Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Summary of Company's Consolidated Balance Sheet

The following table summarizes the impacts of adopting Topic 842 on the Company’s consolidated balance sheet as of December 31, 2020 (in thousands):

	As Reported Balance as of December 31, 2020		Adjustments due to Topic 842		As Adjusted Balance as of January 1, 2021
Assets
Operating lease right-of-use assets	—		$	195,944	$	195,944
Prepaid expenses and other current assets	26,274		(8,106)		18,168
Total	$	26,274	$	187,838	$	214,112
Liabilities
Accrued expenses and other current liabilities	$	65,392	$	(1,704)	$	63,688
Other long-term liabilities	22,109		(21,983)		126
Operating lease liabilities—short-term	—		32,162		32,162
Operating lease liabilities—long-term	—		179,363		179,363
Total	$	87,501	$	187,838	$	275,339

Summary of Non-cancelable Operating Leases

The following table presents maturity of lease liabilities under the Company’s non-cancelable operating leases as of September 30, 2021 (in thousands):

Remainder of 2021	$	12,988
2022	57,593
2023	51,745
2024	42,580
2025	34,790
Thereafter	77,953
Total lease payments	$	277,649
Less: interest(1)	33,782
Present value of lease liabilities	$	243,867

(1)Calculated using the interest rate for each lease.

Summary of Supplemental Information

The following table presents supplemental information for the nine months ended September 30, 2021 (in thousands, except for weighted average and percentage data):

Weighted average remaining lease term	6.02
Weighted average discount rate	4.0		%
Cash paid for amounts included in the measurement of lease liabilities(1)	$	38,975
Lease liabilities arising from obtaining new ROU assets	$	57,352

(1) Does not include $8.1 million of leasehold incentives received from the landlord.

Summary of Future Minimum Lease Payments

Prior to the adoption of Topic 842, future minimum lease payments as of December 31, 2020, which were undiscounted, were as follows (in thousands): 

2021	$	51,397
2022	54,477
2023	47,915
2024	38,970
2025	32,223
Thereafter	55,882
Total lease payments	$	280,864