Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
3 Months Ended
Mar. 31, 2022
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 March 31, 2022, the weighted-average remaining lease term was 3.78 years and weighted-average discount rate was 4.19%.

The following table summarizes the operating lease right of use assets and related lease payables in our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021 (amounts in thousands):
March 31, 2022 December 31, 2021
Operating lease right of use asset $ 111,954  $ 113,399 
Current operating lease liabilities 37,633  37,630 
Long-term operating lease liabilities 77,287  78,688 

The components of lease costs for operating leases for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands):
Three Months Ended March 31,
2022 2021
Operating lease cost $ 14,346  $ 12,190 
Short-term lease cost 930  855 
Variable lease cost 820  1,013 
Total lease costs $ 16,096  $ 14,058 

Maturities of operating lease liabilities as of March 31, 2022 were as follows (amounts in thousands):

Month ending March 31,
2022 $ 31,977 
2023 34,042 
2024 24,748 
2025 17,148 
Thereafter 16,016 
  Total future minimum lease payments 123,931 
Less: Imputed interest (9,011)
  Total $ 114,920