LEASES (Tables)

9 Months Ended

Sep. 30, 2019

SUMMARY OF LEASE EXPENSE AND RELATED CASH FLOWS

The following table summarizes the amounts related to the Company’s total lease expense and the cash flows arising from lease transactions.



	Three months ended			Nine months ended
	September 30, 2019			September 30, 2019

Lease cost:
Operating lease expense	$	7,520		$	18,584
Short-term lease expense⁽¹⁾	196			961
Sublease income⁽²⁾	(343		)	(1,077		)
Total lease expense	$	7,373		$	18,468

Other information:
Operating cash outflows from operating leases	$	6,397		$	19,317
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	—
Weighted-average remaining lease term - operating leases⁽³⁾	9.0 years			9.0 years
Weighted-average discount rate - operating lease⁽⁴⁾	4.7		%	4.7		%

(1) Short-term lease expense is recognized on a straight-line basis over the lease term.

(2) Sublease income largely relates to office property in London, England.

(3) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date.

(4) Weighted-average discount was calculated on the basis of the discount rate for the lease that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date.

MATURITY SCHEDULE AND MINIMUM LEASE PAYMENTS

At September 30, 2019, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	Expected
	Cash Flows

Remainder of 2019	$	5,711
2020	19,102
2021	18,853
2022	19,646
2023	16,198
Later years	65,573
Discount	(29,196		)
Total discounted operating lease liabilities	$	115,887

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES

At December 31, 2018, the Company's future minimum lease payments were expected to be as follows:




Year ended December 31,

2019	$	28,240
2020	25,331
2021	27,025
2022	28,012
2023	23,801
Later years	118,497
Total future minimum lease payments	$	250,906