Leases

6 Months Ended

Jun. 30, 2019

The Company has long-term, non-cancelable operating leases for campuses and other administrative facilities. These leases generally range from one to 10 years and may include renewal options to extend the lease term. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances ("TIAs"). The Company subleases certain portions of unused building space to third parties. During the three and six months ended June 30, 2019, the Company recognized $6.9 million and $14.5 million of lease costs, respectively.

The components of lease costs were as follows (in thousands):



	For the three months ended June 30,			For the six months ended June 30,
	2019			2019
Lease cost:
Operating lease cost	$	7,414		$	15,498
Short-term lease cost	207			440
Sublease income	(725		)	(1,447		)
Total lease costs	$	6,896		$	14,491



	As of June 30, 2019
Lease term and discount rate:
Weighted-average remaining lease term (years)	5.7
Weighted-average discount rate	4.25	%



	For the six months ended June 30,
	2019
Other information (in thousands):
Cash paid for amounts included in the measurement of lease liabilities	$	14,345
Right-of-use assets obtained in exchange for operating lease liabilities	$	2,298
Leasehold improvements obtained in exchange for TIAs paid directly to third parties	$	1,738

Maturities of lease liabilities (in thousands):



Year Ending June 30,
2020	$	31,185
2021	26,474
2022	19,440
2023	12,524
2024	10,539
Thereafter	28,753
Total lease payments⁽¹⁾	$	128,915
Less: interest	(15,083		)
Present value of lease liabilities	$	113,832

__________________________________________________________


⁽¹⁾	Operating lease payments exclude $2.0 million of legally binding minimum payments for leases signed but not yet commenced.

The minimum rental commitments for the Company as of December 31, 2018 were as follows (in thousands):



	Minimum Rental Commitments⁽¹⁾
2019	$	33,600
2020	28,399
2021	23,485
2022	13,770
2023	10,316
Thereafter	32,745
Total	$	142,315

__________________________________________________________

⁽¹⁾

Amounts are based on the accounting guidance in ASC 840, Leases, that was superseded upon the Company's adoption of ASC 842 on January 1, 2019.