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LEASES
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LEASES
The Company recognized $29.7 million, $30.6 million and $32.8 million of operating lease expenses for the years ended December 31, 2022, 2021 and 2020, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for any of the years ended December 31, 2022, 2021 and 2020.
The Company’s leases have remaining lease terms of up to approximately 10 years. Some of these leases have options to extend which, if exercised, would extend the maximum remaining term to approximately 24 years. Some of the leases also provide for early termination, the exercise of which would shorten the term of those leases by up to 5 years.
The Company recorded pre-tax impairment charges for the year ended December 31, 2021 of $8.4 million associated with right of use assets. The impairment charges are included in General and administrative expenses within the consolidated statements of income.
Maturities of the Company’s operating lease liabilities, interest and other relevant line items in the Consolidated Statement of Financial Condition as of December 31, 2022 are as follows:
Maturity of Lease Liabilities
(in thousands)
Operating
Leases
2023$28,063 
202423,890 
202522,673 
202621,142 
202716,708 
Thereafter65,758 
Total lease payments$178,234 
Less: Interest(23,413)
Present value of lease liabilities$154,821 
Other accrued liabilities$23,246 
Long-term operating lease liabilities$131,575 
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:
As of
Lease Term and Discount Rate
December 31,
2022
December 31,
2021
Weighted-average remaining lease term (years)7.868.16
Weighted-average discount rate3.40 %3.09 %
Other information related to the Company’s operating leases are as follows:
 Years Ended
Other Information
(in thousands)
December 31,
2022
December 31,
2021
December 31,
 2020
Operating cash flows used for operating leases$29,385 $30,972 $30,061 
Right of use assets obtained in exchange for new
    operating lease liabilities
$15,979 $26,004 $11,472