Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
 6 Months Ended
Jun. 30, 2021
Lessee Disclosure [Abstract]  
Lease
7.
Leases
The Company has various
non-cancelable
operating leases with various terms through July 2031 primarily for office space and office equipment. The Company has one lease with an inception date prior to June 30, 2021 that has not yet commenced, for a total future estimated lease liability to be recognized in 2021 of
$4.3
 million.
The lease costs for the six months ended June 30, 2021 and 2020 are as follows:
 
 
 
Six months ended June 30,
 
    
2021 
     
 2020
  
Lease cost:
                  
Operating lease cost
    $
 
 
 
 
 
 
 
 
 
 
 
12,109      $
 
 
 
 
 
 
 
 
 
 
9,073  
Finance lease costs:
                  
Amortization of leased assets
      85        32  
Interest on lease liabilities
      2        1  
Short term lease costs:
                  
Operating lease cost
      238        346  
Finance lease cost
                  
Amortization of leased assets
      4        4  
Interest on lease liabilities
      1        —    
Sublease income
      (179 )       (131 ) 
    
 
 
     
 
 
  
Lease cost – net
   
$
12,260
 
   
$
9,325
 
    
 
 
     
 
 
  
     
Cash paid for amounts included in the measurement of lease liabilities
                  
Operating cash flows from operating leases
    $ 12,684      $ 7,643  
Operating cash flows from finance leases
      91        37  
Non-cash
related activities
                  
Right-of-use
assets obtained in exchange for new operating lease liabilities
      1,847        4,734  
Right-of-use
assets obtained in exchange for new finance lease liabilities
      —          —    
Weighted average discount rate (percent)
                  
Operating leases
      3.73        3.83  
Finance leases
      3.16        3.15  
Weighted average remaining lease term (years)
                  
Operating leases
      6.1        6.2  
Finance leases
      2.4        2.9  
Supplemental balance sheet information related to Lease
right-of-use
assets:
 
    
 
June 30, 2021
 
    
December 31, 2020
  
Right-of-use
assets – operating leases – net
    $
 
 
 
 
 
 
 
86,412      $ 93,715  
Right-of-use
assets – finance leases – net
      153        226  
    
 
 
     
 
 
  
Total lease
right-of-use
assets – net
   
$
 
 
 
 
 
 
 
 
 
 
  
86,565
 
   
$
93,941
 
    
 
 
     
 
 
  
Supplemental balance sheet information related to lease liabilities:
 
    
 
June 30, 2021
 
     
December 31, 2020
  
Current lease liabilities
                  
Operating
    $
 
 
 
 
 
 
 
 
 
19,909      $ 19,880  
Finance
      72        147  
Non-current
lease liabilities
                  
Operating
      76,046        83,737  
Finance
      77        78  
    
 
 
     
 
 
  
Total Lease Liabilities
   
$
96,104
 
   
$
103,842
 
    
 
 
     
 
 
  
The estimated future minimum payments of operating and financing leases as of June 30, 2021 are as follows:
 
    
Finance Leases
     
Operating Leases
  
The remainder of 2021
    $
 
 
 
 
 
 
 
 
 
 
 
61
 
 		    $ 10,598  
2022
      38        22,767  
2023
      34        17,826  
2024
      18        14,476  
2025
      4        10,951  
Thereafter
      —          31,606  
    
 
 
     
 
 
  
Total undiscounted future lease payments
   
$
155
 
   
$
108,224
 
    
 
 
     
 
 
  
Less imputed interest
      (6 )       (12,269 ) 
    
 
 
     
 
 
  
Present value lease liabilities
   
$
149
 
   
$
95,955
 
    
 
 
     
 
 
  
Average annual sublease income for the next eight years is $0.3
 million
.