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Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Schedule of Components of Lease Expense The following table presents the components of lease expense for the three months ended March 31, 2023 and 2022:

 

 

 

 

Three Months Ended March 31,

 

Lease cost:

 

Classification

 

2023

 

 

2022

 

 

 

 

 

(In thousands)

 

Operating lease cost

 

Occupancy

 

$

3,111

 

 

$

3,310

 

Operating lease cost for subleased/assigned properties

 

Other, net

 

 

 

 

 

456

 

Variable lease costs

 

Occupancy

 

 

51

 

 

 

7

 

Sublease income subleased/assigned properties

 

Other, net

 

 

 

 

 

(390

)

Net lease cost

 

 

 

$

3,162

 

 

$

3,383

 

 

 

 

 

 

 

 

 

 

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, 2023

 

 

December 31, 2022

 

Weighted average remaining lease term (in years)

 

 

10.4

 

 

 

10.6

 

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, 2023:

 

(In thousands)

 

2023

$

8,292

 

2024

 

11,533

 

2025

 

11,339

 

2026

 

10,840

 

2027

 

8,467

 

2028 and thereafter

 

59,648

 

Total lease payments

 

110,119

 

Less: imputed interest

 

28,802

 

Present value of lease liabilities

$

81,317