As of June 30, 2020, the Company’s lease portfolio consists of operating and finance real estate leases for its sales offices, performance centers, warehouses and corporate related facilities. In addition, we have various live event production service arrangements that contain operating and finance equipment leases. With the exception of our new global headquarters lease that commenced on July 1, 2019 with an 18-month free rent period followed by an initial base term of 15 years with options to renew, our other real estate leases have remaining lease terms of approximately one year to eight years, some of which may also include options to extend the leases. Our equipment leases, which are included as part of various operating service arrangements, generally have remaining lease terms of approximately one year to seven years. Generally, no covenants are imposed by our lease agreements.

Key estimates and judgments made in applying the lease accounting rules include how the Company determines (i) the discount rate it uses to discount the unpaid lease payments to present value, (ii) lease term and (iii) lease payments. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot readily determine the interest rate implicit in the lease and therefore uses the incremental borrowing rate for its leases. The incremental borrowing rate reflects the rate of interest that the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rates were generally determined by estimating the appropriate collateralized borrowing rates to be used for our leases and considered certain factors including, the lease term, economic environment and the assumed credit rating profile of the Company. The lease term for all of the Company’s lease arrangements include the noncancelable period of the lease plus, if applicable, any additional periods covered by an option to extend the lease that is reasonably certain to be exercised by the Company.

The following table provides quantitative disclosure about the Company’s operating and financing leases for the periods presented:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Lease costs
Finance lease costs:
Amortization of right-of-use assets	$	5,092	$	1,996	$	9,917	$	3,992
Interest on lease liabilities		4,574		162		9,002		1,539
Operating lease costs		1,376		2,135		2,964		4,602
Other short-term and variable lease costs		416		767		870		1,303
Sublease income (1)		—		(16)		(16)		(32)
Total lease costs	$	11,458	$	5,044	$	22,737	$	11,404

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	334	$	162	$	575	$	347
Operating cash flows from operating leases	$	1,168	$	2,207	$	2,547	$	4,415
Finance cash flows from finance leases	$	2,788	$	2,066	$	5,399	$	4,109
Right-of-use assets obtained in exchange for new finance lease liabilities	$	66	$	—	$	33,186	$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,238	$	3,243	$	2,586	$	3,243

	As of
	June 30,
	2020		2019
Weighted-average remaining lease term - finance leases		28.9 years		1.7 years
Weighted-average remaining lease term - operating leases		4.5 years		3.8 years
Weighted-average discount rate - finance leases		4.9%		4.5%
Weighted-average discount rate - operating leases		4.3%		4.6%



	Operating		Finance
	Leases		Leases
2020	$	2,311	$	5,499
2021		4,868		26,694
2022		3,776		26,404
2023		2,202		26,498
2024		1,735		26,245
Thereafter		2,646		642,771
Total lease payment		17,538		754,111
Less: imputed interest		(1,785)		(374,580)
Total future minimum lease payments	$	15,753	$	379,531