Leases

9 Months Ended

Sep. 30, 2019

The Company’s leases relate primarily to office facilities that expire on various dates from 2019 through 2029, some of which include one or more options to renew. All of the Company’s leases are classified as operating leases. Operating lease costs, including insignificant costs related to short-term leases, were $2.8 million and $2.2 million for the three months ended September 30, 2019 and 2018, respectively and $8.2 million and $7.0 million for the nine months ended September 30, 2019 and 2018, respectively.

Additional information related to the Company’s leases as of and for the nine months ended September 30, 2019, is as follows:



(in thousands, except lease term and discount rate)	September 30, 2019
Balance sheet information
ROU assets	$	43,960

Lease liabilities, current	$	9,280
Lease liabilities, non-current	46,042
Total lease liabilities	$	55,322

Supplemental data
Weighted average remaining lease term	8.8 years
Weighted average discount rate	6.2		%

Cash paid for amounts included in lease liabilities	$	7,414
ROU assets obtained in exchange for lease obligations	$	2,286

Future undiscounted lease payments for the Company’s operating lease liabilities and a reconciliation of these payments to its lease liabilities at September 30, 2019 are as follows (in thousands):



Reconciliation of future undiscounted lease payments to lease liabilities	September 30, 2019
Year ending December 31,
2019 (remaining)	$	2,589
2020	9,347
2021	8,061
2022	7,038
2023	6,198
2024	6,503
Thereafter	33,075
Total undiscounted lease payments	72,811
Less: imputed interest	(17,489		)
Total lease liabilities	$	55,322

The Company’s most significant lease is for its headquarters in New York City, which was entered into in March 2013 and was amended in January 2016 (“ESB Lease”). As amended, the ESB Lease will expire in 2029, and the undiscounted remaining future minimum lease payments are approximately $63.4 million. The Company is also party to a $2.6 million letter of credit, as a security deposit for the ESB Lease, which is collateralized by an equivalent amount of cash, and is reported as restricted cash within other assets on the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.

Fiscal year 2018 lease commitments in accordance with prior guidance

Future minimum lease payments under non-cancelable operating leases as of December 31, 2018 were as follows (in thousands):



Year Ending December 31,	Operating Leases
2019	$	9,913
2020	8,762
2021	7,493
2022	6,829
2023	6,082
Thereafter	39,481
Total minimum lease payments	$	78,560