Ryan Specialty Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Dec. 31, 2021

The lease costs for the years ended December 31, 2021 and 2020 were as follows:


	Year ended December 31,
	2021			2020
Lease cost:
Operating lease cost	$	24,069		$	19,510
Finance lease costs:
Amortization of leased assets		144			102
Interest on lease liabilities		3			2
Short term lease costs:
Operating lease cost		536			1,906
Finance lease cost:
Amortization of leased assets		9			11
Interest on lease liabilities		1			1
Sublease income		(382	)		(450	)
Lease cost – net	$	24,380		$	21,082


Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	27,550		$	18,586
Operating cash flows from finance leases		156			117
Non-cash related activities
Right-of-use assets obtained in exchange for new operating lease liabilities		11,714			35,766
Right-of-use assets obtained in exchange for new finance lease liabilities		—			132
Weighted average discount rate (percent)
Operating leases		3.85			3.72
Finance leases		3.16			3.01
Weighted average remaining lease term (years)
Operating leases		6.0			6.2
Finance leases		2.7			2.2

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


	As of December 31,
	2021		2020
Right-of-use assets – operating leases – net	$	84,778	$	93,715
Right-of-use assets – finance leases – net		96		226
Total lease right-of-use assets – net	$	84,874	$	93,941

Supplemental balance sheet information related to lease liabilities:


	As of December 31,
	2021		2020
Current lease liabilities
Operating	$	18,783	$	19,880
Finance		39		147
Non-current lease liabilities
Operating		74,386		83,737
Finance		57		78
Total lease liabilities	$	93,265	$	103,842

The estimated future minimum payments of operating and financing leases as of December 31, 2021:


	Finance Leases			Operating Leases
2022	$	41		$	21,637
2023	37				19,168
2024	18				15,761
2025	4				12,560
2026		—			11,008
Thereafter		—			25,241
Total undiscounted future lease payments	100				105,375
Less imputed interest		(4	)		(12,206	)
Present value lease liabilities	$	96		$	93,169