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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease. As of December 31, 2023, right-of-use assets totaled $57.2 million and lease liabilities, the current portion of which is included in accrued expenses and other current liabilities in the accompanying balance sheet, totaled $82.4 million. At December 31, 2022, right-of-use assets totaled $67.1 million and lease liabilities totaled $96.7 million. Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income (loss), consists of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 9,506 |  |  | $ | 11,862 |  |  | $ | 13,160 |
Short-term lease cost | 26 |  |  | 45 |  |  | 39 |
Total lease cost | $ | 9,532 |  |  | $ | 11,907 |  |  | $ | 13,199 |
Weighted average remaining lease term and discount rate for operating leases are as follows:
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021 |  |
Weighted average remaining lease term | 11.6 years |  | 12.1 years |  | 12.3 years |  |
Weighted average discount rate | 5.0 | % |  | 5.0 | % |  | 5.0 | % |  |
Supplemental cash flow information related to leases is as follows (in thousands):
| Year Ended December 31, |  |
| 2023 |  | 2022 |  | 2021 |  |
Net cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 13,705 |  |  | $ | 13,357 |  |  | $ | 329 |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 861 |  |  | $ | 975 |  |  | $ | 1,250 |  |  |
Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
| Operating Leases
Year ending December 31, 2024 | $ | 11,352 |
Year ending December 31, 2025 | 9,452 |
Year ending December 31, 2026 | 9,564 |
Year ending December 31, 2027 | 7,891 |
Year ending December 31, 2028 | 7,507 |
Thereafter | 65,348 |
Total lease payments | 111,114 |
Less: Interest | 28,704 |
Present value of lease liabilities | $ | 82,410 |
LEASES | LEASES The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease. As of December 31, 2023, right-of-use assets totaled $57.2 million and lease liabilities, the current portion of which is included in accrued expenses and other current liabilities in the accompanying balance sheet, totaled $82.4 million. At December 31, 2022, right-of-use assets totaled $67.1 million and lease liabilities totaled $96.7 million. Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income (loss), consists of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 9,506 |  |  | $ | 11,862 |  |  | $ | 13,160 |
Short-term lease cost | 26 |  |  | 45 |  |  | 39 |
Total lease cost | $ | 9,532 |  |  | $ | 11,907 |  |  | $ | 13,199 |
Weighted average remaining lease term and discount rate for operating leases are as follows:
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021 |  |
Weighted average remaining lease term | 11.6 years |  | 12.1 years |  | 12.3 years |  |
Weighted average discount rate | 5.0 | % |  | 5.0 | % |  | 5.0 | % |  |
Supplemental cash flow information related to leases is as follows (in thousands):
| Year Ended December 31, |  |
| 2023 |  | 2022 |  | 2021 |  |
Net cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 13,705 |  |  | $ | 13,357 |  |  | $ | 329 |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 861 |  |  | $ | 975 |  |  | $ | 1,250 |  |  |
Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):
| Operating Leases
Year ending December 31, 2024 | $ | 11,352 |
Year ending December 31, 2025 | 9,452 |
Year ending December 31, 2026 | 9,564 |
Year ending December 31, 2027 | 7,891 |
Year ending December 31, 2028 | 7,507 |
Thereafter | 65,348 |
Total lease payments | 111,114 |
Less: Interest | 28,704 |
Present value of lease liabilities | $ | 82,410 |

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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