Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LeasesThe Company has long-term, non-cancelable operating leases for campuses and other administrative facilities. These leases generally range from 3 years to 15 years and may include renewal options to extend the lease term. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances. The Company subleases certain portions of unused building space to third parties.

The components of lease costs were as follows for the years ended December 31, 2019, 2020, and 2021 (in thousands)

	2019		2020		2021
Lease Cost:
Operating lease cost(1)	$	35,335	$	28,337	$	53,957
Short-term lease cost	885		534		1,768
Sublease income	(2,696)		(2,240)		(2,255)
Total lease costs	$	33,524	$	26,631	$	53,470

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(1)During the years ended December 31, 2019, 2020 and 2021, operating lease cost includes $6.0 million, $0.8 million, and $18.9 million of right-of-use lease asset impairment charges, respectively, related to redundant leased space that was vacated during the year.

The following table provides a summary of the Company's average lease term and discount rate as of December 31, 2020 and 2021:

	As of December 31, 2020		As of December 31, 2021
Weighted average remaining lease term (years)	5.6		7.8
Weighted average discount rate	4.37	%	4.01	%

Supplemental information related to the Company's leases for the years ended December 31, 2019, 2020, and 2021 (in thousands):

	Year ended December 31, 2019		Year ended December 31, 2020		Year ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	32,883	$	32,510	$	43,021
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,431	$	12,763	$	79,953

Maturities of lease liabilities (in thousands):

Year Ending December 31,
2022	$	34,086
2023	31,502
2024	29,059
2025	25,752
2026	23,048
Thereafter	80,322
Total lease payments	223,769
Less: interest	(33,943)
Present value of lease liabilities	$	189,826