Leases

12 Months Ended

Dec. 31, 2020


15.			Leases

The Company has non-cancelable operating lease arrangements for its office space and equipment that expire at various dates through 2035. In addition, the Company rents office equipment under agreements that may be canceled anytime.

The following table presents supplemental balance sheet information related to our operating leases:


(In thousands)	Balance Sheet Location	December 31, 2020		December 31, 2019
Assets
Operating lease ROU assets	Other assets	$	85,034	$	68,351
Liabilities
Current operating lease liabilities	Other current liabilities	16,445		13,176
Non-current operating lease liabilities	Other liabilities	82,969		67,910
Total lease liabilities		$	99,414	$	81,086

The following table presents the weighted average remaining lease term and discount rate:


Operating leases	December 31, 2020		December 31, 2019
Weighted average remaining term (in years)	10.2		8.5
Weighted average discount rate	4.5	%	4.6	%

Maturities of our operating lease liabilities are as follows:


(In thousands)	December 31, 2020
2021	$	20,384
2022	16,668
2023	12,484
2024	9,752
2025	7,583
Thereafter	57,180
Total lease payments	$	124,051
Less: Imputed interest	(24,637)
Total lease obligations	$	99,414
Less: Current portion of lease obligations	16,445
Long-term lease obligations	$	82,969

Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheet. Short-term lease payments are recognized on a straight-line basis and variable short-term lease payments are recognized in the period in which the obligation is incurred. We recognized $18.2 million, $18.3 million, and $15.7 million of operating lease expense during 2020, 2019 and 2018, respectively, which includes these immaterial short-term leases and variable lease costs as well as lease expense related to equipment and vehicles. These amounts are classified as general and administrative expenses on our consolidated statements of income.

The following table presents supplemental cash flow and other information related to our leases:


(In thousands)	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,511	$	16,314
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases(a)	$	32,469	$	11,001

(a) Includes non-cash transactions resulting in adjustments to the lease liability or ROU asset due to modification, impairment or other reassessment events.