Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.19.1
Operating Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Schedule of Operating Lease Cost

The operating lease cost consisted of the following (in thousands):

 

     Three Months Ended
March 31, 2019
 

Operating lease cost:

  

Lease cost (1)

   $ 5,909  

Variable lease cost (2)

     1,206  

Sublease income (3)

     (88
  

 

 

 
   $ 7,027  
(1)

Includes short-term lease cost and ROU asset amortization.

(2)

Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.

(3)

The Company subleases certain office space to subtenants. The rental income received from these subleases is included as a reduction to lease cost.

Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases

Future minimum lease payments under non-cancelable operating leases consisted of the following (in thousands):

 

     March 31, 2019  

Remainder of 2019

   $ 15,233  

2020

     19,376  

2021

     16,907  

2022

     12,364  

2023

     8,778  

Thereafter

     10,554  
  

 

 

 

Total future minimum lease payments

     83,212  

Less imputed interest

     (7,360
  

 

 

 

Present value of operating lease liabilities

   $ 75,852  
  

 

 

 

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):

 

     Three Months Ended
March 31, 2019
 

Operating cash flow information:

  

Cash paid for amounts included in the measurement of operating lease liabilities

   $ 4,842  

Noncash activity:

  

ROU assets and operating lease liabilities in connection with adoption of new lease standard

   $
 
 
76,735
 
 

Reclassification of prepaid rent and deferred rent to ROU assets in connection with adoption of new lease standard

   $ 7,801  

ROU assets obtained in exchange for operating lease liabilities

   $ 3,227  

Initial direct costs related to ROU assets (1)

   $ 1,306  
(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:

 

     March 31, 2019  

Weighted average remaining operating lease term

     4.75 years  

Weighted average discount rate

     3.9