LEASES (Notes)

12 Months Ended

Dec. 31, 2019

Leases of Lessee Disclosure [Text Block]

LEASES

The Company leases 107 buildings and offices under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. The Company adopted the requirements of Topic 842 effective January 1, 2019, which required the Company to record a right-of-use lease asset and a lease liability for leases with an initial term of more than 12 months for leases that existed as of January 1, 2019. The periods prior to the date of adoption are accounted for under Lease Topic 840; therefore, the following disclosures include only the periods for which Topic 842 was effective.

Lease Position as of December 31, 2019

The table below presents the lease right-of-use assets and lease liabilities recorded on the balance sheet at December 31, 2019 (dollars in thousands):



	Classification on the Balance Sheet	December 31, 2019
Assets
Operating right-of-use lease assets	Other assets	$	61,766

Liabilities
Operating lease liabilities	Accrued expenses and other liabilities	$	65,818

Weighted-average remaining lease term
Operating leases		6.2 years

Weighted-average discount rate
Operating leases		3.7		%

Lease Costs

The table below presents certain information related to the lease costs for operating leases for the year ended December 31, 2019 (in thousands):



	Twelve Months Ended December 31,
	2019
Operating lease cost ⁽¹⁾	$	15,388
Short-term lease cost ⁽¹⁾	327
Variable lease cost ⁽¹⁾	2,396
Less sublease income ⁽¹⁾	(925		)
Total lease cost	$	17,186

⁽¹⁾ Lease expenses and sublease income are classified within occupancy and equipment expense on the Consolidated Statements of Operations.

Supplemental Cash Flow Information

Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities were $15.4 million for the year ended December 31, 2019. During the year ended December 31, 2019, the Company recorded $78.8 million of right-of-use lease assets in exchange for operating lease liabilities.

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years beginning with 2020 and the total of the remaining years to the operating lease liabilities recorded on the Consolidated Statements of Financial Position (in thousands):



	Operating Leases
2020	$	16,197
2021	15,058
2022	11,424
2023	8,275
2024	6,393
Thereafter	16,489
Total minimum lease payments	73,836
Less: amount of lease payments representing interest	(8,018		)
Lease obligations	$	65,818

As of December 31, 2019, the Company had no undiscounted lease payments under an operating lease that had not yet commenced.