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Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

9. LEASES

The Company has entered into operating leases primarily for office real estate. The leases have remaining terms ranging from two to ten years and may include options to extend or terminate the lease. The depreciable life of ROU assets is limited by the expected lease term.

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

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Operating lease cost (1)

 

$

10,266

 

 

$

12,217

 

Variable lease cost

 

 

2,952

 

 

 

2,198

 

Net operating lease cost

 

$

13,218

 

 

$

14,415

 

(1) Operating lease cost is presented net of sublease income. The Company had no sublease income for the three months ended March 31, 2021. Sublease income for the three months ended March 31, 2020 was not material.

Supplemental cash flow information related to leases is as follows (in thousands):

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash outflows from operating leases

 

$

16,224

 

 

$

9,451

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Operating leases

 

$

5,498

 

 

$

(795

)

 

 

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate):

 

 

As of

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Operating lease right-of-use assets

 

$

265,237

 

 

$

266,197

 

Included in accounts payable and accrued liabilities:

 

 

 

 

 

 

 

 

Operating lease liability, current

 

 

32,715

 

 

 

35,647

 

Operating lease liability, non-current

 

 

303,159

 

 

 

307,936

 

Total operating lease liability

 

$

335,874

 

 

$

343,583

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term:

 

 

 

 

 

 

 

 

Operating leases (in years)

 

8.81

 

 

9.05

 

Weighted Average Discount Rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

4.59

%

 

 

4.60

%

Future lease payments under operating leases as of March 31, 2021 are as follows (in thousands):

Year Ending December 31,

 

Operating Leases

 

2021 (remaining 9 months)

 

$

35,113

 

2022

 

 

48,126

 

2023

 

 

48,287

 

2024

 

 

47,238

 

2025

 

 

46,910

 

Thereafter

 

 

204,271

 

Total future lease payments

 

 

429,945

 

Less: imputed interest

 

 

(78,085

)

Less: expected tenant improvement allowance

 

 

(15,986

)

Total

 

$

335,874

 

As of March 31, 2021, the Company’s commitment relating to operating leases that have not yet commenced was $42.4 million. These operating leases will commence in fiscal year 2021 with lease terms of two to eleven years.