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Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Additional Leases Information See below for additional information about the Company’s leases.

 

 

Year Ended

 

 

December 31,

($ in thousands)

 

2022

 

2021

 

2020

Supplemental Income Statement Information:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

 $

22,215

 

 

 $

24,550

 

 

$

26,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Net operating cash inflows/(outflows) for operating leases

 

 $

(9,800)

 

 

 $

(16,278)

 

 

$

(17,957)

 

Right-of-use assets obtained in exchange for lease obligations (e.g. new leases and amendments commenced during the period)

 

 $

4,806

 

 

 $

4,731

 

 

$

7,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term - operating leases

 

 

12.70

 years

 

 

13.28

 years

 

 

13.72

 years

Weighted-average discount rate - operating leases

 

 

3.51

%

 

 

3.52

%

 

 

3.52

%

During the years ended December 31, 2022, 2021 and 2020, the Company received $14,495, $4,163 and $5,688, respectively, of tenant improvement allowances primarily related to the Company's lease at 399 Park Avenue in New York, New York. These cash receipts are included within net operating cash inflows/(outflows) for operating leases in the supplemental cash flow information above.

Schedule of Future Sublease Income and Maturities of Our Operating Lease Liabilities

As of December 31, 2022, the future sublease income and maturities of our operating lease liabilities are as follows:

Fiscal year ended

 

Sublease Income

 

Operating Leases

2023

 

$

(809)

 

$

22,460

2024

 

 

(809)

 

 

20,736

2025

 

 

(405)

 

 

18,120

2026

 

 

 

 

17,052

2027

 

 

 

 

16,236

Thereafter

 

 

 

 

146,790

Total Payments

 

$

(2,023)

 

$

241,394

 

 

 

 

 

 

 

Less: Tenant improvement allowances

 

 

                                 (24)

Less: Present value adjustment

 

 

(48,608)

Total

 

$

192,762