The Company has operating leases for corporate offices with initial lease terms ranging from one-year to 15 years. Certain leases contain options to extend the initial term at the Company’s discretion. The Company accounts for the option to extend when it is reasonably certain of being exercised. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants.

The following table presents the components of occupancy expense for the year ended December 31, 2019:

Lease cost:	Classification	2019
		(In thousands)
Operating lease cost	Occupancy	$	10,875
Operating lease cost for subleased/assigned properties	Other, net		2,422
Variable lease costs	Occupancy		169
Sublease income for subleased/assigned properties	Other, net		(2,422	)
Net lease cost		$	11,044

The Company determines whether an arrangement is, or includes, a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and are initially measured based on the present value of lease payments over the defined lease term. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The weighted average remaining lease term and weighted average discount rate were 13.3 years and 5.9%, respectively, for operating leases as of December 31, 2019.

The following table presents the maturity of lease liabilities as of December 31, 2019:

	(In thousands)
2020	$	10,955
2021		11,667
2022		10,379
2023		10,149
2024		10,816
2025 and thereafter		89,690
Total lease payments		143,656
Less: interest		45,665
Present value of lease liabilities	$	97,991

Minimum lease commitments as of December 31, 2018 that had an initial term or remaining lease term in excess of one-year are as follows:


	(In thousands)
2019	$	9,764
2020		10,919
2021		10,114
2022		9,067
2023		8,738
2024 and thereafter		95,467
	$	144,069

In September 2019, the Company entered into a lease agreement for approximately 15,646 square feet of office space in London, which commenced on December 1, 2019 and expires on January 15, 2027. At commencement, the aggregate minimum rental commitment under such lease was $8.3 million. The Company recorded a new right-of-use asset and corresponding lease liability of approximately $7.0 million.

The Company has entered into agreements that assign the Company’s lease obligations on two properties to third parties and is contingently liable should the third parties default on future lease obligations through the lease termination dates of November 2020 and February 2022. The aggregate amount of the future lease obligations under these arrangements is $3.8 million as of December 31, 2019.