Leases

6 Months Ended

Jun. 30, 2021

Note 4 — Leases

All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

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


	For the Three Months Ended June 30,
	2021			2020
Operating lease cost	$	4,062		$	3,944
Short-term lease cost		98			81
Variable lease cost		1,280			1,660
Sublease income		(105	)		(63	)
Total lease cost	$	5,335		$	5,622


	For the Six Months Ended June 30,
	2021			2020
Operating lease cost	$	7,882		$	7,935
Short-term lease cost		186			163
Variable lease cost		2,715			3,016
Sublease income		(166	)		(124	)
Total lease cost	$	10,617		$	10,990

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


	For the Six Months Ended June 30,
	2021			2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,769		$	6,204
Operating lease ROU assets obtained in exchange for lease obligations	$	7,385		$	3,898
Weighted-average remaining lease term - operating leases (years)		6.3			6.1
Weighted-average discount rate - operating leases		4.4	%		5.0	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2021 are as follows (in thousands):


	Operating Lease			Sublease
	Payments			Cash Receipts
2021 (remainder)	$	7,564		$	182
2022		16,606			839
2023		16,564			606
2024		16,193			625
2025		14,236			—
Thereafter		27,102			—
Total lease payments and estimated sublease cash receipts		98,265		$	2,252
Less imputed interest		(14,589	)
Present value of lease liabilities	$	83,676

Lease balances as of June 30, 2021 are as follows (in thousands):


Operating lease ROU assets	$	70,756

Short-term operating lease liabilities (1)	$	12,099
Non-current operating lease liabilities		71,577
Total operating lease liabilities	$	83,676

(1)

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

The Company’s leases do not contain residual value guarantees, material restrictions or covenants. During the three months ended June 30, 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.

The Company incurred $1.4 million of ROU asset impairments during the six months ended June 30, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition that the Company no longer used as a result of the integration of SiriusDecisions. These impairments are recorded in integration costs on the Consolidated Statements of Income.