XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases

NOTE 14. LEASES

 

We determine if a contract is a lease at inception. We have leases for office space and facilities, automobiles, and certain information technology equipment. All of our leases are classified as operating leases and the majority of which are for office space and facilities.

 

Supplemental balance sheet information related to the Company’s operating leases as of June 30, 2020 and December 31, 2019 was as follows (in thousands):

 

 

 

June 30, 2020

 

December 31, 2019

Weighted-average remaining lease term

 

6.7 years

 

6.9 years

Weighted-average discount rate

 

3.9%

 

3.6%

 

The components of lease expense and other lease information as of and during the three-month period ended June 30, 2020 and 2019 are as follows (in thousands):

 

 

 

June 30, 2020

 

 

June 30, 2019

 

Operating lease cost

 

$

8,855

 

 

$

9,216

 

Cash paid for amounts included in measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

9,539

 

 

$

9,199

 

 

The components of lease expense and other lease information as of and during the six-month period ended June 30, 2020 and 2019 are as follows (in thousands):

 

 

 

June 30, 2020

 

 

June 30, 2019

 

Operating lease cost

 

$

17,677

 

 

$

18,458

 

Cash paid for amounts included in measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

18,802

 

 

$

18,459

 

 

Our leases have remaining lease terms of 1 year to 11 years. These leases generally contain renewal options for periods ranging from two to five years. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term, and associated potential option payments are excluded from lease payments.

 

A number of leased properties are owned indirectly by and leased from persons employed by the Company, none of whom are members of our senior management. In the aggregate, for the three and six month periods ending June 30, 2020 and 2019, we made lease payments to those related parties of approximately $0.5 million and $0.5 million, respectively, and $1.1 million and $1.2 million, respectively.  

 

The following table summarizes the maturity of our operating lease liabilities as of June 30, 2020 (in thousands):

 

 

 

June 30, 2020

 

2020

 

$

16,696

 

2021

 

 

32,817

 

2022

 

 

26,792

 

2023

 

 

25,066

 

2024

 

 

22,506

 

Thereafter

 

 

68,936

 

Total undiscounted lease payments

 

 

192,813

 

Less: imputed interest

 

 

(29,495

)

Total lease liabilities

 

$

163,318

 

 

The following table summarizes the maturity of our operating lease commitments as of December 31, 2019 (in thousands):

 

 

 

December 31, 2019

 

2020

 

$

34,775

 

2021

 

 

32,371

 

2022

 

 

26,112

 

2023

 

 

24,273

 

2024

 

 

21,578

 

Thereafter

 

 

67,025

 

Total undiscounted lease payments

 

 

206,134

 

Less: imputed interest

 

 

(45,086

)

Total lease liabilities

 

$

161,048