Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
3 Months Ended
Mar. 31, 2022
Lessee Disclosure [Abstract]  
Leases
8.
Leases

The Company has non-cancelable operating leases with various terms through February 2033 primarily for office space and office equipment.

The lease costs for the three months ended March 31, 2022 and 2021 were as follows:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Lease costs:

 

 

 

 

 

 

Operating lease cost

 

$

6,327

 

 

$

6,096

 

Finance lease costs:

 

 

 

 

 

 

Amortization of leased assets

 

 

9

 

 

 

43

 

Interest on lease liabilities

 

 

 

 

 

1

 

Short term lease costs:

 

 

 

 

 

 

Operating lease cost

 

 

196

 

 

 

120

 

Finance lease costs:

 

 

 

 

 

 

Amortization of leased assets

 

 

2

 

 

 

2

 

Interest on lease liabilities

 

 

 

 

 

 

Sublease income

 

 

(91

)

 

 

(61

)

Lease cost – net

 

$

6,443

 

 

$

6,201

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

6,385

 

 

$

6,367

 

Operating cash flows from finance leases

 

 

12

 

 

 

48

 

Non-cash related activities

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

15,920

 

 

 

116

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

 

 

 

 

 

Weighted average discount rate (percent)

 

 

 

 

 

 

Operating leases

 

 

3.99

%

 

 

3.73

%

Finance leases

 

 

3.18

%

 

 

3.07

%

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

6.5

 

 

 

6.1

 

Finance leases

 

 

2.6

 

 

 

2.2

 

Supplemental balance sheet information related to Lease right-of-use assets:

 

 

March 31, 2022

 

 

December 31, 2021

 

Right-of-use assets – operating leases – net

 

$

99,603

 

 

$

84,778

 

Right-of-use assets – finance leases – net

 

 

85

 

 

 

96

 

Total lease right-of-use assets – net

 

$

99,688

 

 

$

84,874

 

 

Supplemental balance sheet information related to lease liabilities:

 

 

March 31, 2022

 

 

December 31, 2021

 

Current lease liabilities

 

 

 

 

 

 

Operating

 

$

18,277

 

 

$

18,783

 

Finance

 

 

34

 

 

 

39

 

Non-current lease liabilities

 

 

 

 

 

 

Operating

 

 

91,880

 

 

 

74,386

 

Finance

 

 

51

 

 

 

57

 

Total lease liabilities

 

$

110,242

 

 

$

93,265

 

The estimated future minimum payments of operating and financing leases as of March 31, 2022:

 

 

Finance Leases

 

 

Operating Leases

 

The remainder of 2022

 

$

29

 

 

$

15,699

 

 2023

 

 

37

 

 

 

22,045

 

 2024

 

 

18

 

 

 

19,216

 

 2025

 

 

4

 

 

 

16,379

 

 2026

 

 

 

 

 

14,785

 

Thereafter

 

 

 

 

 

38,677

 

Total undiscounted future lease payments

 

$

88

 

 

$

126,801

 

Less imputed interest

 

 

(3

)

 

 

(16,644

)

Present value lease liabilities

 

$

85

 

 

$

110,157

 

Average annual sublease income for the next eight years is $0.3 million. The Company has eight leases with inception dates prior to March 31, 2022 that have not yet commenced as of March 31, 2022, for a total future estimated lease liability of $116.4 million.