Leases

6 Months Ended

Jun. 30, 2021

LEASES

The Company has various operating leases for office space, vehicles and office equipment that expire through 2030. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Below is a summary of our operating right-of-use assets and operating lease liabilities (in thousands):


	June 30, 2021
	(unaudited)
Operating right-of-use assets	$	52,554

Operating lease liabilities, current	$	13,821
Operating lease liabilities, long-term	52,720
Total operating lease liabilities	$	66,541

Operating lease liabilities, current are included within accrued expenses and other short-term liabilities in the consolidated balance sheet.

Some leases include one or more options to renew. The exercise of lease renewal options is typically at the Company's sole discretion; therefore, the majority of renewals to extend the lease terms are not included in our right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in remeasurement of the right-of-use asset and lease liability.

Some of the real estate leases contain variable lease payments, including payments based on a Consumer Price Index ("CPI"). Variable lease payments based on a CPI are initially measured using the index in effect at lease adoption. Additional payments based on the change in a CPI are recorded as a period expense when incurred.

The Company has liens granted to a financial institution mainly to secure various operating lease agreements in connection with its office space.

Minimum lease payments for our right-of-use assets over the remaining lease periods as of June 30, 2021, are as follows (in thousands):


	June 30, 2021
	(unaudited)
2021	$	5,787
2022	16,197
2023	8,708
2024	7,357
2025	7,394
Thereafter	28,946

Total undiscounted lease payments	$	74,389

Less: Imputed interest	(7,848)

Present value of lease liabilities	$	66,541

The weighted average remaining lease terms and discount rates for all operating leases were as follows as of June 30, 2021:


Remaining lease term and discount rate:
Weighted average remaining lease term (years)	7.21

Weighted average discount rate	3.03	%

Total operating lease cost for the three and six months ended June 30, 2021 was $1,727 and $3,167, respectively. Total operating lease cost for the three and six months ended June 30, 2020 was $3,024 and $5,036, respectively.