Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 5 – Leases

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

	Year Ended			Year Ended
	December 31, 2020			December 31, 2019
Operating lease cost	$	16,188		$	15,005
Short-term lease cost		330			498
Variable lease cost		1,871			5,318
Sublease income		(256	)		(205	)
Total lease cost	$	18,133		$	20,616

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

	Year Ended			Year Ended
	December 31, 2020			December 31, 2019
Cash paid for amounts included in the measurement of    operating lease liabilities	$	10,577		$	10,953
Operating ROU assets obtained in exchange for     lease obligations	$	12,200		$	18,497
Weighted-average remaining lease term - operating    leases (years)		6.4			6.4
Weighted-average discount rate - operating leases		4.6	%		5.1	%

Future minimum lease payments under non-cancellable leases as of December 31, 2020 are as follows (in thousands):

2021	$	15,425
2022		15,468
2023		15,070
2024		14,687
2025		12,700
Thereafter		21,109
Total lease payments		94,459
Less imputed interest		(12,164	)
Present value of lease liabilities	$	82,295

Lease balances are as follows (in thousands):

	As of
	December 31, 2020
Operating lease ROU assets	$	69,296
Short-term operating lease liabilities (1)	$	11,972
Non-current operating lease liabilities		70,323
Total operating lease liabilities	$	82,295

(1) Included in accrued expenses and other current liabilities in the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees or material restrictions or covenants, and all sublease transactions are not material.

During the fourth quarter of 2020, the Company received a variable incentive payment of $3.5 million from one of its landlords to terminate the related office space lease early. This amount was recognized as a reduction in rent expense.

During the year ended December 31, 2020, the Company recorded $2.3 million of ROU asset impairments and $1.1 million of leasehold improvement impairments related to a facility lease from the SiriusDecisions acquisition that the Company no longer used as a result of the integration of SiriusDecisions. The leasehold improvements were originally recorded in property and equipment, net in the Consolidated Balance Sheets. The fair value of the asset group was determined using a discounted cash flow model, which required the use of estimates, including projected cash flows for the related assets, the selection of discount rate used in the model, and regional real estate industry data. The fair value of the asset group was allocated to the ROU asset and leasehold improvements based on their relative carrying values. The impairments are included in acquisition and integration costs in the Consolidated Statements of Operations.

The Company did not have any lease impairments or abandonments during 2019 or 2018.