Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Leases

    Lessees are required to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months on the balance sheet. All leases disclosed within this footnote are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term.

    To determine the discount rate used to calculate present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew.

The main leases entered into by the Company are for office space used by the Company’s operating units across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Leases:
Lease cost	$	10,122	$	11,299	$	30,448	$	33,649
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows	$	11,403	$	11,082	$	33,247	$	33,128
Right-of-use assets obtained in exchange for new lease liabilities	$	6,543	$	1,527	$	14,489	$	21,729

	As of September 30,
($ in thousands)	2023			2022
Right-of-use assets	$	155,662		$	163,940
Lease liabilities	$	188,141		$	199,889
Weighted-average remaining lease term	6.9 years			7.1 years
Weighted-average discount rate	4.55		%	4.50		%

Contractual maturities of the Company’s future minimum lease payments are as follows:

(In thousands)	September 30, 2023
Contractual Maturities:
2023	$	12,171
2024	44,531
2025	36,167
2026	28,933
2027	19,144
Thereafter	74,394
Total undiscounted future minimum lease payments	215,340
Less: Discount impact	27,199
Total lease liability	$	188,141