LEASES

12 Months Ended

Dec. 31, 2021

The Company leases office space, corporate apartments, office equipment, and vehicles. Many of the Company’s leases contain variable payments including changes in base rent and charges for common area maintenance or other miscellaneous expenses. Due to this variability, the cash flows associated with these variable payments are not included in the minimum lease payments used in determining the RoU Assets and associated lease liabilities and are recognized in the period in which the obligation for such payments is incurred. The Company’s leases have remaining lease terms ranging from 0.1 to 9.4 years. Certain lease agreements, mainly for office space, include options to extend or terminate the lease before the expiration date. The Company considers such options when determining the lease term when it is reasonably certain that the Company will exercise that option. The Company leases and subleases a portion of its office space to third parties. Lease income and sublease income were immaterial for the years ended December 31, 2021, 2020 and 2019.

During the years ended December 31, 2021, 2020 and 2019, the components of lease expense were as follows:


	Income Statement Classification	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Operating lease cost	Selling, general and administrative expenses	$	67,144	$	73,740	$	62,740
Variable lease cost	Selling, general and administrative expenses	8,555		6,461		8,730
Short-term lease cost	Selling, general and administrative expenses	2,248		1,169		3,870
Total lease cost		$	77,947	$	81,370	$	75,340

Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows:


	Year Ended December 31, 2021		Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	68,986	$	70,012
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	18,590	$	50,949
Non-cash net increase due to lease modifications:
Operating lease right-of-use assets	$	7,000	$	7,876
Operating lease liabilities	$	7,062	$	7,861

Weighted average remaining lease terms and discount rates as of December 31, 2021 and 2020, were as follows:


	As of December 31, 2021		As of December 31, 2020
Weighted average remaining lease term, in years:
Operating leases	5.5		5.9
Weighted average discount rate:
Operating leases	2.5	%	2.9	%

As of December 31, 2021, operating lease liabilities will mature as follows:


Year ending December 31,	Lease Payments
2022	$	53,985
2023	40,385
2024	33,589
2025	24,144
2026	18,576
Thereafter	34,701
Total lease payments	205,380
Less: imputed interest	(12,474)
Total	$	192,906

There were no lease agreements that contained material restrictive covenants or material residual value guarantees as of December 31, 2021. There were no material lease agreements signed with related parties as of December 31, 2021.

As of December 31, 2021, the Company had committed to payments of $28.3 million related to operating lease agreements that had not yet commenced as of December 31, 2021. These operating leases will commence on various dates during 2022 and 2023 with lease terms ranging from 0.5 years to 10 years. The Company does not have any material finance lease agreements that had not yet commenced.