We lease certain facilities, office space, land and equipment. Our lease payments are primarily fixed, but also include variable payments that are based on usage of the leased asset. Initial lease terms range from one to 15 years, and may

include one or more options to renew, with renewal terms extending a lease up to 40 years. None of our renewal options are considered reasonably certain to be exercised. Provisions for residual value guarantees exist in some of our equipment leases, however amounts associated with these provisions are not material. Our leases do not include any material restrictive covenants.

Leases with an initial term of 12 months or less are not recorded on the balance sheet and expense is recognized on a straight-line basis over the lease term. We combine lease and non-lease components in our leases. We use the rate implicit in the lease, when available, to discount lease payments to present value. However, many of our leases do not provide a readily determinable implicit rate and we estimate our incremental borrowing rate to discount payments based on information available at lease commencement.

Lease assets and liabilities as of December 31, 2021 and 2020 consisted of the following:

(1)	Included in Operating lease assets in the Company’s consolidated balance sheets.

(2)	Included in Property and equipment, net in the Company’s consolidated balance sheets. Finance right-of-use assets are recorded net of accumulated amortization of $13.3 million and $8.0 million as of December 31, 2021 and 2020, respectively.

(3)	Included in Current portion of operating lease liabilities in the Company’s consolidated balance sheets.

(4)	Included in Accrued liabilities in the Company’s consolidated balance sheets.

(5)	Included in Long-term operating lease liabilities in the Company’s consolidated balance sheets.

(6)	Included in Other long-term liabilities in the Company’s consolidated balance sheets.

Lease expense consisted of the following:


	Year Ended December 31,
$s in thousands	2021		2020
Operating lease cost (1)	$	19,950	$	20,880
Finance lease cost:
Amortization of leased assets (2)		5,249		5,312
Interest on lease liabilities (3)		1,012		1,221
Total	$	26,211	$	27,413

(1)	Included in Direct operating costs and Selling, general, and administrative expenses in the Company’s consolidated statements of operations. Operating lease cost includes short-term leases, excluding expenses relating to leases with a

term of one month or less, which are not material. Operating lease cost excludes variable lease costs which are not material.

(2)	Included in Direct operating costs in the Company’s consolidated statements of operations.

(3)	Included in Interest expense in the Company’s consolidated statements of operations.

Supplemental cash flow information related to our leases is as follows:


	Year Ended December 31,
$s in thousands	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,687	$	20,297
Operating cash flows from finance leases	$	1,012	$	1,221
Financing cash flows from finance leases	$	4,885	$	4,659

Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	10,010	$	13,576
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	6,197

Other information related to our leases as of December 31, 2021 and 2020 is as follows:


	2021			2020
Weighted-average remaining lease term (years):
Operating leases		3.7			4.1
Finance leases		3.2			4.0
Weighted-average discount rate:
Operating leases		3.59	%		3.69	%
Finance leases		5.85	%		5.86	%

The Company’s maturity analysis of its lease liabilities as of December 31, 2021 is as follows:


	Operating		Finance
$s in thousands	Leases		Leases		Total
2022	$	17,091	$	5,694	$	22,785
2023		13,617		5,668		19,285
2024		8,510		3,929		12,439
2025		3,366		3,565		6,931
2026		1,557		953		2,510
Thereafter		3,356		264		3,620
Total	$	47,497	$	20,073	$	67,570
Less: Interest		3,221		2,996		6,217
Present value of lease liabilities	$	44,276	$	17,077	$	61,353