Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
12 Months Ended
Dec. 31, 2023
Lessee Disclosure [Abstract]  
Leases
8.
LEASES

The Company has various non-cancelable operating leases with various terms through September 2038, primarily for office space and office equipment. The following table provides additional information about the Company’s leases:

 

 

 

Year Ended December 31,

 

 

 

2023

 

2022

 

2021

 

Lease costs

 

 

 

 

 

 

 

Operating lease costs

 

$

36,907

 

$

32,834

 

$

24,069

 

Finance lease costs

 

 

 

31

 

147

 

Short-term lease costs

 

 

 

 

 

 

 

Operating lease costs

 

 

870

 

 

598

 

 

536

 

Finance lease costs

 

 

 

10

 

10

 

Sublease income

 

 

(642

)

 

(488

)

 

(382

)

Lease costs – net

 

$

37,135

 

$

32,985

 

$

24,380

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

Operating cash flows used for operating leases

 

$

32,933

 

$

25,569

 

$

27,550

 

Non-cash related activities

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

11,771

 

 

93,029

 

 

11,714

 

Amortization of right-of-use assets for operating lease activity

 

 

24,664

 

 

23,051

 

 

20,000

 

Weighted average discount rate (percent)

 

 

 

 

 

 

 

Operating leases

 

 

5.1

%

 

4.8

%

 

3.9

%

Finance leases

 

 

 

 

3.2

%

 

3.2

%

Weighted average remaining lease term (years)

 

 

 

 

 

 

 

Operating leases

 

 

8.2

 

 

8.5

 

 

6.0

 

Finance leases

 

 

 

 

1.9

 

 

2.7

 

 

The estimated future minimum payments of operating leases as of December 31, 2023 were as follows:

 

 2024

 

$

29,375

 

 2025

 

 

29,152

 

 2026

 

 

27,453

 

 2027

 

 

24,369

 

 2028

 

 

20,442

 

Thereafter

 

 

89,710

 

Total undiscounted future lease payments

 

$

220,501

 

Less imputed interest

 

 

(44,675

)

Present value lease liabilities

 

$

175,826

 

 

The Company has two leases with inception dates prior to December 31, 2023 that had not yet commenced as of December 31, 2023, for a total future estimated lease liability of $3.4 million.