Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2021
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 September 30, 2021, the weighted-average remaining lease term was 3.97 years and weighted-average discount rate was 4.24%.

The following table summarizes the operating lease right of use assets and related lease payables in our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 (amounts in thousands):
September 30, 2021 December 31, 2020
Operating lease right of use asset $ 111,550  $ 100,046 
Current operating lease liabilities 35,964  32,676 
Long-term operating lease liabilities 78,445  70,275 

The components of lease costs for operating leases for the three and nine months ended September 30, 2021 and 2020 were as follows (amounts in thousands):
Three months ended September 30, Nine months ended September 30,
2021 2020 2021 2020
Operating lease cost $ 12,791  $ 11,973  $ 37,096  $ 34,921 
Short-term lease cost 927  743  2,697  2,232 
Variable lease cost 997  999  3,058  2,851 
Total lease costs $ 14,715  $ 13,715  $ 42,851  $ 40,004 

Maturities of operating lease liabilities as of September 30, 2021 were as follows (amounts in thousands):

Month ending September 30,
2021 $ 10,650 
2022 37,918 
2023 28,922 
2024 20,080 
Thereafter 26,578 
  Total future minimum lease payments 124,148 
Less: Imputed interest (9,739)
  Total $ 114,409