Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
6 Months Ended
Jun. 30, 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 June 30, 2022, the weighted-average remaining lease term was 3.74 years and weighted-average discount rate was 4.13%.

The following table summarizes the operating lease right of use assets and related lease payables in our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021 (amounts in thousands):
June 30, 2022 December 31, 2021
Operating lease right of use asset $ 109,925  $ 113,399 
Current operating lease liabilities 36,929  37,630 
Long-term operating lease liabilities 75,971  78,688 

The components of lease costs for operating leases for the three and six months ended June 30, 2022 and 2021 were as follows (amounts in thousands):
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Operating lease cost $ 14,420  $ 12,091  $ 28,767  $ 24,281 
Short-term lease cost 874  914  1,803  1,770 
Variable lease cost 1,283  1,071  2,104  2,084 
Total lease costs $ 16,577  $ 14,076  $ 32,674  $ 28,135 

Maturities of operating lease liabilities as of June 30, 2022 were as follows (amounts in thousands):

Month ending June 30,
2022 $ 21,552 
2023 35,912 
2024 26,911 
2025 18,879 
Thereafter 18,435 
  Total future minimum lease payments 121,689 
Less: Imputed interest (8,789)
  Total $ 112,900