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Operating Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Operating Leases |
3. | Operating Leases
The Company has operating leases for all of its facilities and autos. As of June 30, 2021 and December 31, 2020, operating lease right-of-use (“ROU”) assets were $138.8 million and $126.9 million, respectively, and the related accumulated amortization was $52.4 million and $42.9 million, respectively. The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease cost (1) |  | $ | 6,512 |  |  | $ | 6,341 |  |  | $ | 13,101 |  |  | $ | 12,604 |
Variable lease cost (2) |  |  | 1,241 |  |  |  | 1,215 |  |  |  | 2,641 |  |  |  | 2,611 |
Sublease income |  |  | (19 | ) |  |  | (89 | ) |  |  | (52 | ) |  |  | (166 | )
|  | $ | 7,734 |  |  | $ | 7,467 |  |  | $ | 15,690 |  |  | $ | 15,049 |
(1) | Includes short-term lease cost and ROU asset amortization.
(2) | Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.
Maturities of lease liabilities by year consisted of the following (in thousands):
|  | June 30, 2021 |
Remainder of 2021 |  | $ | 11,862 |
2022 |  |  | 19,536 |
2023 |  |  | 16,039 |
2024 |  |  | 13,913 |
2025 |  |  | 11,730 |
Thereafter |  |  | 14,575 |
Total future minimum lease payments |  |  | 87,655 |
Less imputed interest |  |  | (6,205 | )
Present value of operating lease liabilities |  | $ | 81,450 |
Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
|  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |
Operating cash flow information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 11,764 |  |  | $ | 10,456 |
Noncash activity: |  |  |  |  |  |  |  |
ROU assets obtained in exchange for operating lease liabilities |  | $ | 13,373 |  |  | $ | 6,334 |
Tenant improvements owned by lessor related to ROU assets (1) |  | $ | 881 |  |  | $ | 317 |
(1) | Reclassification from other assets current.
Other information related to the operating leases consisted of the following:
|  | June 30, 2021 |  |  | December 31, 2020 |
Weighted average remaining operating lease term |  |  | 4.84 years |  |  |  | 4.70 years |
Weighted average discount rate |  |  | 3.0 | % |  |  | 3.1 | %

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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