Annual report pursuant to Section 13 and 15(d)

Operating Leases

v3.22.4
Operating Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Operating Leases
4.    Operating Leases
The Company has operating leases for all of its facilities and autos. The operating lease cost, included in selling, general and administrative expense in the consolidated statements of operations, consisted of the following (in thousands):
Years Ended
December 31,
2022 2021
Operating lease cost:
Lease cost $ 26,038  $ 26,209 
Variable lease cost (1)
5,586  5,371 
Sublease income (2)
(896) (492)
$ 30,728  $ 31,088 
(1)Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.
(2)The Company changed its policy for recording sub-lease income from recording it as a component of other income, net, to a component of selling general and administrative expense to better align sublease income with the operating costs related to leasing. Amounts related to the current and prior years were not material.
Maturities of lease liabilities by year consisted of the following (in thousands):
December 31,
2022
2023 $ 19,663 
2024 19,791 
2025 17,220 
2026 13,446 
2027 8,640 
Thereafter 11,974 
Total future minimum lease payments 90,734 
Less imputed interest (8,641)
Present value of operating lease liabilities $ 82,093 
Other information related to the operating leases consisted of the following:
December 31,
2022 2021
Weighted average remaining operating lease term 4.97 years 4.57 years
Weighted average discount rate 3.9  % 2.9  %