Leases

3 Months Ended

Mar. 31, 2024

3. Leases

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


	March 31, 2024		December 31, 2023
	(Amounts in Thousands)
Operating lease assets, net	$	44,699	$	45,433

Short-term operating lease liabilities (in accrued expenses)		11,307		11,339
Long-term operating lease liabilities		39,044		39,711
Total operating lease liabilities	$	50,351	$	51,050

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)
	2024			2023
Operating lease costs	$	3,296		$	3,042
Short-term lease costs		201			416
Total lease costs		3,497			3,458
Less: sublease income		(598	)		(700	)
Total lease costs, net	$	2,899		$	2,758

Lease Term and Discount Rate

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


	March 31, 2024			December 31, 2023
Operating leases:
Weighted average remaining lease term		6.11			6.26
Weighted average discount rate		5.64	%		5.47	%

Maturity of Lease Liabilities

Remaining operating lease payments as of March 31, 2024 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended March 31,
2025	$	10,663
2026		11,299
2027		8,959
2028		6,493
2029		5,496
Thereafter		17,390
Total future minimum rental commitments		60,300
Less: Imputed interest		(9,949	)
Total lease liabilities	$	50,351

Supplemental cash flows information


	For the Three Months Ended March 31,
	(Amounts in Thousands)
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,589	$	3,374

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,137	$	10,836