Leases

9 Months Ended

Sep. 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 Condensed 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 $11.7 million and $37.5 million for the three and nine months ended September 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):



	Nine Months Ended September 30, 2019
Cash paid for operating lease liabilities	$	22,034
Right-of-use assets obtained in exchange for new operating lease liabilities	$	115,161
Weighted-average remaining lease term	4.68 years
Weighted-average discount rate	4.81		%

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



Year ending December 31,
2019 (remaining)	$	7,597
2020	28,099
2021	22,550
2022	14,660
2023 (and thereafter)	27,022
Total future minimum lease payments	99,928
Less: Imputed interest	(458		)
Total	$	99,470