Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Note 4 — Leases

All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

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

	For the Three Months Ended March 31,
	2021			2020
Operating lease cost	$	3,819		$	3,991
Short-term lease cost		88			81
Variable lease cost		1,436			1,356
Sublease income		(61	)		(61	)
Total lease cost	$	5,282		$	5,367

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

	For the Three Months Ended March 31,
	2021			2020
Cash paid for amounts included in the measurement of operating    lease liabilities	$	2,718		$	2,999
Operating lease ROU assets obtained in exchange for lease    obligations	$	7,433		$	1,466
Weighted-average remaining lease term - operating leases (years)		6.5			6.3
Weighted-average discount rate - operating leases		4.4	%		5.1	%

Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows (in thousands):

2021 (remainder)	$	11,642
2022		16,623
2023		16,582
2024		16,208
2025		14,233
Thereafter		27,076
Total lease payments		102,364
Less imputed interest		(15,623	)
Present value of lease liabilities	$	86,741

Lease balances as of March 31, 2021 are as follows (in thousands):

Operating lease ROU assets	$	73,810
Short-term operating lease liabilities (1)	$	12,174
Non-current operating lease liabilities		74,567
Total operating lease liabilities	$	86,741

(1) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions or covenants, and all sublease transactions are not material. The Company incurred $1.4 million of ROU asset impairments during the three months ended March 31, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition that the Company no longer used as a result of the integration of SiriusDecisions. These impairments are recorded in integration costs on the Consolidated Statements of Operations.