Leases (Notes)

3 Months Ended

Mar. 31, 2019

NOTE 9· Leases

Substantially all of the Company's operating lease right-of-use assets and operating lease liabilities represent real estate leases for office space used to conduct the Company's business.

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows (in thousands):



(in thousands)		March 31, 2019
Balance Sheet
Assets:
Operating lease right-of-use assets	Operating lease assets	$	174,580
Total Assets		174,580
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities	39,015
Non-current operating lease liabilities	Operating lease liabilities	159,823
Total Liabilities		$	198,838

The components of lease cost for operating leases for the three months ended March 31, 2019 were (in thousands):



Operating leases:
Lease cost	$	12,088
Variable lease cost	713
Operating lease expense	$	12,801

The weighted average remaining lease term and the weighted average discount rate for operating leases as of March 31, 2019 were:



Weighted-average remaining lease term	5.73
Weighted-average discount rate	3.81

Maturities of the operating lease liabilities by fiscal year at March 31, 2019 for the Company's operating leases are as follows (in thousands):



	Operating Leases
2019 (Remainder)	$	33,577
2020	44,573
2021	36,998
2022	29,940
2023	23,184
Thereafter	55,084
Total undiscounted lease payments	223,356
Less: Imputed interest	24,518
Present value of lease payments	$	198,838

At December 31, 2018, the aggregate future minimum lease payments under all non-cancelable lease agreements were as follows:



	December 31, 2018
2019	$	48,292
2020	43,517
2021	34,836
2022	27,035
2023	19,981
Thereafter	36,349
Total minimum future lease payments	$	210,010

Supplemental cash flow information for operating leases (in thousands):



Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	12,311
Right-of-use assets obtained in exchange for new operating liabilities	$	2,439