XML 53 R22.htm IDEA: XBRL DOCUMENT

Leases

12 Months Ended

Dec. 31, 2023

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 Location	2023		2022
Assets
Operating	Operating lease right-of-use assets	$	71,163	$	108,229
Finance	Property and equipment, net	9,884		10,982
Total lease assets		$	81,047	$	119,211
Liabilities
Current:
Operating	Current portion of lease obligations	$	28,971	$	32,207
Finance	Current portion of lease obligations	4,688		4,204
		33,659		36,411
Noncurrent:
Operating	Lease obligations	72,797		105,768
Finance	Lease obligations	14,443		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 Location	2023		2022		2021
Operating lease costs	Selling, general and administrative expenses	$	26,681	$	27,186	$	28,189
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	1,098		1,098		2,105
Interest on lease liabilities	Interest expense	1,714		1,894		2,346
Short term lease costs	Selling, general and administrative expenses	111		248		206
Variable lease costs	Selling, 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 Leases		Finance Leases		Total
2024	$	33,721	$	5,866	$	39,587
2025	29,383		5,894		35,277
2026	28,223		2,087		30,310
2027	12,833		1,428		14,261
2028	3,290		1,428		4,718
Thereafter	4,357		5,712		10,069
Total lease payments	111,807		22,415		134,222
Less: Interest	10,039		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, 2023		December 31, 2022
Weighted average remaining lease term (years):
Operating leases	3.8		4.6
Finance leases	6.0		6.6
Weighted average discount rate:
Operating leases	4.9	%	4.6	%
Finance leases	7.1	%	7.5	%

The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:


	December 31,
(In thousands)	2023		2022		2021
Operating cash flows from operating leases	$	37,121	$	39,857	$	40,000
Operating cash flows from finance leases	1,586		1,947		1,789
Financing cash flows from finance leases	4,222		3,576		3,800

Leases