v3.20.4

Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 9. LEASES The Company has entered into operating leases primarily for office real estate. The leases have remaining terms ranging from one year to 10 years and may include options to extend or terminate the lease. The depreciable life of ROU assets is limited by the expected lease term. The components of lease expense are as follows (in thousands):
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Operating lease cost (1) |  | $ | 56,348 |  |  | $ | 35,146 |
Sublease income |  |  | (2,105 | ) |  |  | (2,622 | )
Net operating lease cost |  | $ | 54,243 |  |  | $ | 32,524 |
(1) For the years ended December 31, 2020 and 2019, variable lease costs were $12.1 million and $4.9 million, respectively. Variable lease costs primarily include common area maintenance charges. Supplemental cash flow information related to leases is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 30,664 |  |  | $ | 17,721 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 12,031 |  |  | $ | 267,048 |
Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate):
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Operating lease right-of-use assets |  | $ | 266,197 |  |  | $ | 283,291 |
Included in accounts payable and accrued liabilities: |  |  |  |  |  |  |  |
Operating lease liability, current |  |  | 35,647 |  |  |  | 17,896 |
Operating lease liability, non-current |  |  | 307,936 |  |  |  | 301,694 |
Total operating lease liability |  | $ | 343,583 |  |  | $ | 319,590 |
Weighted Average Remaining Lease Term: |  |  |  |  |  |  |  |
Operating leases (in years) |  | 9.05 |  |  | 9.98 |
Weighted Average Discount Rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 4.60 | % |  |  | 4.65 | %
Future lease payments under operating leases as of December 31, 2020 were as follows (in thousands):
Year Ending December 31, |  | Operating Leases |
2021 |  | $ | 50,889 |
2022 |  |  | 47,377 |
2023 |  |  | 47,597 |
2024 |  |  | 46,635 |
2025 |  |  | 46,295 |
Thereafter |  |  | 201,852 |
Total future lease payments |  |  | 440,645 |
Less: imputed interest |  |  | (81,076 | )
Less: expected tenant improvement allowance |  |  | (15,986 | )
Total |  | $ | 343,583 |
As of December 31, 2020, the Company’s commitment relating to the operating lease that has not yet commenced is $2.7 million. This operating lease commences in fiscal year 2025 and has a lease term of two years.

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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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