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Leases	9 Months Ended
Leases	Sep. 30, 2020
Leases [Abstract]
Leases	14. LEASES Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight -line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Lease expense incurred: Operating lease cost $ 8,424 $ 5,384 $ 24,572 $ 16,602 At September 30, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 149,206 $ 161,435 Operating lease liabilities 163,329 169,909 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Operating cash flows from operating leases $ (5,047) $ (5,739) $ (14,883) $ (14,665) At September 30, At December 31, 2020 2019 Weighted average remaining operating lease term 12.3 years 12.6 years Weighted average discount rate on operating leases 4.11 % 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2020 $ 5,235 2021 18,433 2022 20,882 2023 20,110 2024 19,859 2025 16,868 Thereafter 119,204 Undiscounted lease payments 220,591 Less: present value adjustment 57,262 Total operating lease liability $ 163,329 On July 2, 2019, the Company entered into a lease agreement to relocate its corporate offices from Liberty Corner, New Jersey to a corporate complex in Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, was effective October 1, 2019 and runs through 2036 . The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7,800 thousand per year. The Company expects to relocate the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex during 2021.