Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.4
Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
 
The Company determines if a contract contains a lease at inception date. The Company's leases are operating leases, primarily for office and office equipment, that expire at various dates over the next five years. The facility based leases have renewal options for periods ranging from one to nine years. As it is not reasonably certain these renewal options will be exercised, the options were not considered in the lease term, and payments associated with the option years are excluded from lease payments.
Payments due under operating leases include fixed and variable payments. These variable payments for the Company's office leases can include operating expenses, utilities, property taxes, insurance, common area maintenance, and other facility-related expense. Additionally, any leases with terms less than one year were not recognized as operating lease right of use assets or payables for short term leases in accordance with the election of ‘package of practical expedient’ under ASU 2016-02.
The Company recognizes operating lease right of use assets and operating lease payable based on the present value of the future minimum lease payments at the lease commencement date. The Company's leases do not provide implicit rates. Therefore, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. As of December 31, 2020, the weighted-average remaining lease term was 4.15 years and weighted-average discount rate was 4.51%. As of December 31, 2019, the weighted-average remaining lease term was 4.59 years and weighted-average discount rate was 4.77%.
The following table summarizes the operating lease right of use assets and related lease payables in the consolidated balance sheets at December 31, 2020 and 2019 (amounts in thousands):
December 31, 2020 December 31, 2019
Operating lease right of use asset $ 100,046  $ 95,452 
Current operating lease payable $ 32,676  $ 28,701 
Long-term operating lease payable $ 70,275  $ 69,556 

The components of lease costs for operating leases for the years ended December 31, 2020 and 2019 were as follows: (amounts in thousands):
2020 2019
Operating lease cost $ 47,288  $ 45,595 
Short-term lease cost 4,273  3,243 
Variable lease cost 4,187  3,879 
  Total lease costs $ 55,748  $ 52,717 

Maturities of operating lease payables as of December 31, 2020 were as follows (amounts in thousands):
Year Total
2021 36,451 
2022 27,802 
2023 19,247 
2024 12,257 
Thereafter 16,945 
  Total future minimum lease payments 112,702 
Less: Imputed interest (9,751)
  Total $ 102,951