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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | 7. Leases We have various non-cancelable lease agreements for certain of our offices with original lease periods expiring between 2019 and 2029. Our lease terms may include options to extend or terminate the lease when it is reasonably certain we will exercise that option. Certain of the arrangements have free rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term. Additionally, we sublease certain operating leases to third parties primarily as a result of moving to a centralized corporate office in Santa Monica, California in 2018. Lease Cost The components of lease cost were as follows:
| Three Months Ended March 31, |
| 2019 |
| (in thousands) |
Operating lease expense | $ | 13,681 |
Sublease income |  | (925 | )
Total net lease costs | $ | 12,756 |
Lease Term and Discount Rate The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:
| Three Months Ended March 31, |
| 2019 |
Weighted-average remaining lease term |  | 7.3 |
Weighted-average discount rate |  | 6.2 | %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Maturity of Lease Liabilities The present value of our operating lease liabilities as of March 31, 2019 were as follows:
| Operating Leases |
| (in thousands) |
Remainder of 2019 | $ | 50,778 |
2020 |  | 67,626 |
2021 |  | 66,495 |
2022 |  | 59,443 |
2023 |  | 57,828 |
Thereafter |  | 168,038 |
Total lease payments | $ | 470,208 |
Less: Imputed interest |  | (94,837 | )
Present value of lease liabilities | $ | 375,371 |
In 2018, we exited various operating leases prior to the end of the contractual lease term, primarily as a result of moving to a centralized corporate office located in Santa Monica, California. The charges, recorded as general and administrative expenses, primarily included the present value of our remaining lease obligation on the cease use dates that occurred during the period, net of estimated sublease income. As of December 31, 2018, we exited all properties associated with this event. On January 1, 2019, under the transition provisions of ASU 2016-02 (Topic 842), we adjusted the initial measurement of the lease asset related to the lease exit properties by $32.1 million which represents the carrying amount of the associated lease exit liability as of December 31, 2018. Changes to our estimated sublease income, including actual contracted sublease income, may result in impairment of the right-of-use asset in the period determined. Prior to January 1, 2019, we had several lease agreements where we were deemed the owner under build-to-suit lease accounting. The value of the leased property and corresponding financing obligations was included in property and equipment, net and other liabilities, respectively, on our consolidated balance sheets as of December 31, 2018. Net assets capitalized under build-to-suit leases were $48.4 million as of December 31, 2018. As part of the adoption of Topic 842, we derecognized those assets and liabilities and recorded the difference as an adjustment to accumulated deficit at January 1, 2019. These leases are included within the right-of-use asset and lease liability balances on our consolidated balance sheets as of March 31, 2019. Other Information Cash payments included in the measurement of our operating lease liabilities were $16.4 million for the three months ended March 31, 2019.

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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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