Leases

12 Months Ended

Dec. 31, 2021

NOTE 7 – LEASES

The Company has operating leases for facilities and equipment which have remaining terms ranging from 1 to 17 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in lease costs resulting from changes in these indices are included within variable rent.

Operating leases consisted of the following at December 31, 2021:

	December 31, 2021
Real estate facilities	$	237,591
Office equipment		2,117
Other		686
Total before amortization		240,394
Amortization of right-of-use assets		(62,977	)
Total operating lease right-of-use assets	$	177,417

The Company’s lease cost is recognized on a straight-line basis over the lease term and is primarily included within indirect and selling expenses on the consolidated statements of comprehensive income. Lease cost consisted of the following:

	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	35,469	$	37,874	$	36,210
Short-term lease cost		453		1,421		2,153
Variable lease cost		43		53		77
Total lease cost	$	35,965	$	39,348	$	38,440

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:

			December 31, 2021
December 31, 2022			$	37,539
December 31, 2023				20,555
December 31, 2024				22,473
December 31, 2025				21,681
December 31, 2026				21,140
Thereafter				156,704
Total future minimum lease payments				280,092
Less: Interest				(53,386	)
Total operating lease liabilities			$	226,706

	December 31, 2021		December 31, 2020
Operating lease liabilities - current	$	34,901	$	23,350
Operating lease liabilities - non-current		191,805		115,614
Total operating lease liabilities	$	226,706	$	138,964

Other information related to operating leases is as follows:

	Year Ended December 31,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	28,932		$	41,025
Right-of-use assets obtained in exchange for new operating lease liabilities	$	90,046		$	29,790
Weighted-average remaining lease term - operating leases		11.4			5.9
Weighted-average discount rate - operating leases		3.2	%		3.4	%

The change in operating lease right-of-use assets and lease liabilities are presented within cash flows from operating activities on the consolidated statements of cash flows.

As of December 31, 2021, the Company had three active operating leases with renewals that had not yet commenced with a potential operating lease liability of approximately $1.1 million. The renewals are expected to commence in 2022.