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Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Components of Lease Cost | The components of lease costs were as follows for the year ended December 31, 2019 (in thousands):
| Year ended December 31, 2019
Lease cost: |
Operating lease cost(1) | $ | 35,335 |
Short-term lease cost | 885 |
Sublease income | (2,696 | )
Total lease costs | $ | 33,524 |
___________________________________________________________
(1) | Operating lease cost includes a $6.0 million of right-of-use lease asset impairment charge, which is included in Merger and integration costs on the consolidated statements of income, related to redundant leased space that was vacated during the year.
The following table provides a summary of the Company's average lease term and discount rate as of December 31, 2019:
| As of December 31, 2019
Weighted-average remaining lease term (years) | 5.7 |
Weighted-average discount rate | 4.15 | %
Supplemental information related to the Company's leases for the year ended December 31, 2019 (in thousands):
| Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities | $ | 32,883 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 4,431 |
Leasehold improvements obtained in exchange for TIAs paid directly to third parties | $ | 2,156 |
Maturities of Lease Liabilities | Maturities of lease liabilities (in thousands):
Year Ending December 31, |
2020 | $ | 29,178 |
2021 | 24,351 |
2022 | 15,479 |
2023 | 12,376 |
2024 | 10,692 |
Thereafter | 27,592 |
Total lease payments(1) | 119,668 |
Less: interest | (13,827 | )
Present value of lease liabilities | $ | 105,841 |
__________________________________________________________ (1) Excludes $6.5 million of legally binding minimum payments for leases signed but not yet commenced.
Minimum Rental Commitments | 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(1) Amounts are based on the accounting guidance in ASC 840, Leases, that was superseded upon the Company's adoption of ASC 842 on January 1, 2019.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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