Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Sep. 30, 2021

The lease costs for the nine months ended September 30, 2021 and 2020 were as follows:


	Nine months ended September 30,
	2021			2020
Lease cost:
Operating lease cost	$	18,015		$	13,492
Finance lease costs:
Amortization of leased assets		124			57
Interest on lease liabilities		3			2
Short term lease costs:
Operating lease cost		384			462
Finance lease cost
Amortization of leased assets		7			5
Interest on lease liabilities		1			—
Sublease income		(292	)		(265	)
Lease cost – net	$	18,242		$	13,753

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	19,615		$	11,352
Operating cash flows from finance leases		134			38
Non-cash related activities
Right-of-use assets obtained in exchange for new operating lease liabilities		2,294			4,734
Right-of-use assets obtained in exchange for new finance lease liabilities		—			—
Weighted average discount rate (percent)
Operating leases		3.75			3.69
Finance leases		3.10			2.93
Weighted average remaining lease term (years)
Operating leases		6.0			5.7
Finance leases		2.7			1.9

Supplemental balance sheet information related to Lease right-of-use assets:


	September 30, 2021		December 31, 2020
Right-of-use assets – operating leases – net	$	80,177	$	93,715
Right-of-use assets – finance leases – net		118		226
Total lease right-of-use assets – net	$	80,295	$	93,941

Supplemental balance sheet information related to lease liabilities:


	September 30, 2021		December 31, 2020
Current lease liabilities
Operating	$	18,811	$	19,880
Finance		51		147
Non-current lease liabilities
Operating		69,928		83,737
Finance		66		78
Total lease liabilities	$	88,856	$	103,842

The estimated future minimum payments of operating and financing leases as of September 30, 2021:


	Finance Leases			Operating Leases
The remainder of 2021	$	22		$	4,348
2022		41			22,032
2023		37			17,518
2024		18			13,970
2025		4			10,864
Thereafter		—			31,263
Total undiscounted future lease payments	$	122		$	99,995
Less imputed interest		(5	)		(11,256	)
Present value lease liabilities	$	117		$	88,739