Leases

12 Months Ended

Dec. 31, 2020

NOTE 7 – LEASES

The Company has operating leases for facilities and equipment which have remaining terms ranging from 1 to 13 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in rent expense resulting from changes in these indices are included within variable rent.

Operating leases consisted of the following at December 31, 2020:

	December 31, 2020
Real estate facilities	$	157,010
Office equipment		1,864
Other		580
		159,454
Amortization of right-of-use assets		(32,322	)
Total operating lease right-of-use assets	$	127,132

Rent expense is recognized on a straight-line basis over the lease term. Rent expense consists of the following:

	Year Ended December 31,
	2020		2019
Operating lease costs	$	37,874	$	36,210
Short-term lease costs		1,421		2,153
Variable lease costs		53		77
Total rent expense	$	39,348	$	38,440

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:

			December 31, 2020
December 31, 2021			$	27,417
December 31, 2022				38,691
December 31, 2023				20,835
December 31, 2024				17,208
December 31, 2025				13,603
Thereafter				37,314
Total future minimum lease payments				155,068
Less: Interest				(16,104	)
Total operating lease liabilities			$	138,964

	December 31, 2020		December 31, 2019
Operating lease liabilities - current	$	23,350	$	32,500
Operating lease liabilities - non-current		115,614		119,250
Total operating lease liabilities	$	138,964	$	151,750

Other information related to operating leases is as follows:

	Year Ended December 31,
	2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41,025		$	36,907
Right-of-use assets obtained in exchange for new operating lease liabilities	$	29,790		$	31,123
Weighted-average remaining lease term - operating leases		5.9			5.1
Weighted-average discount rate - operating leases		3.4	%		3.7	%

As of December 31, 2020, the Company had an additional operating lease that had not yet commenced with a potential operating lease liability of $118.5 million. The operating lease has a lease term of 18 years and is anticipated to commence on March 2022 when the Company will take possession of the property and commence any required buildout.

Rent expense, for periods prior to the adoption of the new lease standard, is recognized on a straight-line basis over the lease term, net of sublease payments. Rent expense consists of the following for the year ended December 31:

	2018
Rent	$	34,924
Sublease income		(45	)
Total rent expense	$	34,879