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	2021			2020
		(In thousands)
Operating lease cost	Occupancy	$	3,323		$	3,449
Operating lease cost for subleased/assigned properties	Other, net		497			536
Variable lease costs	Occupancy		6			16
Sublease income subleased/assigned properties	Other, net		(502	)		(536	)
Net lease cost		$	3,324		$	3,465

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	March 31, 2021			December 31, 2020
Weighted average remaining lease term (in years)		12.0			12.3
Weighted average discount rate		5.9	%		5.9	%

The following table presents the maturity of lease liabilities as of March 31, 2021:

	(In thousands)
Remainder of 2021	$	9,177
2022		10,692
2023		10,451
2024		11,122
2025		11,127
2026 and thereafter		79,095
Total lease payments		131,664
Less: interest		38,914
Operating lease liabilities	$	92,750

The Company has entered into agreements that 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 $1.7 million as of March 31, 2021.