Operating Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Leases

Operating Leases

The following table presents weighted-average terms for our operating leases:

	DECEMBER 31,
	2021		2020
Weighted-average discount rate	3.0	%	3.5	%
Weighted-average remaining lease term	3.9 years		4.8 years

The following table presents operating lease expense included in SG&A (in thousands):

	DECEMBER 31,
Lease Cost	2021		2020
Operating lease expense	$	6,363	$	7,669
Variable lease costs	1,078		1,387
Short-term lease expense	1,199		855
Sublease income	(87)		(344)
Total operating lease expense	$	8,553	$	9,567

The following table presents the maturities of operating lease liabilities as of December 31, 2021 (in thousands):

2022	$	6,787
2023	4,658
2024	3,369
2025	2,054
2026	981
Thereafter	1,543
Total maturities of operating lease liabilities	19,392
Less: imputed interest	1,135
Total operating lease liabilities	$	18,257

As noted in Note 6 above, on May 19, 2021, we completed the sale of our corporate headquarters to an independent third party. In conjunction with the sale, we entered into an agreement to lease back the building for a period of 18 months. The lease expense is included in the operating lease expense amounts listed above.

On September 28, 2021, we finalized a lease agreement for office space in Tampa, Florida, which will become our new corporate headquarters. The new lease has not yet commenced but will require aggregate future lease payments of approximately $10.9 million over the entire lease term, which includes annual upward adjustments, and has a non-cancellable lease term of 129 months, excluding renewal options. The new lease also provides for the Company to receive an allowance from the landlord, of $1.6 million to be used toward costs to design, engineer, install, supply and to construct improvements, which will become part of the building, all of which must be approved by the landlord and the Company. The landlord will designate a general contractor and oversee all construction improvements. The future lease payments and the allowance are not yet recorded on our condensed consolidated balance sheets. Lease payments will be required beginning July 1, 2023, however, we expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin at the start of the fourth quarter of 2022.