Leases

12 Months Ended

Dec. 31, 2021

Note 6 – Leases

The components of lease expense were as follows (in thousands):


	Year Ended			Year Ended
	December 31, 2021			December 31, 2020
Operating lease cost	$	15,527		$	16,188
Short-term lease cost		439			330
Variable lease cost		5,582			1,871
Sublease income		(549	)		(256	)
Total lease cost	$	20,999		$	18,133

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):


	Year Ended			Year Ended
	December 31, 2021			December 31, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	11,373		$	10,577
Operating ROU assets obtained in exchange for lease obligations	$	7,522		$	12,200
Weighted-average remaining lease term - operating leases (years)		5.9			6.4
Weighted-average discount rate - operating leases		4.3	%		4.6	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of December 31, 2021 are as follows (in thousands):


	Operating Lease			Sublease
	Payments			Cash Receipts
2022	$	16,607		$	839
2023		16,548			606
2024		16,187			625
2025		14,234			—
2026		12,115			—
Thereafter		14,871			—
Total lease payments		90,562		$	2,070
Less imputed interest		(12,532	)
Present value of lease liabilities	$	78,030

Lease balances are as follows (in thousands):


	As of
	December 31, 2021
Operating lease ROU assets	$	65,009

Short-term operating lease liabilities (1)	$	12,992
Non-current operating lease liabilities		65,038
Total operating lease liabilities	$	78,030

(1)

Included in accrued expenses and other current liabilities in the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions or covenants. During the year ended December 31, 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.

During the fourth quarter of 2020, the Company received a variable incentive payment of $3.5 million from one of its landlords to terminate the related office space lease early. This amount was recognized as a reduction in variable lease expense.

During the year ended December 31, 2020, the Company recorded $2.3 million of ROU asset impairments and $1.1 million of leasehold improvement impairments related to a facility lease from the SiriusDecisions acquisition that the Company no longer used as a result of the integration of SiriusDecisions. The leasehold improvements were originally recorded in property and equipment, net in the Consolidated Balance Sheets. As an impairment did occur, the ROU asset and leasehold improvements were required to be recorded at their estimated fair value as Level 3 non-financial assets. The fair value of the asset group was determined using a discounted cash flow model, which required the use of estimates, including projected cash flows for the related assets, the selection of discount rate used in the model, and regional real estate industry data. The fair value of the asset group was allocated to the ROU asset and leasehold improvements based on their relative carrying values. The impairments are included in acquisition and integration costs in the Consolidated Statements of Operations.

The Company did not have any lease impairments or abandonments during 2021 or 2019.