XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Leases [Abstract] |
Schedule of Lease Cost | The following table provides a summary of the components of net lease expense as well as the reporting location in the Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2021 and 2020.
(In thousands) | Location in the Condensed Consolidated Statements of Income and Comprehensive Income | Three Months Ended September 30 |  | Nine Months Ended September 30
2021 | 2020 |  | 2021 | 2020
Operating lease expense (1) | Operating expense | $ | 1,425 |  | $ | 905 |  |  | $ | 3,577 |  | $ | 3,421 |
Sublease income (2) | Other income | (66) |  | (42) |  |  | (190) |  | (118) |
Net lease expense |  | $ | 1,359 |  | $ | 863 |  |  | $ | 3,387 |  | $ | 3,303 |
(1) Includes short-term lease costs and variable lease costs, if applicable. For the three and nine months ended September 30, 2021 and 2020, no short-term lease costs were recognized and variable lease costs were nominal in amount. (2) Sublease income excludes rental income from owned properties of $0.6 million and $1.8 million during the three and nine months ended September 30, 2021, respectively, as compared to $0.7 million and $1.9 million during the same respective periods of 2020 which is included in other income. See “Item 2. Properties” in ProAssurance's December 31, 2020 report on Form 10-K for a listing of currently owned properties. The following table provides supplemental lease information for operating leases on the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020.
($ in thousands) | September 30, 2021 | December 31, 2020 |
Operating lease ROU assets | $ | 20,253 |  | $ | 19,013 |  |
Operating lease liabilities | $ | 21,670 |  | $ | 20,116 |  |
Weighted-average remaining lease term | 7.03 years | 8.31 years |
Weighted-average discount rate | 2.84 | % | 2.97 | % |
The following table provides supplemental lease information for the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020.
| Nine Months Ended September 30 |  |
(In thousands) | 2021 | 2020 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 4,145 |  | $ | 3,123 |  |  |  |
Schedule of Lease Liability | The following table is a schedule of remaining future minimum lease payments for operating leases that had an initial or remaining non-cancellable lease term in excess of one year as of September 30, 2021. Operating lease payments exclude $0.5 million of future minimum lease payments for one lease signed but not yet commenced as of September 30, 2021. This lease will commence in the fourth quarter of 2021 with a lease term of approximately ten years.
(In thousands) |
2021 | $ | 1,630 |
2022 | 5,169 |
2023 | 3,820 |
2024 | 2,475 |
2025 | 1,969 |
Thereafter | 8,876 |
Total future minimum lease payments | 23,939 |
Less: Imputed interest | 2,269 |
Total operating lease liabilities | $ | 21,670 |

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration