LEASES (Tables)

3 Months Ended

Mar. 31, 2019

Summary of lease expense and related cash flows

The following table summarizes the amounts related to the Company’s total lease expense and the cash flows arising from lease transactions.



	Three months ended
	March 31, 2019

Lease cost:
Operating lease expense	$	6,930
Short-term lease expense⁽¹⁾	646
Sublease income⁽²⁾	(542		)
Total lease expense	$	7,034

Other information:
Operating cash outflows from operating leases	$	6,536
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—
Weighted-average remaining lease term - operating leases⁽³⁾	8.8 years
Weighted-average discount rate - operating lease⁽⁴⁾	4.7		%

(1) Short-term lease expense is recognized on a straight-line basis over the lease term.

(2) Sublease income largely relates to office property in London, England.

(3) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date.

(4) Weighted-average discount was calculated on the basis of the discount rate for the lease that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date.

Maturity schedule and minimum lease payments

At March 31, 2019, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	Expected
	Cash Flows

Remainder of 2019	$	19,818
2020	22,545
2021	22,451
2022	23,165
2023	19,042
Later years	72,536
Discount	(35,259		)
Total discounted operating lease liabilities	$	144,298

At December 31, 2018, the Company's future minimum lease payments were expected to be as follows:




Year ended December 31,

2019	$	28,240
2020	25,331
2021	27,025
2022	28,012
2023	23,801
Later years	118,497
Total future minimum lease payments	$	250,906

For the three months ended March 31, 2018, the total lease expense was $7 million.