INSPERITY INC
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
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“Leases,”
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 11. | Leases |
We have operating leases for office space, other operating facilities, vehicles and office equipment. Our fixed operating lease costs for 2023, 2022 and 2021 were $19.5 million, $18.7 million, and $18.2 million, respectively, and are included in general and administrative expenses on our Consolidated Statements of Income and Comprehensive Income. During 2023, cash paid for amounts included in the measurement of operating lease liabilities was $22.9 million.
The following table presents the lease balances within our Consolidated Balance Sheets, weighted average lease term and weighted average discount rates related to our operating leases:
| (dollars in thousands) | Classification in Consolidated Balance Sheets | December 31, 2023 |
|---|---|---|
| Lease liabilities: | ||
| Current operating lease liabilities | Other accrued liabilities | $19,816 |
| Long-term operating lease liabilities | Operating lease liabilities, net of current | 57,494 |
| Total operating lease liabilities | 77,310 | |
| Less: | ||
| Landlord funded tenant improvements | 13,004 | |
| Deferred rent | 6,868 | |
| Operating lease ROU assets | Right-of-use leased assets | $57,438 |
| Weighted average remaining lease term | 5 years | |
| Weighted average discount rate | 4.2% | |
The following presents the maturity of our operating leases liabilities as of December 31,2023:
| (in thousands) | Operating Leases |
|---|---|
| 2024 | $22,604 |
| 2025 | 18,915 |
| 2026 | 15,317 |
| 2027 | 12,679 |
| 2028 | 8,841 |
| Thereafter | 7,152 |
| Total remaining obligation | 85,508 |
| Less imputed interest | 8,198 |
| Present value of lease liabilities | $77,310 |
As of December 31,2023, we have additional operating leases that have not yet commenced of $29.7 million with lease terms between three andeleven years.
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