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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 IncomeThree Months Ended September 30Nine Months Ended September 30
2021202020212020
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, 2021December 31, 2020
Operating lease ROU assets$20,253 $19,013 
Operating lease liabilities$21,670 $20,116 
Weighted-average remaining lease term7.03 years8.31 years
Weighted-average discount rate2.84 %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)20212020
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 
20225,169 
20233,820 
20242,475 
20251,969 
Thereafter8,876 
Total future minimum lease payments23,939 
Less: Imputed interest2,269 
Total operating lease liabilities$21,670