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Operating Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Operating Leases |
4. | Operating Leases
The Company has operating leases for all of its facilities and autos. As of September 30, 2019, operating lease ROU assets were $105.6 million and the related accumulated amortization was $15.4 million. The operating lease cost consisted of the following (in thousands):
|  | Three Months Ended September 30, 2019 |  |  | Nine Months Ended September 30, 2019 |
Operating lease cost: |  |  |  |  |  |  |  |
Lease cost (1) |  | $ | 6,148 |  |  | $ | 18,163 |
Variable lease cost (2) |  |  | 1,423 |  |  |  | 3,913 |
Sublease income |  |  | (68 | ) |  |  | (199 | )
|  | $ | 7,503 |  |  | $ | 21,877 |
(1) | Includes short-term lease cost and ROU asset amortization.
(2) | Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.
Maturities of lease liabilities by fiscal year consisted of the following (in thousands):
|  | September 30, 2019 |
Remainder of 2019 |  | $ | 5,187 |
2020 |  |  | 20,724 |
2021 |  |  | 18,233 |
2022 |  |  | 14,158 |
2023 |  |  | 10,959 |
Thereafter |  |  | 21,345 |
Total future minimum lease payments |  |  | 90,606 |
Less imputed interest |  |  | (8,790 | )
Present value of operating lease liabilities |  | $ | 81,816 |
Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
|  | Nine Months Ended September 30, 2019 |
Operating cash flow information: |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 15,064 |
Noncash activity: |  |  |  |
ROU assets obtained in exchange for operating lease liabilities |  | $ | 17,806 |
Tenant improvements owned by lessor related to ROU assets (1) |  | $ | 3,642 |
(1) | Reclassification from other assets current.
Additional noncash activity in connection with the adoption of the new lease standard on January 1, 2019 included recording of $76.7 million of ROU assets and operating lease liabilities, and reclassifying $7.8 million in prepaid rent and deferred rent to ROU assets. Other information related to the operating leases consisted of the following:
|  | September 30, 2019 |
Weighted average remaining operating lease term |  |  | 5.18 years |
Weighted average discount rate |  |  | 3.9 | %
Prior to the adoption of the new leases standard (as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018), future minimum lease payments under non-cancelable operating leases for office facilities and autos with terms in excess of one year consisted of the following (in thousands):
|  | December 31, 2018 |
2019 |  | $ | 19,649 |
2020 |  |  | 19,287 |
2021 |  |  | 16,833 |
2022 |  |  | 12,368 |
2023 |  |  | 8,805 |
Thereafter |  |  | 10,452 |
|  | $ | 87,394 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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