Annual report pursuant to Section 13 and 15(d)

Operating Leases

v3.22.0.1
Operating Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Operating Leases
 
4.
Operating Leases
The Company has operating leases for all of its facilities and autos. 
The operating lease cost, included in selling, general and administrative expense in the consolidated statement of net and comprehensive income, consisted of the following (in thousands):
 
 
 
  
Years Ended
December 31,
 
 
  
2021
 
  
2020
 
Operating lease cost:
  
     
  
     
Lease cost 
   $ 26,209      $ 25,508  
Variable lease cost
(
1
)
     5,371        5,438  
Sublease income
     (492      (246
    
 
 
    
 
 
 
     $ 31,088      $ 30,700  
    
 
 
    
 
 
 
​​​​​​​
    
 
 
    
 
 
 
 
​​​​​​​
 
(
1
)
Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.
Maturities of lease liabilities by year consisted of the following (in thousands):
 
    
December 31,
2021
 
2022
   $  20,901  
2023
     17,728  
2024
     15,224  
2025
     12,814  
2026
     9,335  
Thereafter
     6,738  
    
 
 
 
Total future minimum lease payments
     82,740  
Less imputed interest
     (5,433
    
 
 
 
Present value of operating lease liabilities
   $  77,307  
    
 
 
 
Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):

 
 
  
Years Ended
December 31,
 
 
  
2021
 
  
2020
 
Operating cash flow information:
  
     
  
     
Cash paid for amounts included in the measurement of operating lease
 
liabilities
   $
 
23,662      $
 
21,131  
Noncash activity:
                 
ROU assets obtained in exchange for operating lease liabilities
   $ 19,981      $ 16,293  
Tenant improvements owned by lessor related to ROU assets
(1)
   $ 1,266      $ 971  
 
(1)
Reclassification from other assets current.
Other information related to the operating leases consisted of the following:
 
 
  
December 31,
 
 
  
2021
 
 
2020
 
Weighted average remaining operating lease term
     4.57 years       4.70 years  
Weighted average discount rate
     2.9     3.1