Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Lease Cost

The components of our global lease cost reflected in the consolidated statements of income for the years ended December 31, 2020 and 2019 are as follows:

(in thousands)	2020		2019
Lease liability cost	$	24,818	$	22,507
Variable lease cost not included in the lease liability(1)	5,067		3,754
Total lease cost	$	29,885	$	26,261

(1) Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.

Lessee, Operating Lease Other Information

Other information related to operating leases for the years ended December 31, 2020 and 2019 is as follows:

(in thousands)	2020		2019
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases	$	(22,470)	$	(20,031)
Right-of-use assets obtained in exchange for new operating lease liabilities	$	48,248	$	35,191

	As of December 31,
	2020		2019
Weighted-average remaining lease term of operating leases	7.3 years		7.7 years
Weighted-average discount rate of operating leases	2.9	%	3.7	%

Schedule of Maturity of Operating Lease Liabilities

The maturity schedule of the operating lease liabilities as of December 31, 2020 is as follows:

(in thousands)
2021	$	27,311
2022	24,712
2023	21,522
2024	20,264
2025	17,076
Thereafter	50,438
Total future lease payments	161,323
Less: Present value adjustment	(16,792)
Present value of future lease payments(1)	$	144,531

(1)Includes the current portion of operating lease liabilities of $23.6 million, which is reflected in other accrued expenses and liabilities in the consolidated balance sheets.