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LEASES | 9 Months Ended
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Sep. 30, 2023
LEASES [Abstract] |
LEASES | 11. LEASES The Company has operating leases for its corporate offices and operating facilities. The Company determines if an arrangement is a lease at the inception of a contract. The Company’s operating lease terms are generally five years or less. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating fixed lease expense is recognized on a straight-line basis over the lease term. The components of lease expense were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
|  | (In thousands) |
Operating lease cost |  | $ | 9,725 |  |  | $ | 8,870 |  |  | $ | 28,500 |  |  | $ | 25,974 |
Short-term lease cost |  |  | 292 |  |  |  | 210 |  |  |  | 851 |  |  |  | 790 |
Variable lease cost |  |  | 2,281 |  |  |  | 1,913 |  |  |  | 6,785 |  |  |  | 5,839 |
Total lease cost * |  | $ | 12,298 |  |  | $ | 10,993 |  |  | $ | 36,136 |  |  | $ | 32,603 |
*Sublease income was immaterial. Lease cost is reflected in the consolidated statement of net income in the line item – rent, supplies, contract labor and other. Supplemental information related to leases was as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
|  | (In thousands) |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 10,007 |  |  | $ | 9,139 |  |  | $ | 29,418 |  |  | $ | 26,697 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 10,188 |  |  | $ | 8,011 |  |  | $ | 26,407 |  |  | $ | 29,618 |
The aggregate future lease payments for operating leases as of September 30, 2023 were as follows:
Fiscal Year |  | Amount |
|  | (In thousands) |
2023 (excluding the nine months ended September 30, 2023) |  | $ | 9,946 |
2024 |  |  | 36,216 |
2025 |  |  | 28,184 |
2026 |  |  | 20,552 |
2027 and therafter |  |  | 24,877 |
Total lease payments |  | $ | 119,775 |
Less: imputed interest |  |  | 8,445 |
Total operating lease liabilities |  | $ | 111,330 |
Average lease terms and discount rates were as follows: The weighted-average remaining operating lease term was 3.9 years and 4.2 years as of September 30, 2023 and September 30, 2022, respectively, while the average discount rate for operating leases was 3.8% and 2.7% over the same periods, respectively.

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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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