Leases

12 Months Ended

Dec. 31, 2021

8. Leases

The Company has operating leases primarily for corporate office space, and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company’s leases have remaining terms up to March 2032 with renewal terms up to June 2033 or options to terminate leases within the next six years.

Supplemental balance sheet information related to lease liabilities at December 31, 2021 and 2020 was as follows (in thousands):


			As of December 31,
Lease-Related Assets and Liabilities	Financial Statement Line Items		2021		2020
Right-of-use assets:
Operating leases		Operating lease right-of-use assets	$	216,898	$	217,075

Total right-of-use assets			$	216,898	$	217,075
Lease liabilities:
Operating leases		Operating lease liabilities	$	39,927	$	29,079
		Operating lease liabilities, noncurrent		220,146		229,800

Total lease liabilities			$	260,073	$	258,879

The components of lease expense included in the Company’s consolidated statements of operations include (in thousands):


	Years Ended December 31,
	2021		2020
Operating lease expense	$	51,330	$	53,576
Short-term lease expense		4,165		8,942
Variable lease expense		7,518		9,433
Less: Sublease income		19,957		19,769

Total lease expense, net	$	43,056	$	52,182

Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing. Finance lease costs were not material for the years ended December 31, 2021 and 2020.

Maturities of operating lease liabilities as of December 31, 2021 were as follows (in thousands):


	As of December 31, 2021
	Operating Lease Commitments			Less: Sublease Income		Net Lease Commitments

Year ended December 31,
2022	$	53,258		$	12,461	$	40,797
2023		54,206			18,274		35,932
2024		44,025			16,403		27,622
2025		42,163			14,210		27,953
2026		37,045			13,748		23,297
Thereafter		92,365			57,653		34,712

Total undiscounted liabilities		323,062			132,749		190,313
Less: Imputed interest		(62,989	)		—		(62,989	)

Total operating lease liabilities	$	260,073		$	132,749	$	127,324

The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2021 and 2020 was 6.9 years and 8.1 years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2021 and 2020 was 6.03% and 6.34%, respectively.

The following table sets forth the supplemental information related to the Company’s operating leases for the year ended December 31, 2021 (in thousands):


	Years Ended December 31,
	2021		2020

Cash paid for operating lease liabilities	$	49,228	$	58,157
Lease liabilities arising from obtaining right-of-use assets	$	34,606	$	17,647

Under ASC 840, during the year ended December 31, 2019, net rent expense was $38.5 million, which included sublease income of $14.8 million.