Leases

12 Months Ended

Dec. 31, 2022

LEASES

The Company has various operating leases for office space, vehicles and office equipment that expire through 2032. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Below is a summary of the Company's operating right-of-use assets and operating lease liabilities (in thousands):


	December 31, 2022
Operating right-of-use assets	$	56,772

Operating lease liabilities, current	$	(9,872)
Operating lease liabilities, long-term	(57,627)
Total operating lease liabilities	$	(67,499)

Operating lease liabilities, current are included within accrued expenses and other short-term liabilities in the consolidated balance sheet.

Some leases include one or more options to renew. The exercise of lease renewal options is typically at the Company's sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in remeasurement of the right-of-use asset and lease liability.

Some of the real estate leases contain variable lease payments, including payments based on a Consumer Price Index ("CPI"). Variable lease payments based on a CPI are initially measured using the index in effect at lease adoption. Additional payments based on the change in a CPI are recorded as a period expense when incurred.

The Company has deposit guarantees issued by a financial institution to secure various operating lease agreements in connection with its office space.

Minimum lease payments for the Company's right-of-use assets over the remaining lease periods as of December 31, 2022, are as follows (in thousands):


	December 31, 2022
2023	$	11,674
2024	10,246
2025	9,643
2026	9,418
2027	9,624
Thereafter	23,663

Total undiscounted lease payments	$	74,268

Less: Imputed interest	(6,769)

Present value of lease liabilities	$	67,499

The weighted average remaining lease terms and discount rates for all operating leases were as follows as of December 31, 2022:


Remaining lease term and discount rate:
Weighted average remaining lease term (years)	7.34

Weighted average discount rate	2.81	%

Total operating lease cost for the year ended December 31, 2022 was $9,593, net of sublease income of $825. Total operating lease cost for the years ended December 31, 2021 and 2020 were $6,920 and $12,151, respectively.