Leases (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Quantitative Information and Other Information Related to Leases

Quantitative information related to leases for the years ended December 31, 2023, 2022 and 2021 is presented in the following table (dollars in thousands):


	For the Year Ended December 31,
	2023			2022			2021
Lease expenses (1)
Fixed lease expenses - operating	$	6,410		$	11,033		$	11,442
Variable lease expenses - operating		1,401			3,726			3,173
Sublease income (2)		(500	)		(1,087	)		(1,359	)
Total lease expenses	$	7,311		$	13,672		$	13,256

Other information
Gross operating cash flows for operating leases (3)	$	(9,845	)	$	(16,827	)	$	(18,390	)
Operating cash flows from subleases (3)	$	488		$	1,108		$	1,430

	As of December 31, 2023			As of December 31, 2022			As of December 31, 2021
Weighted average remaining lease term (in months) – operating leases		55			63			69
Weighted average discount rate – operating leases		4.9	%		4.8	%		4.9	%

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(1)

Lease expense and sublease income represent the amount recorded within our consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period.

(2)

Historically, for certain of our leased locations we had vacated the facility and had fully or partially subleased the space. As of December 31, 2023, we no longer have any subleased locations.

(3)

Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.

Schedule of Future Minimum Lease Payments under Operating Leases Included in Lease Liabilities for Continuing Operations

As of December 31, 2023, future minimum lease payments under operating leases which are included in lease liabilities on our consolidated balance sheet are as follows (dollars in thousands):


	Operating Leases Total

2024 (1)	$	7,028
2025		6,915
2026		6,914
2027		5,869
2028 and thereafter		3,964
Total	$	30,690
Less: imputed interest		3,643
Present value of future minimum lease payments		27,047
Less: current lease liabilities		5,701
Non-current lease liabilities	$	21,346

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(1)

Amounts provided are for unpaid lease obligations remaining as of December 31, 2023.