Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LEASES

The Company has various operating leases for office space, vehicles and office equipment that expire through 2032. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Below is a summary of its operating right-of-use assets and operating lease liabilities (in thousands):

	December 31, 2021
Operating right-of-use assets	$	63,749
Operating lease liabilities, current	$	8,794
Operating lease liabilities, long-term	68,694
Total operating lease liabilities	$	77,488

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 deposit guarantees issued by a financial institution to secure various operating lease agreements in connection with its office space.

Minimum lease payments for the Company's right-of-use assets over the remaining lease periods as of December 31, 2021, are as follows (in thousands):

	December 31, 2021
2022	$	10,932
2023	11,347
2024	9,845
2025	9,884
2026	9,998
Thereafter	34,583
Total undiscounted lease payments	$	86,589
Less: Imputed interest	(9,101)
Present value of lease liabilities	$	77,488

The weighted average remaining lease terms and discount rates for all operating leases were as follows as of December 31, 2021:

Remaining lease term and discount rate:
Weighted average remaining lease term (years)	8.19
Weighted average discount rate	2.88	%

Total operating lease cost for the years ended December 31, 2021, 2020 and 2019 were $6,920, $12,151 and $8,912, respectively.