The Company has operating leases for all of its facilities and autos. As of March 31, 2022 and December 31, 2021, operating lease (“ROU”) assets, net were $77.9 million and $81.5 million, respectively. The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement s of net and comprehensive income, consisted of the following (in thousands):
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Three Months Ended
March 31, |
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2022 |
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2021 |
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Operating lease cost: |
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$ |
6,544 |
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$ |
6,589 |
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1,363 |
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1,400 |
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Sublease income |
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(234 |
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(33 |
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$ |
7,673 |
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$ |
7,956 |
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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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March 31, 2022 |
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Remainder of 2022 |
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$ |
15,484 |
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2023 |
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18,311 |
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2024 |
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15,829 |
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2025 |
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13,320 |
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2026 |
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9,716 |
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Thereafter |
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7,027 |
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Total future minimum lease payments |
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79,687 |
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Less imputed interest |
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(5,104 |
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Present value of operating lease liabilities |
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$ |
74,583 |
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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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Three Months Ended
March 31, |
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2022 |
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2021 |
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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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$ |
5,589 |
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$ |
5,862 |
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Noncash activity: |
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ROU assets obtained in exchange for operating lease liabilities |
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$ |
2,435 |
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$ |
3,004 |
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Tenant improvements owned by lessor related to ROU assets
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$ |
66 |
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$ |
55 |
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Reclassification from other assets current. |
Other information related to the operating leases consisted of the following:
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March 31, 2022 |
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December 31, 2021 |
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Weighted average remaining operating lease term |
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4.44 years |
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4.57 years |
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Weighted average discount rate |
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2.9 |
% |
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2.9 |
% |
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