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Leases

12 Months Ended

Dec. 31, 2023

(12) Leases

Our leases primarily relate to office facilities that have remaining terms of up to 8.3 years, some of which include one or more options to renew with renewal terms of up to 5 years and some of which include options to terminate the leases within 4 years. All of our leases are classified as operating leases.

The components of lease expense were as follows:


	Year Ended December 31,
		2023		2022
		(in thousands)
Operating lease costs		$	16,776	$	19,829
Short-term lease costs		1,259		1,820
Variable lease costs		8,219		8,941
Total lease costs		$	26,254	$	30,590

Supplemental balance sheet information related to the operating leases was as follows:


	As of December 31, 2023		As of December 31, 2022
Weighted average remaining lease term (in years) - operating leases	5.7		6.6
Weighted average discount rate - operating leases	6.4	%	6.2	%

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
		2023		2022
		(in thousands)
Cash paid for amounts included in the measurement of lease liabilities		$	19,999	$	17,572
ROU assets obtained in exchange for new lease obligations		$	8,119	$	10,327

Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands):


2024	$	18,714
2025	20,923
2026	18,331
2027	17,543
2028	18,075
2029 and thereafter	19,938
Total lease payments	$	113,524
Less: imputed interest	(18,942)
Total	$	94,582

During the year ended December 31, 2023, we determined that triggering events occurred which indicated that the carrying value of our right-of-use (“ROU”) and other lease-related assets related to a change in usage of certain idle office space at our corporate headquarters in Boston, Massachusetts as well as idle office spaces located in Plano, Texas, Los Angeles, California, and Toronto, Canada may not be fully recoverable. As a result, we utilized discounted cash flow models to estimate the fair value of the asset groups taking into consideration the time period it will take to obtain sublessees, the applicable discount rate and the anticipated sublease income and calculated the corresponding impairment loss. We used prices and other relevant information generated by recent market transactions involving similar or comparable assets, as well as our historical experience in real estate transactions. In the year ended December 31, 2023, we recorded impairment losses of $30.8 million, respectively, related to these idle office spaces. consisting of $22.2 million, related to ROU assets and $8.6 million related to leasehold improvements associated with these leased office spaces.