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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 9. LEASES Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follows for the periods indicated:
| Year Ended December 31,
(Dollars in thousands) |  | 2020 |  |  | 2019
Lease expense incurred: |  |  |  |  |
Operating lease cost | $ | 32,508 |  | $ | 24,524
| At December 31,
(Dollars in thousands) |  | 2020 |  |  | 2019
Operating lease right of use assets | $ | 149,125 |  | $ | 161,435
Operating lease liabilities |  | 165,292 |  |  | 169,909
| Year Ended December 31,
(Dollars in thousands) |  | 2020 |  |  | 2019
Operating cash flows from operating leases | $ | (20,594) |  | $ | (20,041)
| At December 31,
| 2020 |  |  | 2019 |
Weighted average remaining operating lease term | 12.3 years |  |  | 12.6 years |
Weighted average discount rate on operating leases | 4.10 | % |  | 3.91 | %
Maturities of the existing lease liabilities are expected to occur as follows:
(Dollars in thousands) |  |
2021 | $ | 18,536
2022 |  | 20,971
2023 |  | 20,198
2024 |  | 19,947
2025 |  | 16,956
Thereafter |  | 124,258
Undiscounted lease payments |  | 220,866
Less: present value adjustment |  | 55,574
Total operating lease liability | $ | 165,292
On July 2, 2019, the Company entered into a lease agreement to relocate its U.S. corporate offices from Liberty Corner, New Jersey to Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, became effective in October, 2019 and runs through 2036. The initial base rent payment of the lease will be approximately $650 thousand per month or $7,800 thousand per year. The Company relocated the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex as of December, 2020.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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