Leases (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Lease Assets and Liabilities

Total recorded balances for the lease assets and liabilities are as follows:



(Dollars in thousands)	March 31, 2019
Assets:
Right-of-use assets - operating leases (1)	$	164,659
Liabilities:
Lease liabilities - operating leases (1)	205,167


(1)	Included in these amounts are $24.4 million and $33.7 million of ROU assets and lease liabilities, respectively, attributable to the inclusion of SVB Leerink in our financial results at March 31, 2019.

Lease Expense Components

The components of our lease cost and other information related to leases for the three months ended March 31, 2019 were as follows:



(Dollars in thousands)	Three months ended March 31, 2019
Operating lease cost	$	9,518
Short-term lease cost	263
Variable lease cost	846
Less: sublease income	(1,108		)
Total lease cost, net	$	9,519
Other information:
Weighted-average remaining term (in years) - operating leases	6.40
Weighted-average discount rate - operating leases (1)	3.18		%
Supplemental cash flows information:
Cash paid for operating leases	$	10,354

(1)

The incremental borrowing rate used to calculate the lease liability was determined based on the facts and circumstances of the economic environment and the Company’s credit standing as of the effective date of ASC 842. Additionally, the total lease term and total lease payments were also considered in determining the rate. Based on these considerations the Company identified credit terms available under its existing credit lines which represent a collateralized borrowing rate that has varying credit terms that could be matched to total lease terms and total lease payments in ultimately determining the implied borrowing rate in each lease contract.

Lessee, Operating Lease, Liability, Maturity

The following table presents our undiscounted future cash payments for our operating lease liabilities as of March 31, 2019:



(Dollars in thousands)	Operating Leases
2019 (excluding the three months ended March 31, 2019)	$	32,717
2020	40,282
2021	37,458
2022	31,902
2023	30,440
2024 and thereafter	38,577
Total future lease payments (1)	$	211,376
Less: imputed interest	(6,209		)
Total lease liabilities	$	205,167


(1)	As of March 31, 2019, we have additional operating leases that have not yet commenced. We estimate that we will record additional operating lease liabilities of $27.1 million upon commencement. These operating leases will commence in 2019 with lease terms of one to ten years.

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents minimum future payments under noncancelable operating leases under ASC 840, Leases as of December 31, 2018:



(Dollars in thousands)	Amount
2019	$	38,609
2020	37,575
2021	35,854
2022	31,659
2023	30,904
2024 and thereafter	49,071
Total minimum future payments	$	223,672