Leases

9 Months Ended

Sep. 30, 2024

5. Leases

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


	September 30, 2024		December 31, 2023
	(Amounts in Thousands)
Operating lease assets, net	$	44,535	$	45,433

Short-term operating lease liabilities (in accrued expenses)		11,155		11,339
Long-term operating lease liabilities		38,608		39,711
Total operating lease liabilities	$	49,763	$	51,050

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)
	2024			2023			2024			2023
Operating lease costs	$	3,393		$	3,344		$	10,062		$	9,678
Short-term lease costs		167			249			547			949
Total lease costs		3,560			3,593			10,609			10,627
Less: sublease income		(596	)		(704	)		(1,685	)		(2,104	)
Total lease costs, net	$	2,964		$	2,889		$	8,924		$	8,523

Lease Term and Discount Rate

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


	September 30, 2024			December 31, 2023
Operating leases:
Weighted average remaining lease term (years)		5.81			6.26
Weighted average discount rate		5.99	%		5.47	%

Maturity of Lease Liabilities

Remaining operating lease payments as of September 30, 2024 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended September 30,
2025	$	13,786
2026		11,097
2027		8,506
2028		6,322
2029		5,722
Thereafter		14,019
Total future minimum rental commitments		59,452
Less: Imputed interest		(9,689	)
Total lease liabilities	$	49,763

Supplemental Cash Flows Information


	For the Nine Months Ended September 30,
	(Amounts in Thousands)
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,925	$	10,702

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7,683	$	15,903