Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Note 5 — Leases

All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

The components of lease expense were as follows (in thousands):

	For the Three Months Ended September 30,
	2020			2019
Operating lease cost	$	4,114		$	3,851
Short-term lease cost		81			80
Variable lease cost		1,539			1,197
Sublease income		(65	)		(54	)
Total lease cost	$	5,669		$	5,074

	For the Nine Months Ended September 30,
	2020			2019
Operating lease cost	$	12,049		$	11,215
Short-term lease cost		245			420
Variable lease cost		4,555			3,888
Sublease income		(190	)		(121	)
Total lease cost	$	16,659		$	15,402

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

	For the Nine Months Ended September 30,
	2020			2019
Cash paid for amounts included in the measurement of operating    lease liabilities	$	9,056		$	9,111
Operating lease right-of-use assets obtained in exchange for lease    obligations	$	16,117		$	17,770
Weighted-average remaining lease term - operating leases (years)		6.6			6.6
Weighted-average discount rate - operating leases		4.6	%		5.1	%

Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows (in thousands):

2020 (remainder)	$	3,863
2021		15,285
2022		15,494
2023		14,962
2024		14,575
Thereafter		33,723
Total lease payments		97,902
Less imputed interest		(13,062	)
Present value of lease liabilities	$	84,840

Lease balances as of September 30, 2020 are as follows (in thousands):

Operating lease right-of-use assets	$	73,211
Short-term operating lease liabilities (1)	$	11,900
Non-current operating lease liabilities		72,940
Total operating lease liabilities	$	84,840

(1) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions or covenants, and all sublease transactions are not material. The Company incurred $1.4 million of ROU asset impairments during the nine months ended September 30, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition. These impairments are recorded in acquisition and integration costs in the Consolidated Statements of Operations.

Additionally, the Company received a variable incentive payment of $3.5 million in the fourth quarter of 2020 from one of its landlords to terminate the related office space lease early. This amount will be recognized as a reduction in rent expense during the fourth quarter of 2020.