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LEASES | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
LEASES | LEASES The Company’s leases are primarily for office space used in the ordinary course of business. Accounting policy All the Company’s leases are operating leases. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right of use assets and lease liabilities at the lease commencement date and thereafter if modified. Fixed lease costs are recognized on a straight-line basis over the term of the lease. Variable lease costs are recognized in the period in which the obligation for those payments is incurred. The Company combines lease and non-lease components in the determination of lease costs for its office space leases. The lease liability includes lease payments related to options to extend or renew the lease term, if the Company is reasonably certain it will exercise those options. The Company’s leases do not contain any material residual value guarantees or restrictive covenants. Expense
(in thousands) | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Operating lease costs (1) | $ | 4,281 |  |  | $ | 8,581 |
Variable lease costs | 1,362 |  |  | 2,683 |
| $ | 5,643 |  |  | $ | 11,264 |
(1) Lease costs that are fixed. Right of use assets and lease liabilities
(in thousands) | June 30, 2019
Right of use assets (1) | $ | 57,772 |
Lease liabilities (2) | $ | 14,576 |
Long-term lease liabilities | $ | 54,292 |
(1) An asset that represents the Company’s right to use the leased asset during the lease term. Included in other long-term assets. (2) Included in other current liabilities. The weighted-average remaining lease term and discount rate for the Company’s leases were:
| June 30, 2019
Weighted-average remaining lease term | 4.3 years |
Weighted-average discount rate (1) | 5.7 | %
(1) The rates implicit in most of the Company’s leases are not readily determinable, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Maturities of lease liabilities are:
(in thousands) | June 30, 2019
Remainder of 2019 | $ | 8,290 |
2020 | 18,976 |
2021 | 17,099 |
2022 | 16,166 |
2023 and thereafter | 17,393 |
Total lease payments | 77,924 |
Less: imputed interest (1) | (9,056 | )
| $ | 68,868 |
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated as a result of a lease reassessment event. As of December 31, 2018, the Company’s future minimum rental payments required under operating leases with noncancellable terms in excess of one year as determined prior to the adoption of ASC 842 were:
(in thousands) | Operating Leases (1)
2019 | $ | 15,993 |
2020 | 14,807 |
2021 | 13,262 |
2022 | 12,279 |
2023 | 11,084 |
| $ | 67,425 |
(1) Operating leases include future minimum rent payments, net of estimated sublease income for facilities that the Company has vacated pursuant to its restructuring activities. Cash flow information
(in thousands) | Six Months Ended June 30, 2019
Cash paid for leases | 9,638 |
Right of use assets recognized for new leases and amendments (non-cash) | 22,667 |

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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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