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Leases

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Leases of Lessee Disclosure

Note 16. Leases

Operating lease expense was as follows:

												For the Years Ended December 31,
Lease Type						Classification						2020						2019
Parking leases						Compensation and benefits						$	520					$	519
Office leases (1)						Occupancy						14,991						15,931
Variable lease cost (2)						Occupancy						135						118
Short-term lease cost (2)						Occupancy						343						369
Sublease income						Occupancy						(429)						(286)
Office equipment leases						Communication and technology						281						305
Total operating lease expense												$	15,841					$	16,956
(1) Office lease expense includes impairment charges of $0.9 million and $1.5 million for the years ended December 31, 2020 and 2019, respectively, related to the abandonment of a leased office space, as discussed below.
(2) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

During the years ended December 31, 2020 and 2019, the Company recognized asset impairment losses of $0.9 million and $2.1 million, respectively, related to the abandonment of a leased office location. The losses are recorded in occupancy expense based on the present value of expected future cash flows. The $0.9 million impairment loss incurred for the year ended December 31, 2020 consists entirely of a lease asset impairment and the $2.1 million impairment loss incurred for the year ended December 31, 2019 consists of a $1.5 million lease asset impairment and a $0.6 million property impairment.

Operating lease expense was $13.9 million for the year ended December 31, 2018 under ASC Topic 840.

The table below presents the maturity of operating lease liabilities:

			As of December 31, 2020
2021			$	16,749
2022			15,375
2023			13,800
2024			13,495
2025			13,450
Thereafter			37,026
Total undiscounted lease payments			109,895
Adjustment to discount to present value			(17,224)
Operating lease liabilities			$	92,671

As of December 31, 2020, there were not any leases that were signed but not yet commenced, and none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:

			For the Years Ended December 31,
			2020						2019
Weighted average discount rate			4.6		%				4.7		%
Weighted average remaining lease term			7.4 years						8.1 years
Operating cash flows for operating leases			16,546						14,183

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- References

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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