| Operating Leases |
The Company has operating leases for all of its facilities and autos. As of June 30, 2020 and December 31, 2019, operating lease (“ROU”) assets were $117.7 million and $111.1 million, respectively, and the related accumulated amortization was $31.7 million and $20.6 million, respectively. The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
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$ |
6,341 |
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$ |
6,106 |
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$ |
12,604 |
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$ |
12,015 |
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1,215 |
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1,284 |
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2,611 |
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2,490 |
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(89 |
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(43 |
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(166 |
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(131 |
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$
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7,467 |
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$
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7,347 |
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$ |
15,049 |
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$ |
14,374 |
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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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June 30, 2020 |
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$ |
10,505 |
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20,891 |
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15,681 |
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12,286 |
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10,081 |
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15,368 |
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Total future minimum lease payments |
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84,812 |
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(6,670 |
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Present value of operating lease liabilities |
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$ |
78,142 |
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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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Six Months Ended
June 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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$
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10,456 |
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$ |
9,973 |
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ROU assets obtained in exchange for operating lease liabilities |
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$ |
6,334 |
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$ |
16,264 |
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Tenant improvements owned by lessor related to ROU assets (1)
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$ |
317 |
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$ |
2,532 |
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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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June 30, 2020 |
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December 31, 2019 |
Weighted average remaining operating lease term |
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4.87 years |
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5.04 years |
Weighted average discount rate |
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3.3% |
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3.8% |
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