LEASES

6 Months Ended

Jun. 30, 2020

LEASESThe Company leases office space, corporate apartments, office equipment, and vehicles. Many of the Company’s leases contain variable payments including changes in base rent and charges for common area maintenance or other miscellaneous expenses. Due to this variability, the cash flows associated with these variable payments are not included in the minimum lease payments used in determining the right-of-use assets and associated lease liabilities and are recognized in the period in which the obligation for such payments is incurred. The Company’s leases have remaining lease terms ranging from 0.1 years to 10.9 years. Certain lease agreements, mainly for office space, include options to extend or terminate the lease before the expiration date. The Company considers such options when determining the lease term when it is reasonably certain that the Company will exercise that option. The Company leases and subleases a portion of its office space to third parties. Lease income and sublease income were immaterial for the three and six months ended June 30, 2020 and 2019.

During the three and six months ended June 30, 2020 and 2019, the components of lease expense were as follows:


		Three Months Ended June 30,						Six Months Ended June 30,
	Income Statement Classification	2020		2019		2020		2019
Operating lease cost	Selling, general and administrative expenses	$	18,851	$	15,196	$	37,714	$	28,915
Variable lease cost	Selling, general and administrative expenses	579		1,999		3,214		4,096
Short-term lease cost	Selling, general and administrative expenses	269		1,006		809		1,904
Total lease cost		$	19,699	$	18,201	$	41,737	$	34,915

Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	16,481	$	14,105	$	33,372	$	28,801
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	11,676	$	40,722	$	42,928	$	53,547
Non-cash net (decrease)/increase due to lease modifications:
Operating lease right-of-use assets	$	(8,566)	$	8,324	$	(3,982)	$	3,150
Operating lease liabilities	$	(8,562)	$	8,358	$	(3,989)	$	3,252

Weighted average remaining lease term and discount rate as of June 30, 2020 and 2019 were as follows:


	As of June 30, 2020		As of June 30, 2019
Weighted average remaining lease term, in years:
Operating leases	6.0		6.2
Weighted average discount rate:
Operating leases	3.2	%	3.6	%

As of June 30, 2020, operating lease liabilities will mature as follows:


Year ending December 31,	Lease Payments
2020 (excluding six months ended June 30, 2020)	$	34,183
2021	59,786
2022	44,318
2023	32,080
2024	27,677
Thereafter	67,913
Total lease payments	265,957
Less: imputed interest	(23,315)
Total	$	242,642

The Company had committed to payments of $2,281 related to operating lease agreements that had not yet commenced as of June 30, 2020. These operating leases will commence on various dates during 2020 with lease terms ranging from 1.4 to 5.8 years. The Company did not have any material finance lease agreements that had not yet commenced.