Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease, Cost

The following table presents the balance sheet information related to leases as of December 31, 2020 and 2019:

(in thousands)	December 31, 2020		December 31, 2019
Leases
Operating lease right-of-use assets	$	104,937	$	110,718
Operating lease liabilities	$	113,593	$	119,429

The following table presents the weighted-average operating lease term and weighted-average discount rate as of December 31, 2020 and 2019:

	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years)	5.9		6.4
Weighted-average discount rate	3.10	%	3.45	%

 The following table presents the components of lease expense for the years ended December 31, 2020 and 2019:

(in thousands)
Lease Costs	2020		2019
Operating lease costs	$	32,862	$	32,358
Short-term lease costs	472		820
Variable lease costs	(11)		8
Sublease income	(2,106)		(2,765)
Net lease costs	$	31,217	$	30,421

Prior to the adoption as ASC 842, rent expense for the year ended December 31, 2018 was $37.9 million and was partially offset by rent income of $2.6 million.

The following table presents the supplemental cash flow information related to leases for the year ended December 31, 2020 and 2019:

(in thousands)
Cash Flows	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32,639	$	33,004
Right of use assets obtained in exchange for new operating lease liabilities	$	21,746	$	27,878

Lessee, Operating Lease, Liability, Maturity

The following table presents the maturities of lease liabilities as of December 31, 2020:

(in thousands)
Year	Operating Leases
2021	$	30,773
2022	25,797
2023	20,988
2024	16,392
2025	11,616
Thereafter	19,153
Total lease payments	124,719
Less: imputed interest	(11,126)
Present value of lease liabilities	$	113,593