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.

		Three Months Ended March 31,
Lease cost:	Classification	2020			2019
		(In thousands)
Operating lease cost	Occupancy	$	3,449		$	2,745
Operating lease cost for subleased/assigned properties	Other, net		536			573
Variable lease costs	Occupancy		16			124
Sublease income subleased/assigned properties	Other, net		(536	)		(573	)
Net lease cost		$	3,465		$	2,869

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 (in years) and weighted average discount rate were as follows:

	Three Months Ended March 31,
	2020			2019
Weighted average remaining lease term (in years)		13.1			14.2
Weighted average discount rate		5.9	%		6.0	%

The following table presents the maturity of lease liabilities as of March 31, 2020:

	(In thousands)
Remainder of 2020	$	8,256
2021		11,899
2022		10,239
2023		9,994
2024		10,661
2025 and thereafter		89,343
Total lease payments		140,392
Less: interest		44,091
Present value of lease liabilities	$	96,301

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 $3.3 million as of March 31, 2020.