Leases

12 Months Ended

Dec. 31, 2021

All of the Company's leases qualify as operating leases and consist primarily of leases for office facilities, which have remaining initial lease terms ranging from 0.2 to 8.3 years and a weighted average remaining lease term of 6.1 years. The Company has options to renew some of its leases for periods ranging from 3.0 to 10.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and, therefore, were excluded from the initial lease term used to determine the Company's right-of-use asset and lease liability. The Company's right-of-use asset, recorded in other assets, and lease liability, recorded in other liabilities on the Consolidated Balance Sheets, at December 31, 2021 were $37.3 million and $46.3 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 3.74% at December 31, 2021.

Lease expense totaled $5.6 million, $5.1 million and $5.1 million for fiscal years 2021, 2020 and 2019, respectively. Cash payments relating to operating leases during 2021 were $5.9 million.

Lease liability maturities as of December 31, 2021 were as follows:


Fiscal Year	Amount (in thousands)
2022	$	7,410
2023	9,254
2024	8,724
2025	8,112
2026	6,399
Thereafter	12,395
Total lease payments	52,294
Less: Imputed interest	6,013
Present value of lease liabilities	$	46,281