| LEASES |
LEASES The following table presents lease-related assets and liabilities recorded in the Company's balance sheets:
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| (In thousands) |
|
December 2022 |
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December 2021 |
| Assets |
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|
|
| Operating lease assets, noncurrent |
|
$ |
51,029 |
|
|
|
$ |
54,950 |
|
| Total lease assets |
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$ |
51,029
|
|
|
|
$ |
54,950
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|
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| Liabilities |
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| Operating lease liabilities, current |
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$ |
19,898 |
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|
|
$ |
24,195 |
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| Operating lease liabilities, noncurrent |
|
31,506 |
|
|
|
32,993 |
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| Total lease liabilities |
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$ |
51,404
|
|
|
|
$ |
57,188
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| Weighted-average remaining lease term (in years) |
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| Operating leases |
|
3.99 |
|
|
3.62 |
| Weighted-average discount rate |
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| Operating leases |
|
4.39 |
% |
|
|
2.85 |
% |
Lease costs
The following table presents certain information related to lease costs for operating leases:
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Year Ended December |
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| (In thousands) |
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2022 |
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|
2021 |
|
2020 |
| Operating lease costs |
|
$ |
26,634 |
|
|
|
$ |
30,394 |
|
|
$ |
40,906 |
|
| Short-term lease costs (excluding leases of one month or less) |
|
279 |
|
|
|
272 |
|
|
1,114 |
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| Variable lease costs |
|
3,145 |
|
|
|
3,505 |
|
|
3,960 |
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| Total lease costs |
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$ |
30,058
|
|
|
|
$ |
34,171
|
|
|
$ |
45,980
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Other information
The following table presents supplemental cash flow and non-cash information related to operating leases:
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Year Ended December |
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| (In thousands) |
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2022 |
|
|
2021 |
|
2020 |
| Cash paid for amounts included in the measurement of lease liabilities - operating cash flows |
|
$ |
29,977
|
|
|
|
$ |
37,474
|
|
|
$ |
45,225
|
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| Right-of-use operating lease assets obtained in exchange for new operating leases - non-cash activity |
|
$ |
17,684
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|
|
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$ |
4,323
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|
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$ |
2,591
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The following table presents future maturities of operating lease liabilities as of December 2022:
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| (In thousands) |
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Lease Obligations |
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| 2023 |
|
$ |
21,507 |
|
|
| 2024 |
|
13,995 |
|
|
| 2025 |
|
8,625 |
|
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| 2026 |
|
4,093 |
|
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| 2027 |
|
2,944 |
|
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| Thereafter |
|
5,210 |
|
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| Total future minimum lease payments |
|
56,374
|
|
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| Less: amounts related to imputed interest |
|
(4,970) |
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| Present value of future minimum lease payments |
|
51,404
|
|
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| Less: operating lease liabilities, current |
|
19,898 |
|
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| Operating lease liabilities, noncurrent |
|
$ |
31,506
|
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As of December 2022, the Company had not entered into any operating lease arrangements that had not yet commenced. The Company continuously monitors and may negotiate contract amendments that include extensions or modifications to existing leases.
Refer to Note 13 to the Company's financial statements for additional information on the related fair value measurements.
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