Leases

12 Months Ended

Dec. 31, 2021

Leases

The Company leases certain office space and equipment under various operating leases. In addition to rent, the leases require the Company to pay for taxes, insurance, maintenance and other operating expenses. Certain of these leases contain stated escalation clauses while others contain renewal options. The Company recognizes rent expense on a straight-line basis over the term of the lease, excluding renewal periods, unless renewal of the lease is reasonably assured.

The components of lease expense were as follows (in thousands):


		Year Ended December 31,
		2021		2020		2019
	Classification
Operating lease cost	Operating expenses	$	51,089	$	49,704	$	50,163
Variable lease cost	Operating expenses	13,311		11,988		9,448
Sublease income	Other income, net	(917)		(1,064)		(878)
Net lease cost		$	63,483	$	60,628	$	58,733

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	59,729	$	55,514	$	54,690
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	37,697	$	28,101	$	49,264

Supplemental balance sheet information related to leases was as follows (in thousands):


Operating Leases	December 31,
	2021		2020
Operating lease right-of-use assets	$	154,685	$	187,129

Accrued expenses and other current liabilities	$	57,006	$	48,359
Operating lease liabilities	166,014		195,767
Total operating lease liabilities	$	223,020	$	244,126

Lease Term and Discount Rate


	December 31,
	2021		2020
Weighted-average remaining lease term (years)	4.6		5.5

Weighted-average discount rate	4.00	%	4.53	%

Future minimum lease payments as of December 31, 2021 were as follows (in thousands):


Year ending December 31,	Operating Leases
2022	$	64,014
2023	55,366
2024	48,820
2025	39,577
2026	15,895
After 2026	20,527
Total lease payments	$	244,199
Less: imputed interest	(21,179)
Present value of lease liabilities	$	223,020