Leases

3 Months Ended

Mar. 31, 2020

The Company determines if a contract contains a lease at inception date. The Company's leases are operating leases, primarily for office and office equipment, that expire at various dates over the next nine years. The office leases have renewal options for periods ranging from one to five years. As it is not reasonably certain these renewal options will be exercised, the options were not considered in the lease term, and payments associated with the option years are excluded from lease payments. The office leases also generally have termination options, which allow for early termination of the lease; however, as the exercise of such

options is not reasonably certain, the options were not considered in determining the lease term; payments for the full lease term are included in the lease payments. Additionally, the leases do not contain any material residual value guarantees.

Payments due under operating leases include fixed and variable payments. These variable payments for the Company's office leases can include operating expenses, utilities, property taxes, insurance, common area maintenance, and other facility-related expense. Additionally, any leases with terms less than one year were not recognized as operating lease right of use assets or payables for short term leases in accordance with the election of ‘package of practical expedient’ under ASU 2016-02 and recognizes operating lease right of use assets and operating lease payable 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.

During the three months ended March 31, 2020 and 2019, the Company incurred operating lease costs of $12.1 million and $12.4 million, respectively. There were no costs associated with impairments of operating lease right of use assets.

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):



	For the Three Months Ended March 31,
	2020			2019
Cash paid for operating lease liabilities	$	9,587		$	6,775
Right-of-use assets obtained in exchange for new operating lease liabilities	$	9,041		$	91,174

	As of March 31,
	2020			2019
Weighted-average remaining lease term	4.42			4.63
Weighted-average discount rate	4.69		%	4.75		%

Maturities of operating lease liabilities as of March 31, 2020 were as follows (amounts in thousands):



Month ending March 31,
2020	$	26,310
2021	29,523
2022	20,421
2023	13,209
2024	7,665
Thereafter	12,000
Total future minimum lease payments	109,128
Less: Imputed interest	(10,288		)
Total	$	98,840