| Operating Leases |
The Company has operating leases for all of its facilities and autos. As of September 30, 2021 and December 31, 2020, operating lease (“ROU”) assets were $143.3
million and $126.9
million, respectively, and the related accumulated amortization was $58.0
The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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$
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6,549 |
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$
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6,355 |
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$
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19,650 |
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$
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18,959 |
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1,355 |
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1,485 |
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3,996 |
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4,096 |
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(206 |
) |
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(50 |
) |
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(258 |
) |
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(216 |
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$ |
7,698 |
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$ |
7,790 |
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$ |
23,388 |
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$ |
22,839 |
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Includes short-term lease cost and ROU asset amortization. |
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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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September 30,
2021 |
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$ |
5,958 |
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20,560 |
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17,256 |
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14,769 |
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12,462 |
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15,603 |
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Total future minimum lease payments |
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86,608 |
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(5,893 |
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Present value of operating lease liabilities |
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$ |
80,715 |
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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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Nine Months Ended
September 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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$
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17,697 |
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$
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15,566 |
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ROU assets obtained in exchange for operating lease liabilities
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$ |
18,003 |
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$ |
7,771 |
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Tenant improvements owned by lessor related to ROU assets (1)
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$ |
1,005 |
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$ |
949 |
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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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September 30, 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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2.9 |
% |
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3.1 |
% |
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