Leases

9 Months Ended

Sep. 30, 2023

3. Leases

Amounts reported on the Company’s Unaudited Condensed Consolidated Balance Sheets for operating leases were as follows:


	September 30, 2023		December 31, 2022
	(Amounts in Thousands)
Operating lease assets, net	$	47,183	$	38,980

Short-term operating lease liabilities		11,434		10,801
Long-term operating lease liabilities		41,632		35,479
Total operating lease liabilities	$	53,066	$	46,280

Lease Costs

Components of lease costs were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows:


	For the Three Months Ended September 30, (Amounts in Thousands)						For the Nine Months Ended September 30, (Amounts in Thousands)
	2023			2022			2023			2022
Operating lease costs	$	3,344		$	3,251		$	9,678		$	8,888
Short-term lease costs		249			589			949			2,251
Total lease costs		3,593			3,840			10,627			11,139
Less: sublease income		(704	)		(176	)		(2,104	)		(529	)
Total lease costs, net	$	2,889		$	3,664		$	8,523		$	10,610

Lease Term and Discount Rate

Weighted average remaining lease terms and discount rates were as follows:


	September 30, 2023			December 31, 2022
Operating leases:
Weighted average remaining lease term (years)		6.39			5.82
Weighted average discount rate		5.36	%		3.98	%

Maturity of Lease Liabilities

Remaining operating lease payments as of September 30, 2023 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended September 30,
2024	$	3,678
2025		13,434
2026		10,242
2027		7,943
2028		6,057
Thereafter		22,354
Total future minimum rental commitments		63,708
Less: Imputed interest		(10,642	)
Total lease liabilities	$	53,066

Supplemental cash flows information


	For the Nine Months Ended September 30,
	(Amounts in Thousands)
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,702	$	9,752

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	15,903	$	13,130