Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.21.2
Operating Leases (Tables)
 6 Months Ended
Jun. 30, 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

June 30,
     
Six Months Ended
June 30,
  
     2021      2020      2021      2020  
Operating lease cost:
                                    
Lease cost
(1)
    $  6,512      $  6,341      $  13,101      $  12,604  
Variable lease cost
(2)
      1,241        1,215        2,641        2,611  
Sublease income
      (19 )       (89 )       (52 )       (166 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 7,734      $ 7,467      $ 15,690      $ 15,049  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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, 2021  
Remainder of 2021
    $ 11,862  
2022
      19,536  
2023
      16,039  
2024
      13,913  
2025
      11,730  
Thereafter
      14,575  
    
 
 
  
Total future minimum lease payments
      87,655  
Less imputed interest
      (6,205 ) 
    
 
 
  
Present value of operating lease liabilities
    $  81,450  
    
 
 
  
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,		  
     2021      2020  
Operating cash flow information:
                  
Cash paid for amounts included in the measurement of operating lease liabilities
    $  11,764      $  10,456  
Noncash activity:
                  
ROU assets obtained in exchange for operating lease liabilities
    $ 13,373      $ 6,334  
Tenant improvements owned by lessor related to ROU assets
(1)
    $ 881      $ 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:
 
     June 30, 2021     December 31, 2020  
Weighted average remaining operating lease term
      4.84 years       4.70 years  
Weighted average discount rate
      3.0 %      3.1 %