Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease-related Assets and Liabilities
All leases recognized in the Company's Consolidated Balance Sheets as of December 31, 2023 and 2022 are classified as operating leases, which include leases related to the asset classes reflected in the table below. ROU assets are included in other assets in the Company's Consolidated Balance Sheets.
2023 2022
Office leases $ 65,273  $ 74,603 
Equipment —  57 
Total right-of-use assets $ 65,273  $ 74,660 
Office leases $ 75,832  $ 85,892 
Equipment —  85 
Total lease liability $ 75,832  $ 85,977 
Summary of Components of Gross Operating Lease Costs
The following table summarizes the components of the Company's gross operating lease costs incurred during the years ended December 31, 2023 and 2022:
  2023 2022
Operating lease cost $ 24,919  $ 26,085 
Short-term lease cost 5,141  3,374 
Variable lease cost 4,236  4,664 
Total lease cost $ 34,296  $ 34,123 
Summary of Weighted-average Lease Term and Discount Rate Used
The weighted-average lease term and discount rate used are as follows:
December 31,
2023 2022
Weighted-average lease term (years) 5.1 5.7
Weighted-average discount rate 4.1  % 4.0  %
Summary of Supplemental Cash Flow Information Related to Operating Leases
The following table summarizes supplemental cash flow information related to operating leases:
2023 2022
Cash paid for operating leases 25,682  15,972 
Right-of-use assets obtained in exchange for new operating lease liabilities
 12,199  16,008 
Schedule of Minimum Future Commitments or Rental Payments Under Operating Leases
Minimum future commitments by year for the Company's long-term operating leases as of December 31, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized in the balance sheet as follows:
Amount
2024 $ 22,721 
2025 16,491 
2026 11,978 
2027 9,748 
2028 8,415 
Thereafter 14,477 
Total future minimum lease payments 83,830 
Less: imputed interest (7,998)
Total lease liabilities $ 75,832