LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

SUMMARY OF LEASE EXPENSE AND RELATED CASH FLOWS

The following table presents the Company’s total lease expense and the cash flows arising from lease transactions:

Year ended December 31,	2021		2020			2019
Lease cost:
Operating lease expense	$	21,864	$	24,726		$	27,549
Short-term lease expense(1)	1,127		299			1,132
Sublease income(2)	(3,116)		(3,578)			(1,144)
Total lease expense	$	19,875	$	21,447		$	27,537
Other information:
Operating cash outflows from operating leases	$	22,726	$	20,452		$	25,004
Right-of-use assets obtained in exchange for new operating lease liabilities(3)	$	(1,739)	$	36,742		—
Weighted-average remaining lease term - operating leases(4)	10.0 years		10.2 years			9.0 years
Weighted-average discount rate - operating lease(5)	4.1%		4.2		%	4.7		%

(1)     Short-term lease expense is recognized on a straight-line basis over the lease term.

(2)      Sublease income largely relates to office properties in New York and London.

(3) In 2021, the Company modified a lease agreement to reflect a reduction in the floor space it occupies in its office property in Zurich.

(4) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date.

(5)     Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date.

MATURITY SCHEDULE AND MINIMUM LEASE PAYMENTS

The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2021:

Year ended December 31,	Expected cash flows
2022	$	23,262
2023	19,725
2024	13,556
2025	12,924
2026	10,770
Later years	66,705
Discount	(27,430)
Total discounted operating lease liabilities	$	119,512

The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2020:

Year ended December 31,	Expected cash flows
2021	$	22,817
2022	23,598
2023	20,190
2024	14,478
2025	13,849
Later years	78,987
Discount	(33,656)
Total discounted operating lease liabilities	$	140,263