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Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases Leases
We lease office space and equipment under non-cancelable operating leases. We recognize operating lease expense on a straight-line basis over the lease term, which may include renewal or termination options that are reasonably certain of exercise. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are expensed on a straight-line basis. Most leases include one or more options to renew, with renewal terms that can extend the lease term from three months to seven years. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The table below summarizes the carrying amount of our operating lease assets and liabilities:
Leases
 
Classification
 
As of
June 30, 2020
 
As of
December 31, 2019
Assets
 
 
 
 
 
 
  Operating lease assets
 
Operating lease assets
 
$
152,245

 
$
159,777

Total lease assets
 
 
 
$
152,245

 
$
159,777

Liabilities
 
 
 
 
 
 
Current
 
 
 
 
 
 
  Operating lease liabilities
 
Accounts payable, accrued expenses and other
 
$
39,595

 
$
35,727

Noncurrent
 
 
 
 
 
 
  Operating lease liabilities
 
Noncurrent operating lease liabilities
 
161,753

 
176,378

Total lease liabilities
 
 
 
$
201,348

 
$
212,105



The table below summarizes total lease costs:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Lease Cost
2020
 
2019
 
2020
 
2019
Operating lease costs
$
11,800

 
$
11,044

 
$
23,599

 
$
21,909

Short-term lease costs
487

 
566

 
1,009

 
1,429

Variable lease costs
2,846

 
2,685

 
5,832

 
5,698

Sublease income
(1,041
)
 
(1,246
)
 
(2,130
)
 
(2,443
)
Total lease cost, net
$
14,092

 
$
13,049

 
$
28,310

 
$
26,593



We sublease certain of our leased office spaces to third parties. Our sublease portfolio consists of leases of office space that we have vacated before the lease term expiration. Operating lease expense on vacated office space is reduced by sublease rental income, which is recorded to SG&A expenses on the Condensed Consolidated Statements of Comprehensive Income. Our sublease arrangements do not contain renewal options or restrictive covenants. We estimate future sublease rental income to be $2.4 million for the remainder of 2020, $4.5 million in 2021, $0.7 million in 2022, $0.6 million in 2023, $0.6 million in 2024 and $0.3 million in years beyond 2024.

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases and includes a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheet:
 
As of
June 30, 2020
2020 (remaining)
$
21,376

2021
53,585

2022
34,287

2023
28,507

2024
25,239

Thereafter
79,045

   Total future lease payments
242,039

   Less: imputed interest
(40,691
)
Total
$
201,348



The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:
 
Six Months Ended June 30,
 
2020
 
2019
Cash paid for amounts included in the measurement of operating lease liabilities
$
26,986

 
$
23,199

 
 
 
 
Operating lease assets obtained in exchange for lease liabilities
$
11,954

 
$
19,162

 
 
 
 
Weighted average remaining lease term (years)
 
 
 
   Operating leases
6.3

 
6.7

 
 
 
 
Weighted average discount rate
 
 
 
   Operating leases
5.5
%
 
5.6
%