On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) and subsequent amendments (together, “ASC 842”) using the modified retrospective method and recognized a cumulative-effect adjustment to the opening balance of retained earnings.

The adoption of ASC 842 on January 1, 2019 required the gross up of historical deferred rent which resulted in the recognition of $225.3 million of right-of-use ("ROU") assets, $239.3 million of operating lease liabilities, a $0.1 million increase to opening retained earnings, as well as $14.1 million primarily related to the derecognition of net straight-line lease liabilities. The retained earnings adjustment was due to the cumulative impact of adopting ASC 842, primarily resulting from the derecognition of embedded lease derivatives, the difference between deferred rent balances and the net of ROU assets and lease liabilities and the deferred tax impact.

The impact of the adoption of ASC 842 to the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 was not material. The Company’s net cash provided by operating activities for the three months ended March 31, 2019 did not change due to the adoption of ASC 842.

The Company leases facilities for its corporate headquarters, many of its customer engagement centers, several regional support offices and data centers. These leases are classified as operating leases and are included in “Operating lease right-of-use assets,” “Operating lease liabilities” and “Long-term operating lease liabilities” in the accompanying Condensed Consolidated Balance Sheet as of March 31, 2020. The Company has no finance leases.

Lease costs, net of sublease income, of $16.0 million and $15.9 million for the three months ended March 31, 2020 and 2019, respectively, was primarily included in “General and administrative” costs in the accompanying Condensed Consolidated Statements of Income.

	March 31, 2020			December 31, 2019
Weighted average remaining lease term of operating leases	4.9 years			5.1 years
Weighted average discount rate of operating leases		3.6	%		3.7	%

Maturities of operating lease liabilities as of March 31, 2020 were as follows (in thousands):

	Amount
2020 (remainder of the year)	$	45,125
2021		57,413
2022		42,932
2023		28,688
2024		21,323
2025 and thereafter		37,547
Total future lease payments		233,028
Less: Imputed interest		20,535
Present value of future lease payments		212,493
Less: Operating lease liabilities		52,642
Long-term operating lease liabilities	$	159,851