Leases

12 Months Ended

Dec. 31, 2024

2. Leases

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


	December 31,
	2024		2023
	(Amounts in Thousands)
Operating lease assets, net	$	47,348	$	45,433
Short-term operating lease liabilities		12,800		11,339
Long-term operating lease liabilities		41,883		39,711
Total operating lease liabilities	$	54,683	$	51,050

Lease Costs

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


	For the Years Ended December 31,
	(Amounts in Thousands)
	2024			2023			2022
Operating lease costs	$	13,386		$	13,026		$	11,354
Short-term lease costs		735			1,147			2,885
Total lease costs		14,121			14,173			14,239
Less: sublease income		(2,267	)		(2,770	)		(951	)
Total lease costs, net	$	11,854		$	11,403		$	13,288

Lease Term and Discount Rate

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


	December 31,
	2024			2023			2022
Operating leases:
Weighted average remaining lease term		5.48			6.26			5.82
Weighted average discount rate		6.20	%		5.47	%		3.98	%

Maturity of Lease Liabilities

Remaining operating lease payments as of December 31, 2024 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in 12-month period ended December 31,
2025	$	15,793
2026		13,016
2027		9,732
2028		6,923
2029		6,225
Thereafter		13,269
Total future minimum rental commitments		64,958
Less: Imputed interest		(10,275	)
Total lease liabilities	$	54,683

Supplemental Cash Flow Information


	For the Years Ended December 31,
	(Amounts in Thousands)
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,783	$	14,396	$	13,015
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	15,489	$	17,221	$	14,746

The Company sublet a portion of its corporate headquarters space in Frisco, Texas in November 2022 to a third party under a two-year sublease term for a monthly base rent of $0.1 million. The sublease expired in January 2025. As the result, the Company recorded $5.0 million in impairment charges on operating lease assets, included within general administrative expenses. Of the $5.0 million in impairment charges on operating lease assets recorded, $2.2 million in exit charges was included.