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 June 30,						Six Months Ended June 30,
Lease cost:	Classification	2021			2020			2021			2020
		(In thousands)
Operating lease cost	Occupancy	$	3,346		$	3,357		$	6,669		$	6,806
Operating lease cost for subleased/assigned properties	Other, net		544			635			1,041			1,171
Variable lease costs	Occupancy		2			7			8			23
Sublease income subleased/assigned properties	Other, net		(544	)		(635	)		(1,047	)		(1,171	)
Net lease cost		$	3,348		$	3,364		$	6,671		$	6,829

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	June 30, 2021			December 31, 2020
Weighted average remaining lease term (in years)		11.8			12.3
Weighted average discount rate		5.9	%		5.9	%

The following table presents the maturity of lease liabilities as of June 30, 2021:

	(In thousands)
Remainder of 2021	$	5,956
2022		10,866
2023		10,626
2024		11,160
2025		11,152
2026 and thereafter		79,110
Total lease payments		128,870
Less: interest		37,605
Operating lease liabilities	$	91,265

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 $1.2 million as of June 30, 2021.