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Leases (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Schedule of Components of Lease Expense

The following table presents the components of lease expense for the three months ended March 31, 2022 and 2021:

 

 

 

 

Three Months Ended March 31,

 

Lease cost:

Classification

 

2022

 

 

2021

 

 

 

 

(In thousands)

 

Operating lease cost

Occupancy

 

$

3,310

 

 

$

3,323

 

Operating lease cost for subleased/assigned properties

Other, net

 

 

456

 

 

 

497

 

Variable lease costs

Occupancy

 

 

7

 

 

 

6

 

Sublease income subleased/assigned properties

Other, net

 

 

(390

)

 

 

(502

)

Net lease cost

 

 

$

3,383

 

 

$

3,324

 

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and weighted average discount rate are as follows:

 

 

 

As of

 

Lease Term and Discount Rate

 

March 31, 2022

 

 

December 31, 2021

 

Weighted average remaining lease term (in years)

 

 

11.3

 

 

 

11.5

 

Weighted average discount rate

 

 

5.9

%

 

 

5.9

%

Schedule of Maturity of Lease Liabilities

The following table presents the maturity of lease liabilities as of March 31, 2022:

 

(In thousands)

 

Remainder of 2022

$

8,108

 

2023

 

10,747

 

2024

 

11,209

 

2025

 

11,015

 

2026

 

10,913

 

2027 and thereafter

 

68,066

 

Total lease payments

 

120,058

 

Less: interest

 

33,667

 

Present value of lease liabilities

$

86,391