Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Lease-related Assets and Liabilities
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 
Summary of Components of Gross Operating Lease Costs
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 
Summary of Weighted-average Lease Term and Discount Rate Used
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  %
Summary of Supplemental Cash Flow Information Related to Operating Leases
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 
Schedule of Minimum Future Commitments or Rental Payments Under Operating Leases
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