Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LEASES (Note 6)

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2022 and 2021.

	December 31,
	2022		2021
	(in thousands)
ROU assets:
Operating leases	$	306,317	$	258,714
Finance leases	35		403
Total	$	306,352	$	259,117
Lease liabilities:
Operating leases	$	358,851	$	282,339
Finance leases	33		767
Total	$	358,884	$	283,106

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	379	$	378	$	363
Interest on lease liabilities	30		91		146
Operating lease cost	42,268		34,842		36,094
Short-term lease cost	874		700		783
Variable lease cost	4,647		3,417		4,296
Sublease income	(2,982)		(3,044)		(2,520)
Total lease cost (primarily included in net occupancy expense)	$	45,216	$	36,384	$	39,162

The following table presents supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	43,768	$	35,173	$	35,943
Operating cash flows from finance leases	31		92		146
Financing cash flows from finance leases	745		681		612

The following table presents supplemental information related to leases at December 31, 2022 and 2021:

	December 31,
	2022		2021
Weighted-average remaining lease term	(in thousands)
Operating leases	10.8 years		11.7 years
Finance leases	2.3 years		1.0 year
Weighted-average discount rate
Operating leases	3.29	%	3.28	%
Finance leases	1.39	%	7.24	%

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2022:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2023	$	266,610	$	45,626	$	18
2024	233,309		44,370		7
2025	187,165		42,699		6
2026	138,599		43,675		2
2027	73,882		38,398		1
Thereafter	43,270		217,732		—
Total lease payments	942,835		432,500		34
Less: present value discount	(78,996)		(73,649)		(1)
Total	$	863,839	$	358,851	$	33

The total net investment in direct financing and sales-type leases was $863.8 million and $747.8 million at December 31, 2022 and 2021, respectively, comprised of $859.3 million and $745.2 million in lease receivables and $4.5 million and $2.6 million in unguaranteed residuals, respectively. Total lease income was $34.4 million, $28.1 million and $25.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Leases

LEASES (Note 6)

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2022 and 2021.

	December 31,
	2022		2021
	(in thousands)
ROU assets:
Operating leases	$	306,317	$	258,714
Finance leases	35		403
Total	$	306,352	$	259,117
Lease liabilities:
Operating leases	$	358,851	$	282,339
Finance leases	33		767
Total	$	358,884	$	283,106

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	379	$	378	$	363
Interest on lease liabilities	30		91		146
Operating lease cost	42,268		34,842		36,094
Short-term lease cost	874		700		783
Variable lease cost	4,647		3,417		4,296
Sublease income	(2,982)		(3,044)		(2,520)
Total lease cost (primarily included in net occupancy expense)	$	45,216	$	36,384	$	39,162

The following table presents supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	43,768	$	35,173	$	35,943
Operating cash flows from finance leases	31		92		146
Financing cash flows from finance leases	745		681		612

The following table presents supplemental information related to leases at December 31, 2022 and 2021:

	December 31,
	2022		2021
Weighted-average remaining lease term	(in thousands)
Operating leases	10.8 years		11.7 years
Finance leases	2.3 years		1.0 year
Weighted-average discount rate
Operating leases	3.29	%	3.28	%
Finance leases	1.39	%	7.24	%

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2022:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2023	$	266,610	$	45,626	$	18
2024	233,309		44,370		7
2025	187,165		42,699		6
2026	138,599		43,675		2
2027	73,882		38,398		1
Thereafter	43,270		217,732		—
Total lease payments	942,835		432,500		34
Less: present value discount	(78,996)		(73,649)		(1)
Total	$	863,839	$	358,851	$	33

The total net investment in direct financing and sales-type leases was $863.8 million and $747.8 million at December 31, 2022 and 2021, respectively, comprised of $859.3 million and $745.2 million in lease receivables and $4.5 million and $2.6 million in unguaranteed residuals, respectively. Total lease income was $34.4 million, $28.1 million and $25.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Leases

LEASES (Note 6)

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2022 and 2021.

	December 31,
	2022		2021
	(in thousands)
ROU assets:
Operating leases	$	306,317	$	258,714
Finance leases	35		403
Total	$	306,352	$	259,117
Lease liabilities:
Operating leases	$	358,851	$	282,339
Finance leases	33		767
Total	$	358,884	$	283,106

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	379	$	378	$	363
Interest on lease liabilities	30		91		146
Operating lease cost	42,268		34,842		36,094
Short-term lease cost	874		700		783
Variable lease cost	4,647		3,417		4,296
Sublease income	(2,982)		(3,044)		(2,520)
Total lease cost (primarily included in net occupancy expense)	$	45,216	$	36,384	$	39,162

The following table presents supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	43,768	$	35,173	$	35,943
Operating cash flows from finance leases	31		92		146
Financing cash flows from finance leases	745		681		612

The following table presents supplemental information related to leases at December 31, 2022 and 2021:

	December 31,
	2022		2021
Weighted-average remaining lease term	(in thousands)
Operating leases	10.8 years		11.7 years
Finance leases	2.3 years		1.0 year
Weighted-average discount rate
Operating leases	3.29	%	3.28	%
Finance leases	1.39	%	7.24	%

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2022:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2023	$	266,610	$	45,626	$	18
2024	233,309		44,370		7
2025	187,165		42,699		6
2026	138,599		43,675		2
2027	73,882		38,398		1
Thereafter	43,270		217,732		—
Total lease payments	942,835		432,500		34
Less: present value discount	(78,996)		(73,649)		(1)
Total	$	863,839	$	358,851	$	33

The total net investment in direct financing and sales-type leases was $863.8 million and $747.8 million at December 31, 2022 and 2021, respectively, comprised of $859.3 million and $745.2 million in lease receivables and $4.5 million and $2.6 million in unguaranteed residuals, respectively. Total lease income was $34.4 million, $28.1 million and $25.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Leases

LEASES (Note 6)

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2022 and 2021.

	December 31,
	2022		2021
	(in thousands)
ROU assets:
Operating leases	$	306,317	$	258,714
Finance leases	35		403
Total	$	306,352	$	259,117
Lease liabilities:
Operating leases	$	358,851	$	282,339
Finance leases	33		767
Total	$	358,884	$	283,106

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	379	$	378	$	363
Interest on lease liabilities	30		91		146
Operating lease cost	42,268		34,842		36,094
Short-term lease cost	874		700		783
Variable lease cost	4,647		3,417		4,296
Sublease income	(2,982)		(3,044)		(2,520)
Total lease cost (primarily included in net occupancy expense)	$	45,216	$	36,384	$	39,162

The following table presents supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	43,768	$	35,173	$	35,943
Operating cash flows from finance leases	31		92		146
Financing cash flows from finance leases	745		681		612

The following table presents supplemental information related to leases at December 31, 2022 and 2021:

	December 31,
	2022		2021
Weighted-average remaining lease term	(in thousands)
Operating leases	10.8 years		11.7 years
Finance leases	2.3 years		1.0 year
Weighted-average discount rate
Operating leases	3.29	%	3.28	%
Finance leases	1.39	%	7.24	%

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2022:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2023	$	266,610	$	45,626	$	18
2024	233,309		44,370		7
2025	187,165		42,699		6
2026	138,599		43,675		2
2027	73,882		38,398		1
Thereafter	43,270		217,732		—
Total lease payments	942,835		432,500		34
Less: present value discount	(78,996)		(73,649)		(1)
Total	$	863,839	$	358,851	$	33

The total net investment in direct financing and sales-type leases was $863.8 million and $747.8 million at December 31, 2022 and 2021, respectively, comprised of $859.3 million and $745.2 million in lease receivables and $4.5 million and $2.6 million in unguaranteed residuals, respectively. Total lease income was $34.4 million, $28.1 million and $25.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Leases

LEASES (Note 6)

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2022 and 2021.

	December 31,
	2022		2021
	(in thousands)
ROU assets:
Operating leases	$	306,317	$	258,714
Finance leases	35		403
Total	$	306,352	$	259,117
Lease liabilities:
Operating leases	$	358,851	$	282,339
Finance leases	33		767
Total	$	358,884	$	283,106

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	379	$	378	$	363
Interest on lease liabilities	30		91		146
Operating lease cost	42,268		34,842		36,094
Short-term lease cost	874		700		783
Variable lease cost	4,647		3,417		4,296
Sublease income	(2,982)		(3,044)		(2,520)
Total lease cost (primarily included in net occupancy expense)	$	45,216	$	36,384	$	39,162

The following table presents supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:

	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	43,768	$	35,173	$	35,943
Operating cash flows from finance leases	31		92		146
Financing cash flows from finance leases	745		681		612

The following table presents supplemental information related to leases at December 31, 2022 and 2021:

	December 31,
	2022		2021
Weighted-average remaining lease term	(in thousands)
Operating leases	10.8 years		11.7 years
Finance leases	2.3 years		1.0 year
Weighted-average discount rate
Operating leases	3.29	%	3.28	%
Finance leases	1.39	%	7.24	%

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2022:

	Lessor		Lessee
	Direct Financing and Sales-Type Leases		Operating Leases		Finance Leases
	(in thousands)
2023	$	266,610	$	45,626	$	18
2024	233,309		44,370		7
2025	187,165		42,699		6
2026	138,599		43,675		2
2027	73,882		38,398		1
Thereafter	43,270		217,732		—
Total lease payments	942,835		432,500		34
Less: present value discount	(78,996)		(73,649)		(1)
Total	$	863,839	$	358,851	$	33

The total net investment in direct financing and sales-type leases was $863.8 million and $747.8 million at December 31, 2022 and 2021, respectively, comprised of $859.3 million and $745.2 million in lease receivables and $4.5 million and $2.6 million in unguaranteed residuals, respectively. Total lease income was $34.4 million, $28.1 million and $25.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.