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 years ended December 31, 2020 and 2019:

Lease cost:	Classification	2020			2019
		(In thousands)
Operating lease cost	Occupancy	$	13,455		$	10,875
Operating lease cost for subleased/assigned properties	Other, net		2,404			2,422
Variable lease costs	Occupancy		26			169
Sublease income for subleased/assigned properties	Other, net		(2,420	)		(2,422	)
Net lease cost		$	13,465		$	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 are as follows:

	As of December 31,
Lease Term and Discount Rate	2020			2019
Weighted average remaining lease term (in years)		12.3			13.3
Weighted average discount rate		5.9	%		5.9	%

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

	(In thousands)
2021	$	12,131
2022		10,516
2023		10,270
2024		10,937
2025		10,937
2026 and thereafter		79,003
Total lease payments		133,794
Less: interest		40,182
Present value of lease liabilities	$	93,612

The Company has entered into agreements to sublease or 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 February 2022 and May 2022. The aggregate amount of the future lease obligations under these arrangements is $2.1 million as of December 31, 2020.