Leases

12 Months Ended

Dec. 31, 2021

The Company has entered into various operating lease agreements for its offices and co-location assets and related equipment. The Company has also entered into sublease agreements with tenants of various offices previously vacated by the Company. These operating leases have lease periods expiring between 2022 and 2034. The following table is a summary of the Company’s operating lease costs for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Real Estate Arrangements		Co-location Arrangements		Total
2021
Operating lease cost	$	84,100	$	136,673	$	220,773
Short-term lease cost	58		17,660		17,718
Variable lease cost	22,016		31,428		53,444
Sublease income	(21,033)		—		(21,033)
Total operating lease costs	$	85,141	$	185,761	$	270,902

2020
Operating lease cost	$	83,574	$	113,554	$	197,128
Short-term lease cost	229		15,620		15,849
Variable lease cost	21,235		34,259		55,494
Sublease income	(22,064)		—		(22,064)
Total operating lease costs	$	82,974	$	163,433	$	246,407

2019
Operating lease cost	$	63,893	$	96,020	$	159,913
Short-term lease cost	111		14,301		14,412
Variable lease cost	15,610		23,524		39,134
Sublease income	(5,119)		—		(5,119)
Total operating lease costs	$	74,495	$	133,845	$	208,340

Lease costs for real estate arrangements are included in general and administrative expenses in the consolidated statements of income. Lease costs for co-location arrangements are primarily included in cost of revenue.

The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating leases as of December 31, 2021 and 2020:


	December 31, 2021				December 31, 2020
	Real Estate Arrangements		Co-location Arrangements		Real Estate Arrangements		Co-location Arrangements
Weighted average remaining lease term (in years)	11.1		3.9		11.8		4.3
Weighted average discount rate	3.6	%	1.3	%	3.4	%	1.8	%

Maturities of operating lease liabilities as of December 31, 2021 were as follows (in thousands):


	Real Estate Arrangements		Co-location Arrangements
2022	$	80,070	$	97,494
2023	79,583		53,838
2024	73,506		35,532
2025	69,486		23,130
2026	65,314		14,834
Thereafter	416,280		20,640
Total lease payments	784,239		245,468
Less: imputed interest	139,550		7,387
Total lease liabilities	$	644,689	$	238,081

As of December 31, 2021, the Company had additional operating leases, primarily for co-location arrangements, that had not yet commenced of $67.2 million, which will commence in 2022, with lease terms of one year to seven years. The table above excludes approximately $196.4 million of future sublease income that is expected to be recognized through 2034.

As of December 31, 2021, the Company had outstanding letters of credit in the amount of $5.7 million, primarily related to operating leases. The letters of credit remain in effect until the Company fulfills its obligations under these leases or as such obligations expire under the terms of the letters of credit.