PIPER SANDLER COMPANIES
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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Leases
NOTE 15| LEASES
The Company leases office space throughout the U.S. and in a limited number of foreign countries where its international operations reside. Aggregate minimum lease payments on an undiscounted basis for the Company's operating leases and a reconciliation to accrued lease liabilities included on the consolidated statements of financial condition as of December 31, 2023 were as follows:
| (Amounts in thousands) | |
|---|---|
| 2024 | $25,292 |
| 2025 | 24,998 |
| 2026 | 22,839 |
| 2027 | 18,531 |
| 2028 | 10,021 |
| Thereafter | 20,832 |
| Total operating lease payments | 122,513 |
| Less: Present value discount | (28,786) |
| Total accrued lease liabilities | $93,727 |
The following table summarizes the Company's operating lease costs and sublease income:
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in millions) | 2023 | 2022 | 2021 |
| Operating lease costs | $21.9 | $24.3 | $20.7 |
| Operating lease costs related to short-term leases | 0.5 | 1.3 | 0.9 |
| Sublease income | 0.2 | 0.4 | 0.7 |
At December 31, 2023, the weighted average remaining lease term for operating leases was 5.5 years and the weighted average discount rate was 4.4 percent.
In December 2022, the Company entered into a lease agreement for its future corporate headquarters location in Minneapolis, Minnesota. As the Company anticipates taking possession of the space in 2025, no ROU lease asset or accrued lease liability is recorded in the consolidated statements of financial condition as of December 31, 2023. The Company's contractual rent commitment over the 15-year lease term is $53.1 million.
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