Lessee Leases

3 Months Ended

Mar. 31, 2021

The Company has operating leases for office buildings, data centers, office equipment, and vehicles. The Company’s leases have initial terms of one to 12 years. As of March 31, 2021, the Company did not have any additional material operating leases that were entered into, but not yet commenced.

The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the Condensed Consolidated Balance Sheets was as follows:


	March 31, 2021

	(In thousands)
Remaining nine months of 2021	$	11,305
2022	14,088
2023	10,199
2024	8,847
2025	6,413
Thereafter	17,293
Total operating lease payments	68,145
Present value adjustment	(10,474)
Total operating lease liabilities (1)	$	57,671

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(1) Amount consists of a current and long-term portion of operating lease liabilities of $12.2 million and $45.4 million, respectively. The current portion of the operating lease liabilities is included in accrued liabilities in the Condensed Consolidated Balance Sheets.

Operating lease costs were $3.7 million and $3.6 million for the three months ended March 31, 2021 and 2020, respectively. Short-term lease costs and variable lease costs were immaterial for the three months ended March 31, 2021 and 2020.

The following table summarizes supplemental cash flow information related to the Company’s operating leases for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021		2020

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	3,972	$	3,735
Right-of-use assets obtained in exchange for new lease liabilities	$	541	$	792

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases as of March 31, 2021 and December 31, 2020:


	March 31, 2021		December 31, 2020
Weighted-average remaining lease term, years	5.8		5.9
Weighted-average discount rate, %	5.8	%	5.8	%