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Leases
 12 Months Ended
Dec. 31, 2024
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 2 years to 24 years. Operating lease liabilities and 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 with regard to information pertaining to December 31, 2023 and 2022 and the years then ended. Refer to Note 23, “Discontinued Operations” for further discussion regarding discontinued operations.
As of the dates indicated, the Company had the following related to operating leases:
As of December 31, 2024As of December 31, 2023
(In thousands)
Right-of-use assets$68,393 $50,641 
Lease liabilities81,901 55,617 
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:
For the Year Ended December 31,
202420232022
(In thousands)
Operating lease cost$13,295 $12,439 $12,716 
Finance lease cost468 338 309 
Variable lease cost3,017 2,766 2,547 
Total lease cost$16,780 $15,543 $15,572 
During the years ended December 31, 2024, 2023, and 2022 the Company made $16.3 million, $13.3 million, and $15.2 million in cash payments for operating and finance leases, respectively.
Supplemental balance sheet information related to operating leases as of the dates indicated is as follows:
As of December 31, 2024As of December 31, 2023
Weighted-average remaining lease term (in years)7.548.26
Weighted-average discount rate4.08 %3.76 %
The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of December 31, 2024 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 December 31, 2024
Year(In thousands)
2025$15,277 
202614,043 
202712,349 
202811,980 
202910,221 
Thereafter32,648 
Total minimum lease payments96,518 
Less: amount representing interest14,617 
Present value of future minimum lease payments$81,901 
Lease Modifications and Terminations:
During the year ended December 31, 2024, management determined not to exercise future lease term extension options related to one lease, which had previously been included in its determination of future lease payments, to exercise future lease term extension options related to eleven leases, which had not previously been included in its determination of future lease payments, and to terminate eight leases. Accordingly, the Company remeasured the present value of the future lease payments related to such leases which resulted in a net increase of the lease liabilities and a corresponding net increase of the lease ROU assets of $5.5 million. In connection with the lease terminations, the Company recorded an impairment charge of $4.7 million.
During the year ended December 31, 2023, management determined not to exercise future lease term extension options related to four leases, which had previously been included in its determination of future lease payments, to exercise future lease term extension options related to ten leases, which had not previously been included in its determination of future lease payments, and to terminate one lease. Accordingly, the Company remeasured the present value of the future lease payments related to such leases which resulted in a net reduction of the lease liabilities and a corresponding net reduction of the
lease ROU assets of $2.4 million. In connection with the lease terminations, the Company recorded an impairment charge of $0.4 million.
Leases Leases
The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 2 years to 24 years. Operating lease liabilities and 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 with regard to information pertaining to December 31, 2023 and 2022 and the years then ended. Refer to Note 23, “Discontinued Operations” for further discussion regarding discontinued operations.
As of the dates indicated, the Company had the following related to operating leases:
As of December 31, 2024As of December 31, 2023
(In thousands)
Right-of-use assets$68,393 $50,641 
Lease liabilities81,901 55,617 
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:
For the Year Ended December 31,
202420232022
(In thousands)
Operating lease cost$13,295 $12,439 $12,716 
Finance lease cost468 338 309 
Variable lease cost3,017 2,766 2,547 
Total lease cost$16,780 $15,543 $15,572 
During the years ended December 31, 2024, 2023, and 2022 the Company made $16.3 million, $13.3 million, and $15.2 million in cash payments for operating and finance leases, respectively.
Supplemental balance sheet information related to operating leases as of the dates indicated is as follows:
As of December 31, 2024As of December 31, 2023
Weighted-average remaining lease term (in years)7.548.26
Weighted-average discount rate4.08 %3.76 %
The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of December 31, 2024 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 December 31, 2024
Year(In thousands)
2025$15,277 
202614,043 
202712,349 
202811,980 
202910,221 
Thereafter32,648 
Total minimum lease payments96,518 
Less: amount representing interest14,617 
Present value of future minimum lease payments$81,901 
Lease Modifications and Terminations:
During the year ended December 31, 2024, management determined not to exercise future lease term extension options related to one lease, which had previously been included in its determination of future lease payments, to exercise future lease term extension options related to eleven leases, which had not previously been included in its determination of future lease payments, and to terminate eight leases. Accordingly, the Company remeasured the present value of the future lease payments related to such leases which resulted in a net increase of the lease liabilities and a corresponding net increase of the lease ROU assets of $5.5 million. In connection with the lease terminations, the Company recorded an impairment charge of $4.7 million.
During the year ended December 31, 2023, management determined not to exercise future lease term extension options related to four leases, which had previously been included in its determination of future lease payments, to exercise future lease term extension options related to ten leases, which had not previously been included in its determination of future lease payments, and to terminate one lease. Accordingly, the Company remeasured the present value of the future lease payments related to such leases which resulted in a net reduction of the lease liabilities and a corresponding net reduction of the
lease ROU assets of $2.4 million. In connection with the lease terminations, the Company recorded an impairment charge of $0.4 million.