Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Total recorded balances for the lease assets and liabilities are as follows:

(Dollars in thousands)	June 30, 2020		December 31, 2019
Assets:
Right-of-use assets - operating leases	$	215,319	$	197,365
Liabilities:
Lease liabilities - operating leases	239,357		218,847

Lease Expense Components

The components of our lease cost and supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three months ended June 30,						Six months ended June 30,
(Dollars in thousands)	2020			2019			2020			2019
Operating lease cost	$	11,605		$	9,462		$	22,969		$	18,980
Short-term lease cost	420			582			759			845
Variable lease cost	1,198			933			1,791			1,779
Less: sublease income	(155		)	(1,115		)	(1,287		)	(2,223		)
Total lease cost, net	$	13,068		$	9,862		$	24,232		$	19,381
Supplemental cash flows information:
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases	$	12,130		10,884			$	24,351		$	21,238
Noncash items during the period:
Lease obligations in exchange for obtaining Right-of-use assets
Operating leases	$	18,850		—			$	40,463		$	—

The table below presents additional information related to the Company's leases as of June 30, 2020 and December 31, 2019:

	June 30, 2020		December 31, 2019
Weighted-average remaining term (in years) - operating leases	6.00		6.29
Weighted-average discount rate - operating leases (1)	2.64	%	2.92	%

(1)

The incremental borrowing rate used to calculate the lease liability was determined based on the facts and circumstances of the economic environment and the Company’s credit standing as of the effective date of ASC 842. Additionally, the total lease term and total lease payments were also considered in determining the rate. Based on these considerations the Company identified credit terms available under its existing credit lines which represent a collateralized borrowing rate that has varying credit terms that could be matched to total lease terms and total lease payments in ultimately determining the implied borrowing rate in each lease contract.

Lessee, Operating Lease, Liability, Maturity

The following table presents our undiscounted future cash payments for our operating lease liabilities as of June 30, 2020:

Years ended December 31, (Dollars in thousands)	Operating Leases
2020 (excluding the six months ended June 30, 2020)	$	24,477
2021	48,887
2022	43,698
2023	42,602
2024	36,648
2025 and thereafter	63,684
Total future lease payments (1)	$	259,996
Less: imputed interest	(20,639		)
Total lease liabilities	$	239,357

(1)

As of June 30, 2020, we have additional leases that have not yet commenced. We estimate that we will record additional lease liabilities of $18.5 million upon commencement. These leases will commence in 2020 with lease terms of two years to ten years.