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Leases | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021, 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 were as follows:
| Three Months Ended
| March 31,
| 2021 |  | 2020
Operating lease cost (1) | $ | 4,543 |  |  | $ | 4,345 |
Variable lease cost | 968 |  |  | 1,021 |
Short-term lease cost | 4 |  |  | 25 |
Total operating lease cost | $ | 5,515 |  |  | $ | 5,391 |
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,351 and $4,146 for the three months ended March 31, 2021 and 2020, respectively. Other information related to leases was as follows:
| Three Months Ended
| March 31,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 4,686 |  |  | $ | 4,482 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 614 |  |  | $ | 4,467 |
The weighted average remaining lease term for operating leases was 3.5 years and 3.7 years as of March 31, 2021 and December 31, 2020, respectively. The weighted average discount rate was 2.1% as of March 31, 2021 and December 31, 2020. Maturities of operating lease liabilities are as follows:
| March 31, 2021
Remainder of 2021 | $ | 12,972 |
2022 | 13,768 |
2023 | 8,727 |
2024 | 4,719 |
2025 | 3,484 |
Thereafter | 1,923 |
Total future lease payments | 45,593 |
Less: Imputed interest | (1,838) |
Total operating lease liabilities | $ | 43,755 |
As of March 31, 2021, the Company had additional operating lease minimum lease payments of $8,505 for executed leases that have not yet commenced, primarily for office locations. Supplemental balance sheet information related to the financing lease was as follows:
| March 31, 2021 |  | December 31, 2020
Property and equipment | $ | 576 |  |  | $ | 572 |
Accumulated depreciation | (288) |  |  | (229) |
Property and equipment, net | $ | 288 |  |  | $ | 343 |
Accruals and other current liabilities | $ | 199 |  |  | $ | 197 |
Other liabilities | 50 |  |  | 99 |
Total financing lease liabilities | $ | 249 |  |  | $ | 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 March 31, 2021, 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 were as follows:
| Three Months Ended
| March 31,
| 2021 |  | 2020
Operating lease cost (1) | $ | 4,543 |  |  | $ | 4,345 |
Variable lease cost | 968 |  |  | 1,021 |
Short-term lease cost | 4 |  |  | 25 |
Total operating lease cost | $ | 5,515 |  |  | $ | 5,391 |
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,351 and $4,146 for the three months ended March 31, 2021 and 2020, respectively. Other information related to leases was as follows:
| Three Months Ended
| March 31,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 4,686 |  |  | $ | 4,482 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 614 |  |  | $ | 4,467 |
The weighted average remaining lease term for operating leases was 3.5 years and 3.7 years as of March 31, 2021 and December 31, 2020, respectively. The weighted average discount rate was 2.1% as of March 31, 2021 and December 31, 2020. Maturities of operating lease liabilities are as follows:
| March 31, 2021
Remainder of 2021 | $ | 12,972 |
2022 | 13,768 |
2023 | 8,727 |
2024 | 4,719 |
2025 | 3,484 |
Thereafter | 1,923 |
Total future lease payments | 45,593 |
Less: Imputed interest | (1,838) |
Total operating lease liabilities | $ | 43,755 |
As of March 31, 2021, the Company had additional operating lease minimum lease payments of $8,505 for executed leases that have not yet commenced, primarily for office locations. Supplemental balance sheet information related to the financing lease was as follows:
| March 31, 2021 |  | December 31, 2020
Property and equipment | $ | 576 |  |  | $ | 572 |
Accumulated depreciation | (288) |  |  | (229) |
Property and equipment, net | $ | 288 |  |  | $ | 343 |
Accruals and other current liabilities | $ | 199 |  |  | $ | 197 |
Other liabilities | 50 |  |  | 99 |
Total financing lease liabilities | $ | 249 |  |  | $ | 296 |

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