Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.4
Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
The Company's material lease contracts are generally for corporate office space. The Company leases facilities pursuant to noncancelable operating lease agreements expiring through 2032.
Operating lease cost was approximately $6.4 million, $4.9 million, and $4.2 million, for the years ended December 31, 2020, 2019 and 2018, respectively. 

The following table is a schedule of maturities of operating lease liabilities as of December 31, 2020 (in thousands):
Twelve Month Period Ending December 31, Operating
Lease Obligations
2021 $ 618 
2022 9,643 
2023 9,471 
2024 6,728 
2025 7,096 
Thereafter 45,600 
Total undiscounted cash flows 79,156 
Less amount representing interest (18,885)
Present value of lease liabilities $ 60,271 

The table above reflects payments for noncancelable operating leases with initial or remaining terms of one year or more, net of cash reimbursements for tenant improvements which the Company reasonably expects to receive, as of December 31, 2020. The table above does not include obligations for leases that have not yet commenced and does not include lease payments that were not fixed at commencement or modification.
As of December 31, 2020, the weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:
December 31, 2020
Weighted-average remaining lease term 9.8
Weighted-average discount rate 4.7  %