LEASES (Notes)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Leases

LEASESThe Company leases 98 buildings and offices under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term.

Lease Position

The table below presents the lease right-of-use assets and lease liabilities recorded on the balance sheet at December 31, 2021 and December 31, 2020 (dollars in thousands):

	Classification on the Balance Sheet	December 31, 2021		December 31, 2020
Assets
Operating right-of-use lease assets	Other assets	$	55,257	$	55,367
Liabilities
Operating lease liabilities	Accrued expenses and other liabilities	$	59,756	$	59,343

Weighted-average remaining lease term
Operating leases	5.5 years		5.8 years
Weighted-average discount rate
Operating leases	2.8	%	3.3	%

Lease Costs

The table below presents certain information related to the lease costs for operating leases for the year ended December 31, 2021 and December 31, 2020 (in thousands):

	Year Ended December 31,
	2021		2020		2019
Operating lease cost (1)	$	17,541	$	17,337	$	15,388
Short-term lease cost (1)	100		97		327
Variable lease cost (1)	2,584		2,778		2,396
Less sublease income (1)	(904)		(946)		(925)
Total lease cost	$	19,321	$	19,266	$	17,186

(1)    Lease expenses and sublease income are classified within occupancy and equipment expense on the Consolidated Statements of Operations.

Supplemental Cash Flow Information

Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities were $18.0 million for the year ended December 31, 2021 and $17.1 million for the year ended December 31, 2020. The Company recorded $16.7 million of right-of-use lease assets in exchange for operating lease liabilities for the year ended December 31, 2021 and $9.2 million for the year ended December 31, 2020

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years beginning with 2022 and the total of the remaining years to the operating lease liabilities recorded on the Consolidated Statements of Financial Position (in thousands):

	Operating Leases
2022	$	14,393
2023	12,952
2024	11,361
2025	9,086
2026	7,260
Thereafter	9,569
Total minimum lease payments	64,621
Less: amount of lease payments representing interest	(4,865)
Lease obligations	$	59,756

As of December 31, 2021, the Company had $353,000 undiscounted lease payments under an operating lease that had not yet commenced. The Company had no undiscounted lease payments under an operating lease that had not yet commenced at December 31, 2020.