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 that expire on various dates through 2043. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration.

The Company assess at inception of a contract if it contains a lease. This assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset.

Variable lease cost is lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred.

The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to be paid on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheets is as follows:

(in thousands)		December 31, 2019
Balance Sheet
Assets:
Operating lease right-of-use assets			184,288
Total assets	Operating lease assets	$	184,288
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		43,415
Non-current operating lease liabilities	Operating lease liabilities		167,855
Total liabilities		$	211,270

As of December 31, 2019, the Company has entered into future lease agreements expected to commence in 2020 and 2021 consisting of undiscounted lease liabilities of $5.1 million and $0.6 million, respectively.

The components of lease cost for operating leases for the 12 months ended December 31, 2019 were:

(in thousands)	Twelve Months Ended December 31, 2019
Operating leases:
Lease cost	$	49,872
Variable lease cost		3,819
Short term lease cost		267
Operating lease cost	$	53,958
Sublease income		(1,386	)
Total lease cost net	$	52,572

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

Maturities of the operating lease liabilities by fiscal year at December 31, 2019 for the Company's operating leases are as follows:

(in thousands)	Operating Leases
2020	$	48,884
2021		45,547
2022		38,056
2023		31,625
2024		24,469
Thereafter		51,571
Total undiscounted lease payments		240,152
Less: Imputed interest		28,882
Total minimum future lease payments	$	211,270

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

(in thousands)	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

(in thousands)	Twelve months ended December 31, 2019
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	51,894
Right-of-use assets obtained in exchange for new operating liabilities	$	46,730