Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 193

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 193
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60,644

        $
        59,443

        Commissions revenue

        21,955

        25,188

        25,325

        Less: collections

        (25,248
        )

        (24,460
        )

        (24,124
        )

        Balance, at the end of period
         
        $
        58,079

        $
        61,372

        $
        60,644

       Incremental costs to obtain or fulfill contracts, most notably sales commissions to the independent sales representatives, are not incurred prior to the recognition of the related revenue. Therefore, we have no assets recognized for incremental costs to obtain or fulfill contracts.

(21) Leases We have operating leases for office space and other real estate and finance leases of office equipment. During 2023, we extended the lease for our home office facility located in Duluth, Georgia. The lease was set to expire in June 2028 and was extended to December 31, 2035. Upon modifying the lease, the Company reassessed its classification and concluded the lease remains an operating lease. The lease disclosures below reflect the extension of this lease. 

107

In aggregate, our leases have remaining lease terms of less than 1 year to 11 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 2 years, exercisable at the Company’s discretion. Operating lease right-of-use assets and operating lease liabilities are presented separately in our consolidated balance sheets. As of December 31, 2024 and December 31, 2023, finance lease right-of-use assets of $1.0 million and $0.5 million, respectively, and finance lease liabilities of $1.0 million and $0.5 million, respectively, were recorded within Other assets and Other liabilities within our consolidated balance sheets. The Company determines its lease liabilities, which are measured at the present value of future lease payments, using the Company’s incremental secured borrowing rate at the lease commencement date that is commensurate with the term of the underlying lease or the rate implicit in the lease if readily determinable.The components of lease expense were as follows: 

        Year ended December 31,

        2024

        2023

        2022

        (In thousands)

        Operating lease cost

        Operating lease cost
         
        $
        7,463