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Leases
 3 Months Ended
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,
20212020
Operating lease cost (1)
$4,543 $4,345 
Variable lease cost968 1,021 
Short-term lease cost4 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,
20212020
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 
202213,768 
20238,727 
20244,719 
20253,484 
Thereafter1,923 
Total future lease payments45,593 
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, 2021December 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 liabilities50 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,
20212020
Operating lease cost (1)
$4,543 $4,345 
Variable lease cost968 1,021 
Short-term lease cost4 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,
20212020
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 
202213,768 
20238,727 
20244,719 
20253,484 
Thereafter1,923 
Total future lease payments45,593 
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, 2021December 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 liabilities50 99 
Total financing lease liabilities$249 $296