Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

LEASES

Leases

The Company leases certain office space and equipment under various operating leases. In addition to rent, the leases require the Company to pay for taxes, insurance, maintenance and other operating expenses. Certain of these leases contain stated escalation clauses while others contain renewal options. The Company recognizes rent expense on a straight-line basis over the term of the lease, excluding renewal periods, unless renewal of the lease is reasonably assured.

The components of lease expense were as follows (in thousands):

		December 31,
		2019
	Classification
Operating lease cost	Operating expenses	$	50,163
Variable lease cost	Operating expenses	9,448
Sublease income	Other income (expense), net	(878)
Net lease cost		$	58,733

Operating lease expense for the year ended December 31, 2018 totaled approximately $73.8 million, of which $14.2 million related to charges for the consolidation of leased facilities related to restructuring activities. Operating lease expense for the year ended December 31, 2017 totaled approximately $64.3 million, of which $9.7 million related to charges for the consolidation of leased facilities related to restructuring activities.

Supplemental cash flow information related to leases was as follows (in thousands):

	December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54,690
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	49,264

Supplemental balance sheet information related to leases was as follows (in thousands):

Operating Leases	December 31,
	2019
Operating lease right-of-use assets	$	206,154
Accrued expenses and other current liabilities	$	47,025
Operating lease liabilities	209,382
Total operating lease liabilities	$	256,407

Lease Term and Discount Rate

	December 31,
	2019
Weighted-average remaining lease term (years)
Operating leases	6.1
Weighted-average discount rate
Operating leases	5.04	%

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):

Year ending December 31,	Operating Leases
2020	$	58,399
2021	52,306
2022	44,562
2023	40,356
2024	40,380
After 2024	61,752
Total lease payments	$	297,755
Less: imputed interest	(41,348)
Present value of lease liabilities	$	256,407