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LEASING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASING ARRANGEMENTS LEASING ARRANGEMENTS
Operating Leases
The Company’s operating lease assets primarily represent the lease of office space and facilities where the Company conducts its operations with the weighted average lease term of 9.4 years and 10.4 years as of December 31, 2023 and 2022, respectively. The operating leases have lease terms up to 18.6 years and 19.6 years as of December 31, 2023 and 2022, respectively. The weighted average discount rate used to calculate the present value of lease payments was 6.76% and 6.21% as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022, and 2021, the total operating lease expense was $23,744, $17,518, and $15,230, respectively. During the years ended December 31, 2023, 2022, and 2021, $2,530, $1,305, and $1,377, respectively, of operating lease expense were attributable to variable lease expenses. Operating lease expense is included in selling, general and administrative expenses in the consolidated statements of operations.
During the years ended December 31, 2023, 2022, and 2021, cash payments against operating lease liabilities totaled $21,426, $18,548, and $15,509 respectively, and non-cash lease expense transactions totaled $6,193, $4,465, and $3,750, respectively. Cash flows from operating leases are classified as net cash flows from operating activities in the accompanying consolidated statements of cash flows.
As of December 31, 2023, maturities of operating lease liabilities were as follows:
Operating
Leases
Year ending December 31:
2024$24,218 
202522,684 
202617,096 
202712,663 
202811,092 
Thereafter44,407 
Total lease payments132,160 
Less: imputed interest(33,597)
Total lease liability$98,563 
Finance Leases
The Company’s financing lease assets primarily represent the lease of vehicles for the Company's subsidiary bebe. As of December 31, 2023, finance lease assets of $1,847 are included in prepaid expenses and other assets with the related liabilities of $1,923 included in accrued expenses and other liabilities in the consolidated balance sheets.
As of December 31, 2023 and 2022, the Company did not have any significant leases executed but not yet commenced.