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v3.21.2

Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | Note 4 — Leases All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material. The components of lease expense were as follows (in thousands):
|  | For the Three Months Ended June 30, |
|  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 4,062 |  |  | $ | 3,944 |
Short-term lease cost |  |  | 98 |  |  |  | 81 |
Variable lease cost |  |  | 1,280 |  |  |  | 1,660 |
Sublease income |  |  | (105 | ) |  |  | (63 | )
Total lease cost |  | $ | 5,335 |  |  | $ | 5,622 |
|  | For the Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 7,882 |  |  | $ | 7,935 |
Short-term lease cost |  |  | 186 |  |  |  | 163 |
Variable lease cost |  |  | 2,715 |  |  |  | 3,016 |
Sublease income |  |  | (166 | ) |  |  | (124 | )
Total lease cost |  | $ | 10,617 |  |  | $ | 10,990 |
Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):
|  | For the Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 5,769 |  |  | $ | 6,204 |
Operating lease ROU assets obtained in exchange for lease obligations |  | $ | 7,385 |  |  | $ | 3,898 |
Weighted-average remaining lease term - operating leases (years) |  |  | 6.3 |  |  |  | 6.1 |
Weighted-average discount rate - operating leases |  |  | 4.4 | % |  |  | 5.0 | %
Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2021 are as follows (in thousands):
|  | Operating Lease |  |  | Sublease |
|  | Payments |  |  | Cash Receipts |
2021 (remainder) |  | $ | 7,564 |  |  | $ | 182 |
2022 |  |  | 16,606 |  |  |  | 839 |
2023 |  |  | 16,564 |  |  |  | 606 |
2024 |  |  | 16,193 |  |  |  | 625 |
2025 |  |  | 14,236 |  |  |  | — |
Thereafter |  |  | 27,102 |  |  |  | — |
Total lease payments and estimated sublease cash receipts |  |  | 98,265 |  |  | $ | 2,252 |
Less imputed interest |  |  | (14,589 | ) |  |  |
Present value of lease liabilities |  | $ | 83,676 |  |  |  |
Lease balances as of June 30, 2021 are as follows (in thousands):
Operating lease ROU assets |  | $ | 70,756 |
Short-term operating lease liabilities (1) |  | $ | 12,099 |
Non-current operating lease liabilities |  |  | 71,577 |
Total operating lease liabilities |  | $ | 83,676 |
(1) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. The Company’s leases do not contain residual value guarantees, material restrictions or covenants. During the three months ended June 30, 2021, the Company subleased one of its facilities in San Francisco, California. The sublease agreement expires in 2024 and (i) does not include renewal and termination options, (ii) provides for customary escalations of lease payments in the normal course of business, and (iii) grants the subtenant certain allowances, such as free rent. The Company incurred $1.4 million of ROU asset impairments during the six months ended June 30, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition that the Company no longer used as a result of the integration of SiriusDecisions. These impairments are recorded in integration costs on the Consolidated Statements of Income.

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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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