Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Components of Lease Cost

The components of lease costs were as follows for the year ended December 31, 2019 (in thousands):

	Year ended December 31, 2019
Lease cost:
Operating lease cost(1)	$	35,335
Short-term lease cost	885
Sublease income	(2,696		)
Total lease costs	$	33,524

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(1) Operating lease cost includes a $6.0 million of right-of-use lease asset impairment charge, which is included in Merger and integration costs on the consolidated statements of income, related to redundant leased space that was vacated during the year.

The following table provides a summary of the Company's average lease term and discount rate as of December 31, 2019:

	As of December 31, 2019
Weighted-average remaining lease term (years)	5.7
Weighted-average discount rate	4.15	%

Supplemental information related to the Company's leases for the year ended December 31, 2019 (in thousands):

	Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities	$	32,883
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,431
Leasehold improvements obtained in exchange for TIAs paid directly to third parties	$	2,156

Maturities of Lease Liabilities

Maturities of lease liabilities (in thousands):

Year Ending December 31,
2020	$	29,178
2021	24,351
2022	15,479
2023	12,376
2024	10,692
Thereafter	27,592
Total lease payments(1)	119,668
Less: interest	(13,827		)
Present value of lease liabilities	$	105,841

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(1)

Excludes $6.5 million of legally binding minimum payments for leases signed but not yet commenced.

Minimum Rental Commitments

The minimum rental commitments for the Company as of December 31, 2018 were as follows (in thousands):

	Minimum Rental Commitments(1)
2019	$	33,600
2020	28,399
2021	23,485
2022	13,770
2023	10,316
Thereafter	32,745
Total	$	142,315

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(1)

Amounts are based on the accounting guidance in ASC 840, Leases, that was superseded upon the Company's adoption of ASC 842 on January 1, 2019.