Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases LEASESThe Company leases office space under operating lease agreements that have initial terms ranging from 1 to 12 years. Some leases include one or more options to exercise renewal terms, generally at our sole discretion, that can extend the lease term. Certain leases contain rights to terminate whereby those termination options are held by either the Company, the lessor, or both parties. These options to extend or terminate a
lease are included in the lease term only when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.
All leases recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020 are classified as operating leases, which include leases related to the asset classes reflected in the table below. ROU assets are included in Other assets in our Consolidated Balance Sheets.
2021 2020
Office leases $ 86,231  $ 87,063 
Equipment 253  445 
Total right-of-use assets $ 86,484  $ 87,508 
Office leases $ 97,551  $ 94,410 
Equipment 285  481 
Total lease liability $ 97,836  $ 94,891 
The following table summarizes the components of our gross operating lease costs incurred during the years ended December 31, 2021 and 2020:
(in thousands) 2021 2020
Operating lease cost $ 25,311  $ 25,806 
Short-term lease cost 2,334  1,974 
Variable lease cost 3,821  3,105 
Total lease cost $ 31,466  $ 30,885 
Our weighted-average lease term and discount rate used are as follows:
December 31,
2021 2020
Weighted-average lease term (years) 6.1 6.7
Weighted-average discount rate 3.8  % 3.8  %
The following table summarizes supplemental cash flow information related to operating leases:  
2021 2020
Cash paid for operating leases $ 21,705  $ 24,565 
Right-of-use assets obtained in exchange for new operating lease obligations $ 18,839  $ 33,401 
Minimum future commitments by year for our long-term operating leases as of December 31, 2021 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized in the balance sheet as follows:
Amount
2022 $ 26,092 
2023 20,704 
2024 14,784 
2025 10,520 
2026 8,309 
Thereafter 29,160 
Total future minimum lease payments $ 109,569 
Less: imputed interest (11,733)
Total lease liabilities $ 97,836