Leases

6 Months Ended

Jun. 30, 2021

We lease office space and equipment under non-cancelable operating leases. We recognize operating lease expense on a straight-line basis over the lease term, which may include renewal or termination options that are reasonably certain of exercise. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are expensed on a straight-line basis. Most leases include one or more options to renew, with renewal terms that can extend the lease term from six months to seven years. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The current period disclosures below reflect our new principal office space in New York, New York, as we accepted possession of the premises on April 1, 2021.

The table below summarizes the carrying amount of our operating lease assets and liabilities:


Leases	Classification	June 30, 2021		December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	223,618	$	156,645
Total lease assets		$	223,618	$	156,645
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	35,214	$	42,716
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	230,133		161,677
Total lease liabilities		$	265,347	$	204,393

The table below summarizes total lease costs:


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2021		2020		2021		2020
Operating lease costs	$	14,407	$	11,800	$	26,489	$	23,599
Short-term lease costs	473		487		962		1,009
Variable lease costs	2,748		2,846		6,211		5,832
Sublease income	(1,048)		(1,041)		(2,095)		(2,130)
Total lease cost, net	$	16,580	$	14,092	$	31,567	$	28,310

We sublease certain of our leased office spaces to third parties. Our sublease portfolio consists of leases of office space that we have vacated before the lease term expiration. Operating lease expense on vacated office space is reduced by sublease rental income, which is recorded to SG&A expenses on the Condensed Consolidated Statements of Comprehensive Income. Our sublease arrangements do not contain renewal options or restrictive covenants. We estimate future sublease rental income to be $2.1 million in the remainder of 2021, $0.8 million in 2022, $0.6 million in 2023, $0.6 million in 2024 and $0.3 million in 2025. There is no future sublease rental income estimated for the years beyond 2025.

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases and includes a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheets:


	As of June 30, 2021
2021 (remaining)	$	5,623
2022	49,443
2023	45,999
2024	40,781
2025	34,871
Thereafter	172,048
Total future lease payments	348,765
Less: imputed interest	(83,418)
Total	$	265,347

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Six Months Ended June 30,
		2021			2020
Cash paid for amounts included in the measurement of operating lease liabilities		$	31,050		$	26,986

Operating lease assets obtained in exchange for lease liabilities		$	85,221		$	11,954

Weighted average remaining lease term (years)
Operating leases		8.8			6.3

Weighted average discount rate
Operating leases		5.5		%	5.5		%