v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
The following table summarizes the leases included in the consolidated balance sheets as follows:
December 31,
(In thousands)Balance Sheet Location20232022
Assets
OperatingOperating lease right-of-use assets$71,163 $108,229 
FinanceProperty and equipment, net9,884 10,982 
Total lease assets$81,047 $119,211 
Liabilities
Current:
OperatingCurrent portion of lease obligations$28,971 $32,207 
FinanceCurrent portion of lease obligations4,688 4,204 
33,659 36,411 
Noncurrent:
OperatingLease obligations72,797 105,768 
FinanceLease obligations14,443 19,031 
87,240 124,799 
Total lease liabilities$120,899 $161,210 
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date.
The following table summarizes the lease costs included in the consolidated statement of income:
December 31,
(In thousands)Income Statement Location202320222021
Operating lease costsSelling, general and administrative expenses$26,681 $27,186 $28,189 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization1,098 1,098 2,105 
Interest on lease liabilitiesInterest expense1,714 1,894 2,346 
Short term lease costsSelling, general and administrative expenses 111 248 206 
Variable lease costsSelling, general and administrative expenses 2,315 1,468 854 
Total net lease costs$31,919 $31,894 $33,700 
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2023:
(In thousands)Operating LeasesFinance LeasesTotal
2024$33,721 $5,866 $39,587 
202529,383 5,894 35,277 
202628,223 2,087 30,310 
202712,833 1,428 14,261 
20283,290 1,428 4,718 
Thereafter4,357 5,712 10,069 
Total lease payments111,807 22,415 134,222 
Less: Interest10,039 3,284 13,323 
Present value of lease liabilities$101,768 $19,131 $120,899 

The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
December 31, 2023December 31, 2022
Weighted average remaining lease term (years):
Operating leases3.84.6
Finance leases6.06.6
Weighted average discount rate:
Operating leases4.9 %4.6 %
Finance leases7.1 %7.5 %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
December 31,
(In thousands)202320222021
Operating cash flows from operating leases$37,121 $39,857 $40,000 
Operating cash flows from finance leases1,586 1,947 1,789 
Financing cash flows from finance leases4,222 3,576 3,800 
Leases Leases
Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
The following table summarizes the leases included in the consolidated balance sheets as follows:
December 31,
(In thousands)Balance Sheet Location20232022
Assets
OperatingOperating lease right-of-use assets$71,163 $108,229 
FinanceProperty and equipment, net9,884 10,982 
Total lease assets$81,047 $119,211 
Liabilities
Current:
OperatingCurrent portion of lease obligations$28,971 $32,207 
FinanceCurrent portion of lease obligations4,688 4,204 
33,659 36,411 
Noncurrent:
OperatingLease obligations72,797 105,768 
FinanceLease obligations14,443 19,031 
87,240 124,799 
Total lease liabilities$120,899 $161,210 
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date.
The following table summarizes the lease costs included in the consolidated statement of income:
December 31,
(In thousands)Income Statement Location202320222021
Operating lease costsSelling, general and administrative expenses$26,681 $27,186 $28,189 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization1,098 1,098 2,105 
Interest on lease liabilitiesInterest expense1,714 1,894 2,346 
Short term lease costsSelling, general and administrative expenses 111 248 206 
Variable lease costsSelling, general and administrative expenses 2,315 1,468 854 
Total net lease costs$31,919 $31,894 $33,700 
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2023:
(In thousands)Operating LeasesFinance LeasesTotal
2024$33,721 $5,866 $39,587 
202529,383 5,894 35,277 
202628,223 2,087 30,310 
202712,833 1,428 14,261 
20283,290 1,428 4,718 
Thereafter4,357 5,712 10,069 
Total lease payments111,807 22,415 134,222 
Less: Interest10,039 3,284 13,323 
Present value of lease liabilities$101,768 $19,131 $120,899 

The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
December 31, 2023December 31, 2022
Weighted average remaining lease term (years):
Operating leases3.84.6
Finance leases6.06.6
Weighted average discount rate:
Operating leases4.9 %4.6 %
Finance leases7.1 %7.5 %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
December 31,
(In thousands)202320222021
Operating cash flows from operating leases$37,121 $39,857 $40,000 
Operating cash flows from finance leases1,586 1,947 1,789 
Financing cash flows from finance leases4,222 3,576 3,800