|
9. LEASES
The Company recognized $7.7 million and $7.6 million of operating lease expenses for the three months ended March 31, 2022 and 2021, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for the three months ended March 31, 2022 and 2021.
Maturities of the Company’s operating lease liabilities as of March 31, 2022 are as follows:
|
Maturity of Lease Liabilities |
|
Operating |
|
|
(in thousands) |
|
Leases |
|
|
Remainder of 2022 |
|
$ |
20,368 |
|
|
2023 |
|
|
28,273 |
|
|
2024 |
|
|
22,827 |
|
|
2025 |
|
|
21,628 |
|
|
2026 |
|
|
19,864 |
|
|
Thereafter |
|
|
73,499 |
|
|
Total lease payments |
|
$ |
186,459 |
|
|
Less: Interest |
|
|
(23,538 |
) |
|
Present value of lease liabilities |
|
$ |
162,921 |
|
|
|
|
|
|
|
|
Other accrued liabilities |
|
$ |
23,026 |
|
|
Long-term operating lease liabilities |
|
$ |
139,895 |
|
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:
|
|
|
As of |
|
|
|
|
March 31, |
|
|
December 31, |
|
|
Lease Term and Discount Rate |
|
2022 |
|
|
2021 |
|
|
Weighted-average remaining lease term (years) |
|
|
8.10 |
|
|
|
8.16 |
|
|
Weighted-average discount rate |
|
|
3.14 |
% |
|
|
3.09 |
% |
Other information related to the Company’s operating leases are as follows:
|
|
|
Three Months Ended |
|
|
Other Information |
|
March 31, |
|
|
(in thousands) |
|
2022 |
|
|
2021 |
|
|
Operating cash flows used for operating leases |
|
$ |
7,152 |
|
|
$ |
7,632 |
|
|
Right of use assets obtained in exchange for new
operating lease liabilities |
|
$ |
- |
|
|
$ |
4,144 |
|
|