Leases

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Leases of Lessee Disclosure

Note 16. Leases

Operating lease expense was as follows:

Lease Type

Classification

For the year ended December 31, 2019

Parking leases

Compensation and benefits

519

Office leases ⁽¹⁾

Occupancy

15,931

Variable lease cost ⁽²⁾

Occupancy

118

Short-term lease cost ⁽²⁾

Occupancy

369

Sublease income

Occupancy

(286)

Office equipment leases

Communication and technology

305

Total operating lease expense

16,956

⁽¹⁾Office lease expense includes a $1.5 million charge related to the abandonment of a leased office space during the year ended December 31, 2019, as discussed below.

⁽²⁾Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

During the year ended December 31, 2019, the Company recognized an asset impairment loss of $2.1 million related to the abandonment of a leased office location. The loss is recorded in occupancy expense based on the present value of expected future cash flows and consists of a $1.5 million lease asset impairment and a $0.6 million property impairment.

Operating lease expense was $13.9 million and $10.5 million for the years ended December 31, 2018 and 2017, respectively, under ASC Topic 840.

The table below presents the maturity of operating lease liabilities:


	As of December 31, 2019
2020	$	16,483
2021	16,378
2022	14,949
2023	13,416
2024	13,111
Thereafter	47,839
Total undiscounted lease payments	122,176
Adjustment to discount to present value	(21,022)
Operating lease liabilities	$	101,154

As of December 31, 2019, there were not any leases that were signed but not yet commenced, and none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:


	For the Year Ended December 31, 2019
Weighted average discount rate	4.7	%
Weighted average remaining lease term	8.1 years
Operating cash flows for operating leases	14,183