| Operating Leases |
The Company has operating leases for all of its facilities and autos. As of June 30, 2021 and December 31, 2020, operating lease (“ROU”) assets were $138.8 million and $126.9 million, respectively, and the related accumulated amortization was $52.4 million and $42.9 million, respectively. The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
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Three Months Ended
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Six Months Ended
June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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$ |
6,512 |
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$ |
6,341 |
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$ |
13,101 |
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$ |
12,604 |
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1,241 |
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1,215 |
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2,641 |
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2,611 |
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(19 |
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(89 |
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(52 |
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(166 |
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$ |
7,734 |
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$ |
7,467 |
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$ |
15,690 |
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$ |
15,049 |
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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, 2021 |
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$ |
11,862 |
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19,536 |
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16,039 |
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13,913 |
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11,730 |
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14,575 |
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Total future minimum lease payments |
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87,655 |
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(6,205 |
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Present value of operating lease liabilities |
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$ |
81,450 |
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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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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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$ |
11,764 |
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$ |
10,456 |
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ROU assets obtained in exchange for operating lease liabilities
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$ |
13,373 |
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$ |
6,334 |
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Tenant improvements owned by lessor related to ROU assets (1)
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$ |
881 |
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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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June 30, 2021 |
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December 31, 2020 |
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Weighted average remaining operating lease term |
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4.84 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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