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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | LEASES The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from to five years. Minimum rent is expensed on a straight-line basis over the term of the lease. The following table presents operating lease right-of-use assets and lease liabilities.
Lease expenses are included in Insurance and Other Expenses in the Consolidated Statements of Income (Loss). Additional information regarding the Company’s operating leases for the year ended December 31, 2025 and 2024 is presented below.
1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The Company had no expenses during the year ended December 31, 2025 or 2024 associated with lease impairments and other related costs. The Company incurred expenses of $18.0 million for the year ended December 31, 2023 associated with lease impairments and other related costs. Other Information on Operating Leases Significant judgments and assumptions for determining lease asset and liability at December 31, 2025 and 2024 are presented below.
NOTE 24. LEASES (Continued) Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value. Future minimum lease payments under operating leases at December 31, 2025 are presented below.
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