Leases

3 Months Ended

Mar. 31, 2023

3. Leases

Amounts reported on the Company’s Unaudited Condensed Consolidated Balance Sheets for operating leases were as follows:


	March 31, 2023		December 31, 2022
	(Amounts in Thousands)
Operating lease assets, net	$	47,049	$	38,980

Short-term operating lease liabilities (in accrued expenses)		11,099		10,801
Long-term operating lease liabilities		42,994		35,479
Total operating lease liabilities	$	54,093	$	46,280

Lease Costs

Components of lease costs were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows:


	For the Three Months Ended March 31, (Amounts in Thousands)
	2023			2022
Operating lease costs	$	3,042		$	2,801
Short-term lease costs		416			751
Total lease costs		3,458			3,552
Less: sublease income		(700	)		(177	)
Total lease costs, net	$	2,758		$	3,375

Lease Term and Discount Rate

Weighted average remaining lease terms and discount rates were as follows:


	March 31, 2023			December 31, 2022
Operating leases:
Weighted average remaining lease term		6.68			5.82
Weighted average discount rate		5.04	%		3.98	%

Maturity of Lease Liabilities

Remaining operating lease payments as of March 31, 2023 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended March 31,
2024	$	13,454
2025		11,420
2026		8,226
2027		6,471
2028		5,262
Thereafter		20,218
Total future minimum rental commitments		65,051
Less: Imputed interest		(10,958	)
Total lease liabilities	$	54,093

Supplemental cash flows information


	For the Three Months Ended March 31,
	(Amounts in Thousands)
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,374	$	3,194

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	10,836	$	9,199