Leases

6 Months Ended

Jun. 30, 2023

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 June 30, 2023		As of December 31, 2022
	(In thousands)
Right-of-use assets	$	46,909	$	57,428
Lease liabilities	50,621		61,209

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 table is a summary of the Company’s components of net lease cost for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Operating lease cost	$	3,311	$	3,685	$	6,732	$	7,379
Finance lease cost	98		92		191		180
Variable lease cost	720		601		1,411		1,430
Total lease cost	$	4,129	$	4,378	$	8,334	$	8,989

During the three and six months ended June 30, 2023, the Company made $3.7 million and $7.4 million, respectively, in cash payments for operating and finance lease payments. During the three and six months ended June 30, 2022, the Company made $4.8 million and $9.5 million, respectively, in cash payments for operating and finance lease payments.

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

	As of June 30, 2023		As of December 31, 2022
Weighted-average remaining lease term (in years)	7.03		7.20
Weighted-average discount rate	2.81	%	2.63	%

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 June 30, 2023		As of December 31, 2022
	(In thousands)
Right-of-use assets	$	46,909	$	57,428
Lease liabilities	50,621		61,209

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 table is a summary of the Company’s components of net lease cost for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Operating lease cost	$	3,311	$	3,685	$	6,732	$	7,379
Finance lease cost	98		92		191		180
Variable lease cost	720		601		1,411		1,430
Total lease cost	$	4,129	$	4,378	$	8,334	$	8,989

During the three and six months ended June 30, 2023, the Company made $3.7 million and $7.4 million, respectively, in cash payments for operating and finance lease payments. During the three and six months ended June 30, 2022, the Company made $4.8 million and $9.5 million, respectively, in cash payments for operating and finance lease payments.

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

	As of June 30, 2023		As of December 31, 2022
Weighted-average remaining lease term (in years)	7.03		7.20
Weighted-average discount rate	2.81	%	2.63	%