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Leases
 9 Months Ended
Sep. 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. The information presented within this Note excludes discontinued operations. Refer to Note 19, “Discontinued Operations” for further discussion regarding discontinued operations.
As of the dates indicated, the Company had the following related to operating leases:
As of September 30, 2023As of December 31, 2022
(In thousands)
Right-of-use assets$52,727 $48,817 
Lease liabilities55,852 52,105 
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 September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Operating lease cost$2,974 $3,182 $8,929 $9,670 
Finance lease cost87 77 246 231 
Variable lease cost655 577 1,993 1,914 
Total lease cost$3,716 $3,836 $11,168 $11,815 
During the three and nine months ended September 30, 2023, the Company made $3.2 million and $9.7 million, respectively, in cash payments for operating and finance lease payments. During the three and nine months ended September 30, 2022, the Company made $3.3 million and $11.8 million, respectively, in cash payments for operating and finance lease payments.
Supplemental balance sheet information related to operating leases are as follows:
As of September 30, 2023As of December 31, 2022
Weighted-average remaining lease term (in years)8.517.26
Weighted-average discount rate3.73 %2.62 %
The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of September 30, 2023 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in other liabilities in the Company’s Consolidated Balance Sheets:
As of September 30, 2023
Year(In thousands)
Remainder of 2023$3,167 
202410,183 
20257,772 
20266,682 
20275,543 
Thereafter33,587 
Total minimum lease payments66,934 
Less: amount representing interest11,082 
Present value of future minimum lease payments$55,852 
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. The information presented within this Note excludes discontinued operations. Refer to Note 19, “Discontinued Operations” for further discussion regarding discontinued operations.
As of the dates indicated, the Company had the following related to operating leases:
As of September 30, 2023As of December 31, 2022
(In thousands)
Right-of-use assets$52,727 $48,817 
Lease liabilities55,852 52,105 
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 September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Operating lease cost$2,974 $3,182 $8,929 $9,670 
Finance lease cost87 77 246 231 
Variable lease cost655 577 1,993 1,914 
Total lease cost$3,716 $3,836 $11,168 $11,815 
During the three and nine months ended September 30, 2023, the Company made $3.2 million and $9.7 million, respectively, in cash payments for operating and finance lease payments. During the three and nine months ended September 30, 2022, the Company made $3.3 million and $11.8 million, respectively, in cash payments for operating and finance lease payments.
Supplemental balance sheet information related to operating leases are as follows:
As of September 30, 2023As of December 31, 2022
Weighted-average remaining lease term (in years)8.517.26
Weighted-average discount rate3.73 %2.62 %
The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of September 30, 2023 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in other liabilities in the Company’s Consolidated Balance Sheets:
As of September 30, 2023
Year(In thousands)
Remainder of 2023$3,167 
202410,183 
20257,772 
20266,682 
20275,543 
Thereafter33,587 
Total minimum lease payments66,934 
Less: amount representing interest11,082 
Present value of future minimum lease payments$55,852