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Lease Commitments | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Lease Commitments | 4. Lease Commitments During the three months ended March 31, 2020, the Company entered into a lease in Allen, TX, related to a new client contract. This lease had an opening ROU asset and lease liability balance of $11,455,000. The Company has included the below annual lease disclosures for comparability between reporting periods. The Company determines if an arrangement is a lease at inception. The Company's and its subsidiaries' leases include office space, computer equipment, and automobiles under operating and finance leases. These lease agreements have remaining lease terms of 1 to 11 years. Some of these lease agreements include options to extend the leases for up to 5 years, options to terminate the leases within 1 year, rental escalation clauses and periodic adjustments for inflation, all of which are considered in the determination of lease payments. These lease agreements do not contain any material residual value guarantees or material restrictive covenants. For leases with terms greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of the fixed lease payments over the term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability. The Company does not separate nonlease components from lease components and instead accounts for each as a single lease component for all classes of its assets. The Company applies a portfolio approach to effectively account for the right-of-use asset and lease liability for certain equipment leases. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The Company, as sublessor, subleases certain office space which mostly consists of a two-building office complex in Plantation, Florida in which the terms of the primary lease and the related subleases end in December 2021. Under all of its executed sublease arrangements, the sublessees are obligated to pay the Company sublease payments of $1,100,000 during the remainder of 2020, $4,200,000 in 2021 and $100,000 in 2022. The Company's finance leases are not material for the three and nine months ended September 30, 2020 and are excluded from the disclosures below. The following table presents the lease-related assets and liabilities recorded on the Company's unaudited Condensed Consolidated Balance Sheets related to its operating leases:
(in thousands) |  | Classification on Balance Sheet |  | September 30, 2020 |  |  | December 31, 2019 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease |  | Operating lease right-of-use assets, net |  | $ | 107,956 |  |  | $ | 102,354 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Current operating lease liabilities |  |  | 31,918 |  |  |  | 30,765 |
Noncurrent operating lease liabilities |  | Noncurrent operating lease liabilities |  |  | 91,963 |  |  |  | 87,064 |
Total operating lease liabilities |  |  |  | $ | 123,881 |  |  | $ | 117,829 |
Weighted-Average Remaining Lease Term |  |  |  | 6.04 Years |  |  | 5.72 years |
Weighted-Average Discount Rate (1) |  |  |  |  | 5.3 | % |  |  | 5.4 | %
(1) | Upon adoption of Topic 842, discount rates used for existing leases were established at the transition date.
The components of operating lease costs within the Company's unaudited Condensed Consolidated Statements of Operations consisted of the following for the three and nine months ended September 30, 2020:
|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | September 30, 2020 |  |  | September 30, 2019 |  |  | September 30, 2020 |  |  | September 30, 2019 |
Operating lease cost |  | $ | 9,381 |  |  | $ | 9,298 |  |  | $ | 28,770 |  |  | $ | 28,410 |
Variable lease cost |  |  | 2,094 |  |  |  | 2,078 |  |  |  | 6,317 |  |  |  | 5,849 |
Sublease income |  |  | 982 |  |  |  | 1,114 |  |  |  | 3,085 |  |  |  | 3,086 |
Supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2020 were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | September 30, 2020 |  |  | September 30, 2019 |  |  | September 30, 2020 |  |  | September 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 9,418 |  |  | $ | 9,806 |  |  | $ | 27,933 |  |  | $ | 29,220 |
Right-of-use assets obtained in exchange for lease obligations (1) |  | $ | 8,204 |  |  | $ | 1,294 |  |  | $ | 31,061 |  |  | $ | 13,310 |
(1) | Amount excludes $122,300,000 of right-of-use assets recognized upon adoption of Topic 842.
Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:
(in thousands) |  | September 30, 2020 |
2020 |  | $ | 8,746 |
2021 |  |  | 36,930 |
2022 |  |  | 23,696 |
2023 |  |  | 16,422 |
2024 |  |  | 13,329 |
Thereafter |  |  | 46,586 |
Total undiscounted lease payments |  |  | 145,709 |
Less imputed interest |  |  | (21,828 | )
Present value of future lease payments |  | $ | 123,881 |
The Company has entered into operating lease agreements that have not yet commenced as of September 30, 2020 with legally binding minimum lease payments of $2,395,000. The leases are expected to commence during the three months ended March 31, 2021, and have lease terms between 5 years and 10 years.

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