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LEASES

12 Months Ended

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

X

- References

No definition available.

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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

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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

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