| Operating Leases |
The Company has operating leases for all of its facilities and autos. As of September 30, 2020 and December 31, 2019, operating lease (“ROU”) assets were $119.2 million and $111.1 million, respectively, and the related accumulated amortization was $37.0 million and $20.6 million, respectively. The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
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$ |
6,355 |
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$ |
6,148 |
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$ |
18,959 |
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$ |
18,163 |
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1,485 |
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1,423 |
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4,096 |
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3,913 |
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(50 |
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(68 |
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(216 |
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(199 |
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$ |
7,790 |
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$ |
7,503 |
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$ |
22,839 |
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$ |
21,877 |
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(1) |
Includes short-term lease cost and ROU asset amortization. |
(2) |
Primarily relates to common area maintenance, property taxes, insurance, utilities and parking. | Maturities of lease liabilities by year consisted of the following (in thousands):
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September 30, 2020 |
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$ |
5,382 |
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21,495 |
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15,998 |
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12,374 |
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10,211 |
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15,514 |
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Total future minimum lease payments |
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80,974 |
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(6,018 |
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Present value of operating lease liabilities |
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$ |
74,956 |
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| Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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Operating cash flow information: |
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Cash paid for amounts included in the measurement of operating lease liabilities |
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$ |
15,566 |
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$ |
15,064 |
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ROU assets obtained in exchange for operating lease liabilities |
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$ |
7,771 |
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$ |
17,806 |
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Tenant improvements owned by lessor related to ROU assets (1)
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$ |
949 |
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$ |
3,642 |
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(1) |
Reclassification from other assets current. | Other information related to the operating leases consisted of the following:
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September 30, 2020 |
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December 31, 2019 |
Weighted average remaining operating lease term |
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4.70 years |
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5.04 years |
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Weighted average discount rate |
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3.2% |
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3.8% |
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