XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases Leases
The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of June 30, 2021, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.
For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statement of operations on a straight‑line basis over the lease term. Short‑term lease expense was not material for the periods presented.
The components of operating lease cost reflected in the consolidated statement of operations were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Operating lease cost (1)
$4,845 $4,514 $9,388 $8,859 
Variable lease cost920 861 1,888 1,882 
Short-term lease cost7 (18)11 7 
Total operating lease cost$5,772 $5,357 $11,287 $10,748 
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,618 and $4,325 for the three months ended June 30, 2021 and 2020, respectively, and $8,969 and $8,471 for the six months ended June 30, 2021 and 2020, respectively.
Other information related to leases was as follows:
Six Months Ended
June 30,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,573 $9,003 
Right-of-use assets obtained in exchange for new operating lease liabilities (1)
$3,457 $13,118 
(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $12,418 and $1,668 for the six months ended June 30, 2021 and 2020, respectively.
The weighted average remaining lease term for operating leases was 3.9 years and 3.7 years as of June 30, 2021 and December 31, 2020, respectively. The weighted average discount rate was 2.1% and 2.1% as of June 30, 2021 and December 31, 2020, respectively.
Maturities of operating lease liabilities are as follows:
June 30, 2021
Remainder of 2021$10,264 
202217,228 
202311,747 
20247,341 
20255,287 
Thereafter5,013 
Total future lease payments56,880 
Less: Imputed interest(2,218)
Total operating lease liabilities$54,662 
As of June 30, 2021, the Company had additional operating lease minimum lease payments of $6,523 for executed leases that have not yet commenced, primarily for office locations.
Supplemental balance sheet information related to the financing lease was as follows:
June 30, 2021December 31, 2020
Property and equipment$496 $572 
Accumulated depreciation(348)(229)
Property and equipment, net$148 $343 
Accruals and other current liabilities$201 $197 
Other liabilities— 99 
Total financing lease liabilities$201 $296 
Leases Leases
The Company’s operating leases consist of office facilities, office equipment, and automobiles, and the Company’s finance lease consists of computer equipment. The finance lease is not material for the periods presented. As of June 30, 2021, the Company’s leases have remaining terms of less than one year to nine years, some of which include one or more options to renew, with renewal terms from one year to ten years and some of which include options to terminate the leases from less than one year to five years.
For contracts with lease and non‑lease components, the Company has elected not to allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Payments under the Company’s lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. Variable lease cost may include common area maintenance, property taxes, utilities, and fluctuations in rent due to a change in an index or rate. The Company has elected not to recognize a right‑of‑use asset or lease liability for short‑term leases (leases with a term of twelve months or less). Short‑term leases are recognized in the consolidated statement of operations on a straight‑line basis over the lease term. Short‑term lease expense was not material for the periods presented.
The components of operating lease cost reflected in the consolidated statement of operations were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Operating lease cost (1)
$4,845 $4,514 $9,388 $8,859 
Variable lease cost920 861 1,888 1,882 
Short-term lease cost7 (18)11 7 
Total operating lease cost$5,772 $5,357 $11,287 $10,748 
(1)Operating lease cost includes rent cost related to operating leases for office facilities of $4,618 and $4,325 for the three months ended June 30, 2021 and 2020, respectively, and $8,969 and $8,471 for the six months ended June 30, 2021 and 2020, respectively.
Other information related to leases was as follows:
Six Months Ended
June 30,
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,573 $9,003 
Right-of-use assets obtained in exchange for new operating lease liabilities (1)
$3,457 $13,118 
(1)Right‑of‑use assets obtained in exchange for new operating lease liabilities does not include the impact from acquisitions of $12,418 and $1,668 for the six months ended June 30, 2021 and 2020, respectively.
The weighted average remaining lease term for operating leases was 3.9 years and 3.7 years as of June 30, 2021 and December 31, 2020, respectively. The weighted average discount rate was 2.1% and 2.1% as of June 30, 2021 and December 31, 2020, respectively.
Maturities of operating lease liabilities are as follows:
June 30, 2021
Remainder of 2021$10,264 
202217,228 
202311,747 
20247,341 
20255,287 
Thereafter5,013 
Total future lease payments56,880 
Less: Imputed interest(2,218)
Total operating lease liabilities$54,662 
As of June 30, 2021, the Company had additional operating lease minimum lease payments of $6,523 for executed leases that have not yet commenced, primarily for office locations.
Supplemental balance sheet information related to the financing lease was as follows:
June 30, 2021December 31, 2020
Property and equipment$496 $572 
Accumulated depreciation(348)(229)
Property and equipment, net$148 $343 
Accruals and other current liabilities$201 $197 
Other liabilities— 99 
Total financing lease liabilities$201 $296