	December 31
	2020		2019
	(In thousands)
Land	$	94,929	$	96,118
Buildings		513,290		482,182
Leasehold improvements		302,246		262,438
Furniture and equipment — owned		807,701		739,724
Furniture and equipment — capital leases		8,630		14,232
		1,726,796		1,594,694
Less: accumulated depreciation and amortization
Owned assets		971,979		882,272
Capital leases		5,933		8,425
		977,912		890,697
Right of use assets — operating leases		412,674		436,927
Premises and equipment, net	$	1,161,558	$	1,140,924

The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements. As of December 31, 2020 and 2019, the Company recognized $467 million and $488 million respectively, of operating lease liabilities as a component of “accrued interest and other liabilities” in the consolidated balance sheet. In calculating the present value of lease payments, the Company utilized its incremental secured borrowing rate based on lease term.

The Company’s noncancelable operating lease agreements expire at various dates over the next 21 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense based on actual costs incurred. Some leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised.

The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a landlord's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, such payments are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the consolidated statement of income as a component of “equipment and net occupancy” expense when incurred.

The following table presents information about the Company’s lease costs for operating leases recorded in the consolidated balance sheet, cash paid toward lease liabilities, and the weighted-average remaining term and discount rates of the operating leases.

	Year Ended December 31,
	2020			2019
	(Dollars in thousands)
Lease cost
Operating lease cost	$	104,158		$	100,669
Short-term lease cost		198			105
Variable lease cost		1,565			2,332
Total lease cost	$	105,921		$	103,106

Other information
Right-of-use assets obtained in exchange for new operating lease liabilities	$	70,754		$	132,219
Cash paid toward lease liabilities		104,396			101,869
Weighted-average remaining lease term	7 years			7 years
Weighted-average discount rate		2.74	%		3.01	%

Minimum lease payments under noncancelable operating leases are summarized in the following table.

	(In thousands)
Year ending December 31:
2021	$	105,445
2022		93,621
2023		75,698
2024		61,412
2025		46,023
Later years		130,475
Total lease payments		512,674
Less: imputed interest		45,354
Total	$	467,320

Net lease expense for all operating leases totaled $111 million in 2018. All other operating leasing activities were not material to the Company’s consolidated results of operations. Minimum lease payments required under capital leases are not material.