Leases

3 Months Ended

Mar. 31, 2021

The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 1 year to 25 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s consolidated balance sheet.

As of the dates indicated, the Company had the following related to operating leases:


	As of March 31, 2021		As of December 31, 2020
	(In thousands)
Right-of-use assets	$	79,163	$	81,596
Lease liabilities	82,910		85,330

Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s consolidated balance sheet.

The following table is a summary of the Company’s components of net lease cost for the periods indicated:


	For the Three Months Ended March 31,
	2021		2020
	(In thousands)
Operating lease cost	$	3,561	$	3,613
Finance lease cost	31		2
Variable lease cost	490		522
Total lease cost	$	4,082	$	4,137

During the three months ended March 31, 2021 and 2020, the Company made $3.6 million and $3.5 million, respectively, in cash payments for operating and finance lease payments.

Supplemental balance sheet information related to operating leases are as follows:


	As of March 31, 2021		As of	As of December 31, 2020
Weighted-average remaining lease term (in years)	8.33			8.50
Weighted-average discount rate	2.63	%		2.65	%

Leases

As of the dates indicated, the Company had the following related to operating leases:


	As of March 31, 2021		As of December 31, 2020
	(In thousands)
Right-of-use assets	$	79,163	$	81,596
Lease liabilities	82,910		85,330

Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s consolidated balance sheet.

The following table is a summary of the Company’s components of net lease cost for the periods indicated:


	For the Three Months Ended March 31,
	2021		2020
	(In thousands)
Operating lease cost	$	3,561	$	3,613
Finance lease cost	31		2
Variable lease cost	490		522
Total lease cost	$	4,082	$	4,137

During the three months ended March 31, 2021 and 2020, the Company made $3.6 million and $3.5 million, respectively, in cash payments for operating and finance lease payments.

Supplemental balance sheet information related to operating leases are as follows:


	As of March 31, 2021		As of	As of December 31, 2020
Weighted-average remaining lease term (in years)	8.33			8.50
Weighted-average discount rate	2.63	%		2.65	%