Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.21.1
Operating Leases (Tables)
 3 Months Ended
Mar. 31, 2021
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
March 31,		  
     2021      2020  
Operating lease cost:
                  
Lease cost
(1)
    $ 6,589      $ 6,263  
Variable lease cost
(2)
      1,400        1,396  
Sublease income
      (33 )       (77 ) 
    
 
 
     
 
 
  
     $7,956      $7,582  
    
 
 
     
 
 
  
(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):
 
     March 31, 2021  
Remainder of 2021
    $ 17,205  
2022
      17,722  
2023
      14,331  
2024
      12,089  
2025
      9,877  
Thereafter
      10,835  
    
 
 
  
Total future minimum lease payments
      82,059  
Less imputed interest
      (5,716 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 76,343  
    
 
 
  
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,		  
     2021      2020  
Operating cash flow information:
                  
Cash paid for amounts included in the measurement of operating lease liabilities
    $ 5,862      $ 5,223  
Noncash activity:
                  
ROU assets obtained in exchange for operating lease liabilities
    $ 3,004      $ 3,109  
Tenant improvements owned by lessor related to ROU assets (1)
    $ 55      $ 317  
 
(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, 2021     December 31, 2020  
Weighted average remaining operating lease term
      4.71 years       4.70 years  
Weighted average discount rate
      3.0 %      3.1 %