Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.20.2
Operating Leases (Tables)
 6 Months Ended
Jun. 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
June 30,		      Six Months Ended
June 30,		  
     2020      2019      2020      2019  
Operating lease cost:
            
Lease cost
(1)
    $ 6,341      $ 6,106      $ 12,604      $ 12,015  
Variable lease cost
(2)
      1,215        1,284        2,611        2,490  
Sublease income
      (89 )       (43 )       (166 )       (131 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
 $
 
 7,467
 
  
 $
 
 7,347
 
  
 $ 15,049
 
  
 $ 14,374
 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(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):
 
     June 30, 2020  
Remainder of 2020
    $ 10,505  
2021
      20,891  
2022
      15,681  
2023
      12,286  
2024
      10,081  
Thereafter
      15,368  
  
 
 
  
Total future minimum lease payments
      84,812  
Less imputed interest
      (6,670 ) 
  
 
 
  
Present value of operating lease liabilities
    $ 78,142  
  
 
 
  
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):
 
     Six Months Ended
June 30,		  
     2020      2019  
Operating cash flow information:
      
Cash paid for amounts included in the measurement of operating lease liabilities
    $
 
 10,456      $ 9,973  
Noncash activity:
      
ROU assets obtained in exchange for operating lease liabilities
    $ 6,334      $ 16,264  
Tenant improvements owned by lessor related to ROU assets
(1)
    $ 317      $ 2,532  
 
(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:
 
     June 30, 2020    December 31, 2019
Weighted average remaining operating lease term
    4.87 years    5.04 years
Weighted average discount rate
    3.3%    3.8%