| 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.
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