Leases

6 Months Ended

Jun. 30, 2019

The Company adopted ASU 2016-02 on January 1, 2019, which resulted in the recognition of a right to use asset and liability for certain operating leases on the Company's Consolidated Balance Sheets at January 1, 2019. The Company determines if a contract contains a lease at inception and recognizes operating lease right of use assets and operating lease liabilities based on the present value of the future minimum lease payments at the lease commencement date. The Company's leases do not provide implicit rates. Therefore, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. Lease expense is recognized on a straight-line basis over the lease term.

The Company's operating lease obligations relate to office leases, which have remaining lease terms up to nine years. Some lease obligations include options to extend the leases based on individual lease agreements and may include options to terminate the leases within one year. The Company elected the 'package of practical expedient', which permitted the Company to not recognize the operating lease right of use assets or liabilities for short term leases, which are those leases with a term of twelve months or less at the lease commencement date. Expenses associated with lease expense was $13.3 million and $25.7 million for the three and six months ended June 30, 2019, respectively.

Information related to the Company's operating lease right of use assets and related lease liabilities for the office leases were as follows (amounts in thousands):



	Six Months Ended June 30, 2019
Cash paid for operating lease liabilities	$	7,325
Right-of-use assets obtained in exchange for new operating lease liabilities	$	98,070
Weighted-average remaining lease term	4.44
Weighted-average discount rate	4.83		%

Maturities of operating lease liabilities as of June 30, 2019 were as follows (amounts in thousands):



Year ending December 31,
2019 (remaining)	$	13,419
2020	25,133
2021	19,367
2022	11,697
2023 (and thereafter)	17,253
Total future minimum lease payments	86,869
Less imputed interest	(436		)
Total	$	86,433