XML 36 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of December 31, 2020, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to ten years.
For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statement of operations on a straight‑line basis over the lease term. Short‑term lease expense was not material for the periods presented.
The components of operating lease cost reflected in the consolidated statement of operations for the year ended December 31, 2020 were as follows:
Year Ended
December 31, 2020
Operating lease cost (1)
$18,194 
Variable lease cost3,881 
Short-term lease cost399 
Total operating lease cost$22,474 
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $17,417 for the year ended December 31, 2020.
For the years ended December 31, 2019 and 2018, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the prior lease standard (Topic 840) was $17,036 and $16,726, respectively.
Other information related to leases for the year ended December 31, 2020 was as follows:
Year Ended
December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18,384 
Right-of-use assets obtained in exchange for new operating lease liabilities$15,522 
Weighted average remaining lease term — operating leases (in years)
3.65
Weighted average discount rate — operating leases
2.14 %
Maturities of operating lease liabilities as of December 31, 2020 are as follows:
December 31, 2020
2021$17,666 
202213,859 
20238,801 
20244,715 
20253,528 
Thereafter1,983 
Total future lease payments50,552 
Less: Imputed interest(2,175)
Total operating lease liabilities$48,377 
As of December 31, 2020, the Company had additional operating lease minimum lease payments of $1,368 for executed leases that have not yet commenced, primarily for office locations.
As of December 31, 2019, under the prior lease standard (Topic 840), future minimum lease payments under non‑cancelable operating leases are as follows:
December 31, 2019
2020$15,886 
202113,186 
202210,385 
20236,572 
20243,216 
Thereafter2,771 
Total minimum lease payments$52,016 
Total financing lease liabilities as of December 31, 2020 were $296. Supplemental balance sheet information related to the financing lease as of December 31, 2020 is as follows:
December 31, 2020
Property and equipment$572 
Accumulated depreciation(229)
Property and equipment, net$343 
Accruals and other current liabilities$197 
Other liabilities99 
Total financing lease liabilities$296 
Leases Leases
The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of December 31, 2020, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to ten years.
For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statement of operations on a straight‑line basis over the lease term. Short‑term lease expense was not material for the periods presented.
The components of operating lease cost reflected in the consolidated statement of operations for the year ended December 31, 2020 were as follows:
Year Ended
December 31, 2020
Operating lease cost (1)
$18,194 
Variable lease cost3,881 
Short-term lease cost399 
Total operating lease cost$22,474 
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $17,417 for the year ended December 31, 2020.
For the years ended December 31, 2019 and 2018, total rent expense related to operating leases recognized on straight‑line basis over the life of the lease under the prior lease standard (Topic 840) was $17,036 and $16,726, respectively.
Other information related to leases for the year ended December 31, 2020 was as follows:
Year Ended
December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18,384 
Right-of-use assets obtained in exchange for new operating lease liabilities$15,522 
Weighted average remaining lease term — operating leases (in years)
3.65
Weighted average discount rate — operating leases
2.14 %
Maturities of operating lease liabilities as of December 31, 2020 are as follows:
December 31, 2020
2021$17,666 
202213,859 
20238,801 
20244,715 
20253,528 
Thereafter1,983 
Total future lease payments50,552 
Less: Imputed interest(2,175)
Total operating lease liabilities$48,377 
As of December 31, 2020, the Company had additional operating lease minimum lease payments of $1,368 for executed leases that have not yet commenced, primarily for office locations.
As of December 31, 2019, under the prior lease standard (Topic 840), future minimum lease payments under non‑cancelable operating leases are as follows:
December 31, 2019
2020$15,886 
202113,186 
202210,385 
20236,572 
20243,216 
Thereafter2,771 
Total minimum lease payments$52,016 
Total financing lease liabilities as of December 31, 2020 were $296. Supplemental balance sheet information related to the financing lease as of December 31, 2020 is as follows:
December 31, 2020
Property and equipment$572 
Accumulated depreciation(229)
Property and equipment, net$343 
Accruals and other current liabilities$197 
Other liabilities99 
Total financing lease liabilities$296