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Leases (Tables)
6 Months Ended
Jun. 30, 2023
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, 2023 and 2022:

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Lease cost:

 

Classification

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

(In thousands)

 

Operating lease cost

 

Occupancy

 

$

2,882

 

 

$

3,345

 

 

$

5,993

 

 

$

6,655

 

Operating lease cost for subleased/assigned properties

 

Other, net

 

 

 

 

 

13

 

 

 

 

 

 

469

 

Variable lease costs

 

Occupancy

 

 

347

 

 

 

4

 

 

 

398

 

 

 

11

 

Sublease income subleased/assigned properties

 

Other, net

 

 

 

 

 

(15

)

 

 

 

 

 

(405

)

Net lease cost

 

 

 

$

3,229

 

 

$

3,347

 

 

$

6,391

 

 

$

6,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2023

 

 

December 31, 2022

 

Weighted average remaining lease term (in years)

 

 

10.2

 

 

 

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 June 30, 2023:

 

(In thousands)

 

Remainder of 2023

$

5,551

 

2024

 

11,581

 

2025

 

11,390

 

2026

 

10,890

 

2027

 

8,469

 

2028 and thereafter

 

59,680

 

Total lease payments

 

107,561

 

Less: imputed interest

 

27,639

 

Present value of lease liabilities

$

79,922