Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 1 year to 25 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s consolidated balance sheets.

As of the dates indicated, the Company had the following related to operating leases:

	As of March 31, 2022		As of December 31, 2021
	(In thousands)
Right-of-use assets	$	80,408	$	83,821
Lease liabilities	85,573		89,296

Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s consolidated balance sheets.

The following tables are a summary of the Company’s components of net lease cost for the periods indicated:

	For the Three Months Ended March 31,
	2022		2021
	(In thousands)
Operating lease cost	$	3,694	$	3,561
Finance lease cost	88		31
Variable lease cost	829		490
Total lease cost	$	4,611	$	4,082

During the three months ended March 31, 2022 and 2021 the Company made $4.7 million and $3.6 million, respectively, in cash payments for operating and finance lease payments.

Supplemental balance sheet information related to operating leases are as follows:

	As of March 31, 2022		As of December 31, 2021
Weighted-average remaining lease term (in years)	7.65		7.83
Weighted-average discount rate	2.54	%	2.52	%

Leases

Leases

The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 1 year to 25 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s consolidated balance sheets.

As of the dates indicated, the Company had the following related to operating leases:

	As of March 31, 2022		As of December 31, 2021
	(In thousands)
Right-of-use assets	$	80,408	$	83,821
Lease liabilities	85,573		89,296

Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s consolidated balance sheets.

The following tables are a summary of the Company’s components of net lease cost for the periods indicated:

	For the Three Months Ended March 31,
	2022		2021
	(In thousands)
Operating lease cost	$	3,694	$	3,561
Finance lease cost	88		31
Variable lease cost	829		490
Total lease cost	$	4,611	$	4,082

During the three months ended March 31, 2022 and 2021 the Company made $4.7 million and $3.6 million, respectively, in cash payments for operating and finance lease payments.

Supplemental balance sheet information related to operating leases are as follows:

	As of March 31, 2022		As of December 31, 2021
Weighted-average remaining lease term (in years)	7.65		7.83
Weighted-average discount rate	2.54	%	2.52	%