Leases (Tables)

9 Months Ended

Sep. 30, 2021

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	September 30, 2021		December 31, 2020
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	247,531	$	268,864
Operating lease liabilities	Operating lease liabilities	292,967		315,340

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	18,479		36,093
Accumulated depreciation	Property, equipment, and capitalized software, net	(10,902)		(24,585)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	7,705		11,687

Weighted average remaining lease term and discount rate are as follows:


	September 30, 2021		December 31, 2020
Weighted average remaining lease term
Operating leases	6.68 years		6.9 years
Finance leases	1.74 years		2.0 years
Weighted average discount rate
Operating leases	5.49	%	5.67	%
Finance leases	2.41	%	3.13	%

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Operating lease cost:
Fixed	$	18,994	$	18,521	$	56,772	$	55,333
Variable	1,913		2,393		5,144		6,614
Impairment of ROU Asset	—		—		1,198		—
Total Operating lease cost	$	20,907	$	20,914	$	63,114	$	61,947

Sublease income	4,537		4,399		13,404		11,994

Finance lease cost:
Amortization of ROU Asset	$	1,460	$	2,668	$	5,024	$	8,838
Interest on lease liabilities	50		97		183		339
Total Finance lease cost	$	1,510	$	2,765	$	5,207	$	9,177

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2021, are as follows:

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2021, are as follows: