5. Leases

Effective January 1, 2019, the Company adopted ASC 842, Leases. This standard requires the Company to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The asset reflects the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments and lease incentives. The amount of the lease liability is calculated as the present value of unpaid lease payments. The Company adopted ASC 842 using a modified retrospective approach and did not restate comparative periods. The Company elected to take the package of practical expedients allowing the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has elected to account for nonlease components in a contract as part of the single lease component to which they are related.

Significant assumptions and judgements in calculating the right-of-use assets and lease liability include the determination of the applicable borrowing rate for each lease.

On January 1, 2019, upon the adoption of ASC 842, the Company recorded, for office space and data center leases in the U.S. and U.K., right-of-use assets of $31.8 million, lease liabilities of $39.6 million and eliminated deferred rent of $4.9 million and leasehold interests of $2.9 million. The leases have initial lease terms ranging from three to 11 years.

Activity related to the Company's leases for the year ended December 31, 2019 is as follows (in thousands):


	Year Ended
	December 31,
	2019
Operating lease expense	$	10,265
Cash for amounts included in the measurement of operating liability	$	11,667
Right-of-use assets obtained in exchange for operating liabilities	$	—

At December 31, 2019, the weighted average borrowing rate and weighted average lease term are as follows:


	Amount
Weighted average borrowing rate	2.9	%
Weighted average remaining lease term (years)	5.9

The following table presents the maturity of lease liabilities as of December 31, 2019 (in thousands):


	Amount
2020	$	8,516
2021		5,946
2022		4,143
2023		3,956
2024		3,558
Thereafter		7,633
Total future lease payments		33,752
Less imputed interest		(2,797)
Lease liability	$	30,955

At December 31, 2019, the future minimum lease payments were as follows (in thousands):


	Amount
2020	$	8,516
2021		5,946
2022		4,143
2023		3,956
2024		3,558
Thereafter		7,633
Total	$	33,752

At December 31, 2018, the future minimum lease payments were as follows (in thousands):


	Amount
2019	$	11,393
2020		7,580
2021		5,317
2022		4,051
2023		3,877
Thereafter		11,156
Total	$	43,374

Rent expense amounted to $2.7 million, $9.0 million and $11.8 million for the 2018 Successor Period, the 2018 Predecessor Period and the year ended December 31, 2017, respectively.

One U.S. lease is secured by a letter of credit in the amount of $1.2 million, which is guaranteed by Refinitiv.