Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.20.2
Operating Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Operating Lease Cost, Included in Selling, General and Administrative Expense
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):
 
    
Three Months Ended
September 30,
      Nine Months Ended
September 30,		  
     2020      2019      2020      2019  
Operating lease cost:
            
Lease cost
(1)
    $ 6,355      $ 6,148      $ 18,959      $ 18,163  
Variable lease cost
(2)
      1,485        1,423        4,096        3,913  
Sublease income
      (50 )       (68 )       (216 )       (199 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   $ 7,790      $ 7,503      $ 22,839      $ 21,877  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(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
Maturities of lease liabilities by year consisted of the following (in thousands):
 
     September 30, 2020  
Remainder of 2020
    $ 5,382  
2021
      21,495  
2022
      15,998  
2023
      12,374  
2024
      10,211  
Thereafter
      15,514  
  
 
 
  
Total future minimum lease payments
      80,974  
Less imputed interest
      (6,018 ) 
  
 
 
  
Present value of operating lease liabilities
    $  74,956  
  
 
 
  
Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases
Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
 
     Nine Months Ended
September 30,		  
     2020      2019  
Operating cash flow information:
      
Cash paid for amounts included in the measurement of operating lease liabilities
    $ 15,566      $ 15,064  
Noncash activity:
      
ROU assets obtained in exchange for operating lease liabilities
    $ 7,771      $ 17,806  
Tenant improvements owned by lessor related to ROU assets 
(1)
    $ 949      $ 3,642  
 
(1)
Reclassification from other assets current.
Schedule of Other Information Related to Operating Leases
Other information related to the operating leases consisted of the following:
 
     September 30, 2020     December 31, 2019
Weighted average remaining operating lease term
      4.70 years       5.04 years  
Weighted average discount rate
      3.2%       3.8%