Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Cost

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

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.