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LEASES | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
LEASES | LEASES The Company leases land, office space, data center facilities and equipment used in connection with its operations under various operating leases, the majority of which contain escalation clauses. ROU assets represent the Company’s right to use the underlying assets for the lease term and lease liabilities represent the present value of the Company’s obligation to make payments arising from these leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over the lease term using the Company's and its publicly-traded subsidiaries' respective incremental borrowing rates on the lease commencement date or January 1, 2019 for leases that commenced prior to that date. The Company combines the lease and non-lease components of lease payments in determining ROU assets and related lease liabilities. If the lease includes one or more options to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain the Company will exercise the option(s). Lease expense is recognized on a straight-line basis over the term of the lease. As permitted by ASC 842, leases with an initial term of twelve months or less ("short-term leases") are not recorded on the accompanying consolidated balance sheet. Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Leases |  | Balance Sheet Classification |  | September 30, 2019
|  |  |  | (In thousands)
Assets: |  |  |  |
Right-of-use assets |  | Right-of-use assets |  | $ | 177,797 |
Liabilities: |  |  |  |
Current lease liabilities |  | Accrued expenses and other current liabilities |  | 33,029 |
Long-term lease liabilities |  | Other long-term liabilities |  | 198,962 |
Total lease liabilities |  |  |  | $ | 231,991 |
Lease Cost |  | Income Statement Classification |  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
|  |  |  | (In thousands)
Fixed lease cost |  | Cost of revenue |  | $ | 975 |  |  | $ | 3,181 |
Fixed lease cost |  | Selling and marketing expense |  | 2,836 |  |  | 7,747 |
Fixed lease cost |  | General and administrative expense |  | 7,424 |  |  | 24,014 |
Fixed lease cost |  | Product development expense |  | 450 |  |  | 1,050 |
Total fixed lease cost (a) |  |  |  | 11,685 |  |  | 35,992 |
Variable lease cost |  | Cost of revenue |  | 90 |  |  | 354 |
Variable lease cost |  | Selling and marketing expense |  | 337 |  |  | 1,007 |
Variable lease cost |  | General and administrative expense |  | 1,799 |  |  | 5,487 |
Variable lease cost |  | Product development expense |  | 74 |  |  | 173 |
Total variable lease cost |  |  |  | 2,300 |  |  | 7,021 |
Net lease cost |  |  |  | $ | 13,985 |  |  | $ | 43,013 |
_____________________ (a) Includes approximately $1.1 million and $4.2 million of short-term lease cost and $0.6 million and $1.6 million of sublease income for the three and nine months ended September 30, 2019, respectively. Maturities of lease liabilities as of September 30, 2019 (in thousands) (b):
Remainder of 2019 |  | $ | 9,565 |
2020 |  | 46,199 |
2021 |  | 40,761 |
2022 |  | 33,659 |
2023 |  | 28,836 |
After 2023 |  | 249,912 |
Total |  | 408,932 |
Less: Interest |  | 176,941 |
Present value of lease liabilities |  | $ | 231,991 |
_____________________
(b) | Lease payments exclude $6.0 million of legally binding minimum lease payments for leases signed but not yet commenced.
The following are the weighted average assumptions used for lease term and discount rate as of September 30, 2019:
Remaining lease term |  | 15.2 years |
Discount rate |  | 6.02 | %
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
| (In thousands)
Other Information: |  |  |
Right-of-use assets obtained in exchange for lease liabilities | $ | 6,699 |  |  | $ | 59,857 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 10,719 |  |  | $ | 34,433 |

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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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