| LEASES The components of lease expense (income) of the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | | Three Months Ended
March 31, | | (in thousands) | | 2024 | | 2023 | | | Operating lease expenses | | $ | 7,139 | | | $ | 7,114 | | | | Variable lease costs | | 1,069 | | | 891 | | | | Short-term lease costs | | 215 | | | 251 | | | | Sublease income | | (828) | | | (1,276) | | | | Total lease costs | | $ | 7,595 | | | $ | 6,980 | | | | | | | | |
Maturities of the Company’s operating lease liabilities as of March 31, 2024 are as follows: | | | | | | | | | | Maturity of Lease Liabilities | | Operating | | (in thousands) | | Leases | | Remainder of 2024 | | $ | 21,777 | | | 2025 | | 31,114 | | | 2026 | | 29,499 | | | 2027 | | 23,649 | | | 2028 | | 23,095 | | | Thereafter | | 51,854 | | | Total lease payments | | $ | 180,988 | | | | | | Less: Interest | | (22,199) | | | Present value of lease liabilities | | $ | 158,789 | | | | | | | | | Other accrued liabilities | | $ | 23,746 | | | Long-term operating lease liabilities | | $ | 135,043 | |
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | As of | | | March 31, | | December 31, | | Lease Term and Discount Rate | | 2024 | | 2023 | | Weighted-average remaining lease term (years) | | 6.68 | | 7.04 | | Weighted-average discount rate | | 3.94 | % | | 3.66 | % |
Other information related to the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | Other Information | | Three Months Ended
March 31, | | (in thousands) | | 2024 | | 2023 | | Operating cash flows used for operating leases | | $ | 7,626 | | | $ | 7,408 | | Right of use assets obtained in exchange for new
operating lease liabilities | | $ | 23,237 | | | $ | 3,432 | |
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