Leases

6 Months Ended

Jun. 30, 2019

The Company’s leases relate primarily to office facilities that expire on various dates from 2019 through 2029, some of which include one or more options to renew. All of the Company’s leases are classified as operating leases. Operating lease costs, including insignificant costs related to short-term leases, were $2.7 million and $2.4 million for the three months ended June 30, 2019 and 2018, respectively and $5.4 million and $4.8 million for the six months ended June 30, 2019 and 2018, respectively.

Additional information related to the Company’s leases as of and for the six months ended June 30, 2019, is as follows:



(in thousands, except lease term and discount rate)	June 30, 2019
Balance sheet information
ROU assets	$	44,808

Lease liabilities, current	$	9,203
Lease liabilities, non-current	47,007
Total lease liabilities	$	56,210

Supplemental data
Weighted average remaining lease term	9.0 years
Weighted average discount rate	6.2		%

Cash paid for amounts included in lease liabilities	$	4,857
ROU assets obtained in exchange for lease obligations	$	1,324

Maturities of lease liabilities as of June 30, 2019 were as follows:



(in thousands)	June 30, 2019
Year ending December 31,
2019 (remaining)	$	5,182
2020	9,433
2021	8,131
2022	7,078
2023	6,210
Thereafter	39,594
Total undiscounted lease payments	75,628
Less: imputed interest	(19,418		)
Total lease liabilities	$	56,210

The Company’s most significant lease is for its headquarters in New York City, which was entered into in March 2013 and was amended in January 2016 (“ESB Lease”). As amended, the ESB Lease will expire in 2029, and the undiscounted remaining future minimum lease payments are approximately $64.8 million. The Company is also party to a $2.6 million letter of credit, as a security deposit for the ESB Lease, which is collateralized by an equivalent amount of cash, and is reported as restricted cash within other assets on the Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018.

Fiscal year 2018 lease commitments in accordance with prior guidance

Future minimum lease payments under non-cancelable operating leases as of December 31, 2018 were as follows (in thousands):



Year Ending December 31,	Operating Leases
2019	$	9,913
2020	8,762
2021	7,493
2022	6,829
2023	6,082
Thereafter	39,481
Total minimum lease payments	$	78,560