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LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
SUMMARY OF LEASE EXPENSE AND RELATED CASH FLOWS
The following table presents the Company’s total lease expense and the cash flows arising from lease transactions:
Year endedYear ended
December 31, 2020December 31, 2019
Lease cost:
Operating lease expense$24,726 $27,549 
Short-term lease expense(1)
299 1,132 
Sublease income(2)
(3,578)(1,144)
Total lease expense$21,447 $27,537 
Other information:
Operating cash outflows from operating leases$20,452 $25,004 
Right-of-use assets obtained in exchange for new operating lease liabilities$36,742 $— 
Weighted-average remaining lease term - operating leases(3)
10.2 years9.0 years
Weighted-average discount rate - operating lease(4)
4.2 %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 properties in New York and London.
(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 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
The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2020:
Expected
Year ended December 31,Cash Flows
2021$22,817 
202223,598 
202320,190 
202414,478 
202513,849 
Later years78,987 
Discount(33,656)
Total discounted operating lease liabilities$140,263 

On February 1, 2020, the commencement date, the Company reflected a 15 year lease for a new office property in Alpharetta, Georgia in the Company's consolidated balance sheet. Consequently, this lease is also reflected in the maturity table above. The total contractual lease costs over the 15 year lease is $40 million.

The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2019:
Year ended December 31,
2020$19,225 
202119,129 
202220,049 
202316,641 
202411,006 
Later years58,562 
Discount(29,028)
Total discounted operating lease liabilities $115,584