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 September 30,						Nine Months Ended September 30,
Lease cost:	Classification	2020			2019			2020			2019
		(In thousands)
Operating lease cost	Occupancy	$	3,432		$	2,602		$	10,238		$	8,003
Operating lease cost for subleased/assigned properties	Other, net		609			707			1,780			1,863
Variable lease costs	Occupancy		3			9			26			164
Sublease income subleased/assigned properties	Other, net		(605	)		(707	)		(1,776	)		(1,863	)
Net lease cost		$	3,439		$	2,611		$	10,268		$	8,167

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 are as follows:

	As of
Lease Term and Discount Rate	September 30, 2020			December 31, 2019
Weighted average remaining lease term (in years)		12.9			13.3
Weighted average discount rate		5.9	%		5.9	%

The following table presents the maturity of lease liabilities as of September 30, 2020:

	(In thousands)
Remainder of 2020	$	2,417
2021		11,979
2022		10,328
2023		10,083
2024		10,750
2025 and thereafter		89,546
Total lease payments		135,103
Less: interest		41,395
Operating lease liabilities	$	93,708

The Company has entered into agreements that sublease or assign the Company’s lease obligations on three 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 May 2022. The aggregate amount of the future lease obligations under these arrangements is $2.6 million as of September 30, 2020.