Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Lease Cost

The components of our global lease cost reflected in the condensed consolidated statements of income are as follows:

	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Lease liability cost	$	6,206	$	5,684	$	18,704	$	16,579
Variable lease cost not included in the lease liability(1)	1,033		1,126		3,354		2,847
Total lease cost	$	7,239	$	6,810	$	22,058	$	19,426

(1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.

Lessee, Operating Lease Other Information

Other information related to operating leases is as follows:

	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases	$	(5,921)	$	(5,242)	$	(17,322)	$	(14,551)
Right-of-use assets obtained in exchange for new operating lease liabilities	1,076		6,155		21,319		29,262

	As of September 30,
	2020		2019
Weighted-average remaining lease term of operating leases	7.5 years		7.8 years
Weighted-average discount rate of operating leases	3.3	%	3.7	%

Schedule of Maturity of Operating Lease Liabilities

The maturity schedule of the operating lease liabilities as of September 30, 2020 is as follows:

(in thousands)
Remainder of 2020	$	6,467
2021	23,349
2022	20,424
2023	15,516
2024	14,661
Thereafter	58,798
Total future lease payments	139,215
Less: Present value adjustment	(17,101)
Present value of future lease payments(1)	$	122,114

(1) Includes the current portion of operating lease liabilities of $20.2 million, which is reflected in other accrued expenses and liabilities in the condensed consolidated balance sheets.