On January 1, 2019, the Company adopted Topic 842 Leases using the modified retrospective approach. The Company recorded operating lease assets (right-of-use assets) of $27.5 million and operating lease liabilities of $32.1 million. There was no impact to retained earnings upon adoption of Topic 842.

The Company has various non-cancelable lease agreements for certain of its offices with original lease periods expiring between 2021 and 2029. Lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Leases with a renewal option allow the Company to extend the lease term typically between 1 and 5 years. When determining the lease term, renewal options reasonably certain of being exercised are included in the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such option. Renewal and termination options were generally not included in the lease term for the Company's existing operating leases. Certain of the arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The Company recognizes rent expense on a straight-line basis over the lease term. The Company’s lease agreements do not contain any material residual value guarantee or material restrictive covenants.

As of September 30, 2020, operating lease assets were $24.8 million and operating lease liabilities were $28.9 million. The maturity of the Company’s operating lease liabilities as of September 30, 2020 are as follows:

	Minimum Lease
Years Ending December 31:	Payments
2020 (October 1 – December 31)	$	731
2021		4,055
2022		3,782
2023		3,696
2024		3,725
Thereafter		17,759
Total future minimum lease payments	$	33,748
Less imputed interest		4,872
Total operating lease liabilities	$	28,876

Included in the Consolidated Balance Sheet:
Current operating lease liabilities	$	2,829
Non-current operating lease liabilities		26,047
Total operating lease liabilities	$	28,876

For the three and nine months ended September 30, 2020 and 2019, the total lease cost is comprised of the following amounts:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Operating lease expense	$	988	$	964	$	2,881	$	2,914
Short-term lease expense		13		22		67		64
Total lease expense	$	1,001	$	986	$	2,948	$	2,978

	As of
	September 30, 2020
Weighted-average remaining lease term — operating leases		5.1
Weighted-average discount rate — operating leases		4	%

If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The Company uses its best judgment when determining the incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.

From time to time and in the ordinary course of business, the Company may be subject to various claims, charges, and litigation. At September 30, 2020 and December 31, 2019, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its consolidated financial position, results of operations, or cash flows.