Leases

12 Months Ended

Dec. 31, 2023

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 0.7 to 9.8 years and a weighted average remaining lease term of 5.7 years. The Company has options to renew certain 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, 2023 were $63.2 million and $78.1 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 3.7% at December 31, 2023.

Lease expense totaled $14.7 million, $14.0 million and $5.6 million for fiscal years 2023, 2022 and 2021, respectively. Cash payments relating to operating leases during 2023 were $16.4 million.

Lease liability maturities as of December 31, 2023 were as follows:


Fiscal Year	Amount (in thousands)
2024	$	17,168
2025	16,758
2026	14,909
2027	14,216
2028	12,033
Thereafter	12,984
Total lease payments	88,068
Less: Imputed interest	9,926
Present value of lease liabilities	$	78,142