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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | (7) Leases The Company leases office space in the United States and foreign locations under operating lease agreements. Office space is the Company’s only material underlying asset class under operating lease agreements. The Company has no material finance leases. Under the Company’s office space lease agreements, fixed payments and variable payments that depend on an index or rate are typically comprised of base rent and parking fees. Additionally, under these agreements the Company is generally responsible for certain variable payments that typically include certain taxes, utilities and maintenance costs, and other fees. These variable lease payments are generally based on the Company’s occupation or usage percentages and are subject to adjustments by the lessor. The Company’s ROU asset and total lease liability balances were $61.3 million and $77.4 million, respectively, as of December 31, 2022, and $66.8 million and $85.8 million, respectively, as of December 31, 2021. The Company’s most significant lease is for its corporate headquarters in Northern Virginia. The ROU asset and total lease liability balances related to the Company’s corporate headquarters lease were $52.5 million and $68.2 million, respectively, as of December 31, 2022, and $55.2 million and $73.6 million, respectively, as of December 31, 2021. The lease agreement for the Company’s corporate headquarters location is set to expire in December 2030, with an option for the Company to extend the term for an additional five or 10 consecutive years. The Company is currently not reasonably certain it will exercise this renewal option and therefore has not included the renewal option in the lease term. The lease agreement also includes an option to early terminate a portion of the leased space in exchange for a termination fee, which the Company exercised in the fourth quarter of 2020. This modification was not accounted for as a separate contract. Upon exercise of this early termination option in 2020, the Company reduced the lease liability balance by the amount of the termination fee, which was $1.6 million, and remeasured the remaining ROU asset and lease liability, reducing them by $4.2 million and $7.0 million, respectively, which resulted in a gain on partial lease termination of $2.8 million. The $2.8 million gain on partial lease termination was recorded as a reduction to operating lease cost and is reflected within the “Operating lease cost” line in the table below for the year ended December 31, 2020. The $1.6 million termination fee is reflected within the “Cash paid for amounts included in the measurement of operating lease liabilities” line in the table below for the year ended December 31, 2020. In remeasuring the ROU Asset, the Company elected to do so based on the on the remaining right of use. Several of the Company’s remaining leases also contain options for renewal or options to terminate all or a portion of the leased space. The Company continually assesses the likelihood of exercising these options and recognizes an option as part of its ROU assets and lease liabilities if and when it is reasonably certain that it will exercise the option. The following table presents the Company’s total lease cost and other lease details for the periods indicated (in thousands, except years and discount rates):
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 13,008 |  |  | $ | 13,522 |  |  | $ | 11,772 |
Short-term lease cost |  |  | 582 |  |  |  | 558 |  |  |  | 1,158 |
Variable lease cost |  |  | 514 |  |  |  | 1,224 |  |  |  | 1,382 |
Total lease cost |  | $ | 14,104 |  |  | $ | 15,304 |  |  | $ | 14,312 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 14,224 |  |  | $ | 15,772 |  |  | $ | 17,497 |
ROU assets obtained in exchange for new operating lease liabilities |  | $ | 1,563 |  |  | $ | 2,420 |  |  | $ | 743 |
Weighted average remaining lease term in years – operating leases |  |  | 7.5 |  |  |  | 8.3 |  |  |  | 9.1 |
Weighted average discount rate – operating leases |  |  | 6.1 | % |  |  | 6.1 | % |  |  | 6.1 | %
The following table presents the maturities of the Company’s operating lease liabilities as of December 31, 2022 (in thousands):
For the year ended December 31, |  |  |  |
2023 |  | $ | 14,446 |
2024 |  |  | 12,798 |
2025 |  |  | 12,429 |
2026 |  |  | 12,569 |
2027 |  |  | 12,116 |
Thereafter |  |  | 31,750 |
Total lease payments |  |  | 96,108 |
Less: imputed interest |  |  | (18,712 | )
Total |  | $ | 77,396 |
Reported as: |  |  |  |
Current operating lease liabilities |  | $ | 10,052 |
Non-current operating lease liabilities |  |  | 67,344 |
Total |  | $ | 77,396 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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