Leases

6 Months Ended

Jun. 30, 2024

5. Leases

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


	June 30, 2024		December 31, 2023
	(Amounts in Thousands)
Operating lease assets, net	$	44,145	$	45,433

Short-term operating lease liabilities (in accrued expenses)		11,224		11,339
Long-term operating lease liabilities		38,359		39,711
Total operating lease liabilities	$	49,583	$	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 June 30, (Amounts in Thousands)						For the Six Months Ended June 30, (Amounts in Thousands)
	2024			2023			2024			2023
Operating lease costs	$	3,373		$	3,292		$	6,669		$	6,334
Short-term lease costs		179			284			380			700
Total lease costs		3,552			3,576			7,049			7,034
Less: sublease income		(491	)		(700	)		(1,089	)		(1,399	)
Total lease costs, net	$	3,061		$	2,876		$	5,960		$	5,635

Lease Term and Discount Rate

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


	June 30, 2024			December 31, 2023
Operating leases:
Weighted average remaining lease term (years)		5.98			6.26
Weighted average discount rate		5.80	%		5.47	%

Maturity of Lease Liabilities

Remaining operating lease payments as of June 30, 2024 were as follows:


	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended June 30,
2025	$	7,368
2026		11,955
2027		9,534
2028		6,974
2029		5,707
Thereafter		17,799
Total future minimum rental commitments		59,337
Less: Imputed interest		(9,754	)
Total lease liabilities	$	49,583

Supplemental Cash Flows Information


	For the Six Months Ended June 30,
	(Amounts in Thousands)
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,224	$	7,010

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,509	$	14,415