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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2029. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
The following table summarizes the leases included in the consolidated balance sheets as follows:
December 31,
(In thousands)Balance Sheet Location20212020
Assets
OperatingOperating lease right-of-use assets$125,866 $146,522 
FinanceProperty and equipment, net12,080 13,179 
Total lease assets$137,946 $159,701 
Liabilities
Current:
OperatingCurrent portion of lease obligations$32,929 $28,813 
FinanceCurrent portion of lease obligations3,667 3,622 
36,596 32,435 
Noncurrent:
OperatingLease obligations128,319 166,452 
FinanceLease obligations23,520 27,872 
151,839 194,324 
Total lease liabilities$188,435 $226,759 
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2019 for all operating leases that commenced prior to that date.
The following table summarizes the lease costs included in the consolidated statement of income:
December 31,
(In thousands)Income Statement Location20212020
Operating lease costsSG&A expenses$28,189 $31,785 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization2,105 2,299 
Interest on lease liabilitiesNet interest expense2,346 2,617 
Short term lease costsSG&A expenses206 240 
Variable lease costsSG&A expenses854 1,487 
Total net lease costs$33,700 $38,428 
For the year ended December 31, 2020, impairment charges were recorded related to certain operating lease right-of-use assets at the AMCNI business. See Note 9 for additional details regarding the impairment test of long-lived assets.
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2021:
(In thousands)Operating LeasesFinance LeasesTotal
2022$39,898 $5,647 $45,545 
202335,858 5,893 41,751 
202433,873 5,921 39,794 
202530,242 5,949 36,191 
202626,125 2,087 28,212 
Thereafter14,995 8,568 23,563 
Total lease payments180,991 34,065 215,056 
Less: Interest19,743 6,878 26,621 
Present value of lease liabilities$161,248 $27,187 $188,435 

The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
December 31, 2021
Weighted average remaining lease term (years):
Operating leases5.1
Finance leases7.8
Weighted average discount rate:
Operating leases4.5 %
Finance leases7.8 %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
(In thousands)December 31, 2021December 31, 2020
Operating cash flows from operating leases$33,019 $31,871 
Financing cash flows from finance leases$3,800 $3,261 
Leases Leases
Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2029. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
The following table summarizes the leases included in the consolidated balance sheets as follows:
December 31,
(In thousands)Balance Sheet Location20212020
Assets
OperatingOperating lease right-of-use assets$125,866 $146,522 
FinanceProperty and equipment, net12,080 13,179 
Total lease assets$137,946 $159,701 
Liabilities
Current:
OperatingCurrent portion of lease obligations$32,929 $28,813 
FinanceCurrent portion of lease obligations3,667 3,622 
36,596 32,435 
Noncurrent:
OperatingLease obligations128,319 166,452 
FinanceLease obligations23,520 27,872 
151,839 194,324 
Total lease liabilities$188,435 $226,759 
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2019 for all operating leases that commenced prior to that date.
The following table summarizes the lease costs included in the consolidated statement of income:
December 31,
(In thousands)Income Statement Location20212020
Operating lease costsSG&A expenses$28,189 $31,785 
Finance lease costs:
Amortization of leased assetsDepreciation and amortization2,105 2,299 
Interest on lease liabilitiesNet interest expense2,346 2,617 
Short term lease costsSG&A expenses206 240 
Variable lease costsSG&A expenses854 1,487 
Total net lease costs$33,700 $38,428 
For the year ended December 31, 2020, impairment charges were recorded related to certain operating lease right-of-use assets at the AMCNI business. See Note 9 for additional details regarding the impairment test of long-lived assets.
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2021:
(In thousands)Operating LeasesFinance LeasesTotal
2022$39,898 $5,647 $45,545 
202335,858 5,893 41,751 
202433,873 5,921 39,794 
202530,242 5,949 36,191 
202626,125 2,087 28,212 
Thereafter14,995 8,568 23,563 
Total lease payments180,991 34,065 215,056 
Less: Interest19,743 6,878 26,621 
Present value of lease liabilities$161,248 $27,187 $188,435 

The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
December 31, 2021
Weighted average remaining lease term (years):
Operating leases5.1
Finance leases7.8
Weighted average discount rate:
Operating leases4.5 %
Finance leases7.8 %
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
(In thousands)December 31, 2021December 31, 2020
Operating cash flows from operating leases$33,019 $31,871 
Financing cash flows from finance leases$3,800 $3,261