Leases

12 Months Ended

Dec. 31, 2020

LEASESWe determine if a contract is a lease at inception. We have leases for office space and facilities, automobiles and certain information technology equipment. All of our leases are classified as operating leases and the majority of which are for office space and facilities.

Supplemental balance sheet information related to the Company’s operating leases as of December 31, 2020 and 2019 was as follows (in thousands):


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term	6.7 years		6.9 years
Weighted-average discount rate	3.6	%	3.6	%

The components of lease cost and other lease information as of and during the year ended December 31, 2020 and 2019 are as follows (in thousands):


	December 31, 2020		December 31, 2019
Operating lease cost	$	34,781	$	37,275
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for operating leases	$	35,426	$	37,667

Our leases have remaining lease terms ranging from 1 to 10 years. These leases generally contain renewal options for periods ranging from two to five years. Because the Company is not reasonably certain to exercise these renewal options, the options are not included in the lease term, and associated potential option payments are excluded from lease payments. Lease expense, as accounted for under Legacy ASC Topic 840, was $38.0 million for the year ended December 31, 2018.

Maturities of operating lease liabilities at December 31, 2020 and minimum cash commitments under operating leases at December 31, 2019 were as follows (in thousands):


	December 31, 2020
2021	$	36,270
2022	30,354
2023	27,709
2024	24,401
2025	22,662
Thereafter	52,432
Total undiscounted lease payments	193,828
Less: imputed interest	(21,325)
Total lease liabilities	$	172,503


	December 31, 2019
2020	$	34,775
2021	32,371
2022	26,112
2023	24,273
2024	21,578
Thereafter	67,025
Total undiscounted lease payments	206,134
Less: imputed interest	(45,086)
Total lease liabilities	$	161,048