Commitments and Contingencies (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] |
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Lease expense and other information related to leases |
The components of lease expense were as follows (in thousands):
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For the Year Ended December 31, |
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2020 |
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2019 |
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2018 |
Finance lease cost: |
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Amortization of right-of-use assets |
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$ |
10,151 |
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$ |
13,999 |
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$ |
11,884 |
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Interest on lease liabilities |
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890 |
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1,915 |
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|
676 |
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Operating lease cost |
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15,592 |
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13,159 |
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10,467 |
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Short-term lease cost |
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689 |
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1,349 |
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|
732 |
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Variable lease cost |
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4,135 |
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3,565 |
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3,112 |
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Sublease income |
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(782) |
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(669) |
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(572) |
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Total lease cost |
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$ |
30,675 |
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$ |
33,318 |
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$ |
26,299 |
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Other information related to leases was as follows (in thousands):
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For the Year Ended December 31, |
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2020 |
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2019 |
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2018 |
Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
15,756 |
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$ |
11,516 |
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$ |
10,765 |
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Operating cash flows from finance leases |
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854 |
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991 |
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|
482 |
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Financing cash flows from finance leases |
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10,578 |
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13,919 |
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9,220 |
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Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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2,071 |
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19,503 |
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3,411 |
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Finance leases |
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4,265 |
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17,914 |
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15,370 |
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Weighted average remaining lease term (years): |
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Operating leases |
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7.24 |
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5.39 |
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3.43 |
Finance leases |
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2.59 |
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2.91 |
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3.37 |
Weighted average discount rate: |
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Operating leases |
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4.2 |
% |
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5.5 |
% |
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4.3 |
% |
Finance leases |
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4.3 |
% |
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4.2 |
% |
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4.3 |
% |
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Future minimum lease payments under non-cancellable leases |
Future minimum lease commitments under non-cancellable leases as of December 31, 2020 were as follows (in thousands):
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Operating Leases |
Sublease Income |
Net Operating Leases |
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Finance leases |
2021 |
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$ |
25,451 |
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$ |
685 |
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$ |
24,766 |
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$ |
11,878 |
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2022 |
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20,116 |
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35 |
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20,081 |
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8,540 |
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2023 |
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17,283 |
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— |
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17,283 |
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4,013 |
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2024 |
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12,229 |
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— |
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12,229 |
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|
889 |
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2025 |
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9,872 |
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— |
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9,872 |
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5 |
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Thereafter |
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38,193 |
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— |
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38,193 |
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— |
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Total future lease payments |
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123,144 |
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720 |
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122,424 |
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|
25,325 |
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Less: Amount representing interest |
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(16,132) |
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— |
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(16,132) |
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(1,359) |
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Present value of future payments |
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107,012 |
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720 |
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106,292 |
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|
23,966 |
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Less: Amount for tenant incentives |
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— |
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— |
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— |
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— |
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Revised Present value of future payments |
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107,012 |
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720 |
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106,292 |
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23,966 |
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Less: Current portion |
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(21,461) |
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— |
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(21,461) |
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(11,037) |
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Long term portion |
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$ |
85,551 |
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$ |
720 |
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$ |
84,831 |
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$ |
12,929 |
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Future minimum lease payments under non-cancellable leases |
Future minimum lease commitments under non-cancellable leases as of December 31, 2020 were as follows (in thousands):
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Operating Leases |
Sublease Income |
Net Operating Leases |
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Finance leases |
2021 |
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$ |
25,451 |
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$ |
685 |
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$ |
24,766 |
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$ |
11,878 |
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2022 |
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20,116 |
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35 |
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20,081 |
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8,540 |
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2023 |
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17,283 |
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— |
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17,283 |
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4,013 |
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2024 |
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12,229 |
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— |
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12,229 |
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|
889 |
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2025 |
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9,872 |
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— |
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9,872 |
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5 |
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Thereafter |
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38,193 |
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— |
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38,193 |
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— |
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Total future lease payments |
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123,144 |
|
720 |
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122,424 |
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|
25,325 |
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Less: Amount representing interest |
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(16,132) |
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— |
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(16,132) |
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(1,359) |
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Present value of future payments |
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107,012 |
|
720 |
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106,292 |
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|
23,966 |
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Less: Amount for tenant incentives |
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— |
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— |
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— |
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— |
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Revised Present value of future payments |
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107,012 |
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720 |
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106,292 |
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23,966 |
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Less: Current portion |
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(21,461) |
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— |
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(21,461) |
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(11,037) |
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Long term portion |
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$ |
85,551 |
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$ |
720 |
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$ |
84,831 |
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$ |
12,929 |
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