Quarterly report pursuant to Section 13 or 15(d)

Operating Leases (Tables)

v3.21.2
Operating Leases (Tables)
 9 Months Ended
Sep. 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
September 30,
 
  
Nine Months Ended
September 30,
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Operating lease cost:
  
  
  
  
Lease cost
(1)
    $
 
 6,549      $
 
 6,355      $
 
 19,650      $
 
 18,959  
Variable lease cost
(2)
      1,355        1,485        3,996        4,096  
Sublease income
      (206 )       (50 )       (258 )       (216 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 7,698      $ 7,790      $ 23,388      $ 22,839  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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):
 
 
  
September 30,
2021
 
Remainder of 2021
    $ 5,958  
2022
      20,560  
2023
      17,256  
2024
      14,769  
2025
      12,462  
Thereafter
      15,603  
    
 
 
  
Total future minimum lease payments
      86,608  
Less imputed interest
      (5,893 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 80,715  
    
 
 
  
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):
 
 
  
Nine Months Ended
September 30,
 
 
  
2021
 
  
2020
 
Operating cash flow information:
  
  
Cash paid for amounts included in the measurement of operating lease liabilities
    $
 
 17,697      $
 
 15,566  
Noncash activity:
                  
ROU assets obtained in exchange for operating lease liabilities
    $ 18,003      $ 7,771  
Tenant improvements owned by lessor related to ROU assets
(1)
    $ 1,005      $ 949  
 
(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:
 
 
  
September 30, 2021
 
 
December 31, 2020
 
Weighted average remaining operating lease term
      4.71 years       4.70 years  
Weighted average discount rate
      2.9 %      3.1 %