The Company has operating leases for all of its facilities and autos. As of March 31, 2021 and December 31, 2020, operating lease (“ROU”) assets were $127.7 million and $126.9 million, respectively, and the related accumulated amortization was $46.6 million and $42.9 million, respectively. The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
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Three Months Ended
March 31, |
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2021 |
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2020 |
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$ |
6,589 |
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$ |
6,263 |
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1,400 |
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1,396 |
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(33 |
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(77 |
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$7,956 |
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$7,582 |
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(1) |
Includes short-term lease cost and ROU asset amortization. |
(2) |
Primarily relates to common area maintenance, property taxes, insurance, utilities and parking. |
Maturities of lease liabilities by year consisted of the following (in thousands):
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March 31, 2021 |
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$ |
17,205 |
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17,722 |
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14,331 |
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12,089 |
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9,877 |
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10,835 |
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Total future minimum lease payments |
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82,059 |
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(5,716 |
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Present value of operating lease liabilities |
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$ |
76,343 |
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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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Three Months Ended
March 31, |
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2021 |
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2020 |
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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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$ |
5,862 |
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$ |
5,223 |
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ROU assets obtained in exchange for operating lease liabilities |
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$ |
3,004 |
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$ |
3,109 |
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Tenant improvements owned by lessor related to ROU assets (1) |
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$ |
55 |
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$ |
317 |
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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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March 31, 2021 |
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December 31, 2020 |
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Weighted average remaining operating lease term |
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4.71 years |
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4.70 years |
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Weighted average discount rate |
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3.0 |
% |
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3.1 |
% |
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