | 288 |  | 359
Weighted Average Remaining lease term in years |  |  |  |  |
Operating leases |  |  | 4.49 |  | 5.07
Finance leases |  |  | 1.58 |  | 0.88
Weighted Average Discount Rate |  |  |  |  |
Operating leases |  |  | 1.88% |  | 1.91%
Finance leases |  |  | 3.50% |  | 3.50%
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, |  |  |  |  |  |
2024 |  | $ | 10,206 |  |  | $ | 197 |  |  | $ | 4,551 |
2025 |  | 8,562 |  |  | 98 |  |  | 4,400 |
2026 |  | 7,435 |  |  | — |  |  | 4,497 |
2027 |  | 6,624 |  |  | — |  |  | 3,895 |
2028 |  | 1,667 |  |  | — |  |  | 147 |
2029 and thereafter |  | 2,361 |  |  | — |  |  | — |
Total lease payments |  | 36,855 |  |  | 295 |  |  | $ | 17,490 |
Less imputed interest |  | 1,812 |  |  | 7 |  |  |
Total |  | $ | 35,043 |  |  | $ | 288 |  |  |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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