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Leases (Tables)
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Schedule of Components of Lease Expense

The following table presents the components of lease expense for the three and six months ended June 30, 2022 and 2021:

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Lease cost:

Classification

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

(In thousands)

 

Operating lease cost

Occupancy

 

$

3,345

 

 

$

3,346

 

 

$

6,655

 

 

$

6,669

 

Operating lease cost for subleased/assigned properties

Other, net

 

 

13

 

 

 

544

 

 

 

469

 

 

 

1,041

 

Variable lease costs

Occupancy

 

 

4

 

 

 

2

 

 

 

11

 

 

 

8

 

Sublease income subleased/assigned properties

Other, net

 

 

(15

)

 

 

(544

)

 

 

(405

)

 

 

(1,047

)

Net lease cost

 

 

$

3,347

 

 

$

3,348

 

 

$

6,730

 

 

$

6,671

 

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

 

June 30, 2022

 

 

December 31, 2021

 

Weighted average remaining lease term (in years)

 

 

11.0

 

 

 

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 June 30, 2022:

 

(In thousands)

 

Remainder of 2022

$

5,492

 

2023

 

10,988

 

2024

 

11,466

 

2025

 

11,274

 

2026

 

10,789

 

2027 and thereafter

 

67,975

 

Total lease payments

 

117,984

 

Less: interest

 

32,429

 

Present value of lease liabilities

$

85,555