Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LeasesThe Company has long-term, non-cancelable operating leases for campuses and other administrative facilities. These leases generally range from 1 year to 10 years and may include renewal options to extend the lease term. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances ("TIAs"). The Company subleases certain portions of unused building space to third parties.

The components of lease costs were as follows for the years ended December 31, 2020 and 2019 (in thousands)

	2019		2020
Lease Cost:
Operating lease cost(1)	$	35,335	$	28,337
Short-term lease cost	885		534
Sublease income	(2,696)		(2,240)
Total lease costs	$	33,524	$	26,631

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(1)During the years ended December 31, 2019 and 2020, operating lease cost includes $6.0 million and $0.8 million of right-of-use lease asset impairment charges, respectively, related to redundant leased space that was vacated during the year.

Prior to the adoption of ASU 2016-02 in the first quarter of 2019, the Company recognized minimum rental expense on a straight-line basis over the lease term. Rent expense was $35.9 million for the year ended December 31, 2018 .

The following table provides a summary of the Company's average lease term and discount rate as of December 31, 2019 and 2020:

	As of December 31, 2019		As of December 31, 2020
Weighted average remaining lease term (years)	5.7		5.6
Weighted average discount rate	4.15	%	4.37	%

Supplemental information related to the Company's leases for the years ended December 31, 2019 and 2020 (in thousands):

	Year ended December 31, 2019		Year ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities	$	32,883	$	32,510
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,431	$	12,763

Maturities of lease liabilities (in thousands):

Year Ending December 31,
2021	$	40,336
2022	27,683
2023	22,548
2024	19,512
2025	15,011
Thereafter	34,898
Total lease payments(1)	159,988
Less: interest	(19,028)
Present value of lease liabilities	$	140,960

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(1)Excludes $60.0 million of legally binding minimum payments for leases signed but not yet commenced.