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 12 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 must estimate 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 each of the executed sublease arrangements, the sublessees are obligated to pay the Company sublease payments of $4,180,000 in 2021 and $110,000 in 2022.

The Company's finance leases are not material as of the year ended December 31, 2020 and are excluded from the disclosures below. The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets related to its operating leases:

(in thousands)	Classification on Balance Sheet	December 31, 2020			December 31, 2019
Assets:
Operating lease	Operating lease right-of-use assets, net	$	109,315		$	102,354
Liabilities:
Current operating lease liabilities	Current operating lease liabilities		32,745			30,765
Noncurrent operating lease liabilities	Noncurrent operating lease liabilities		93,228			87,064
Total operating lease liabilities		$	125,973		$	117,829

Weighted-Average Remaining Lease Term		6.30 years			5.72 years
Weighted-Average Discount Rate ₍₁₎			5.3	%		5.4	%

The components of operating lease costs within the Company's Consolidated Statements of Operations consisted of the following:

	Year Ended
(in thousands)	December 31, 2020		December 31, 2019
Operating lease cost	$	38,242	$	37,824
Variable lease cost		8,037		7,948
Sublease income		4,090		4,163

	Year Ended
(in thousands)	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	37,091	$	38,906

Right-of-use assets obtained in exchange for lease obligations ₍₁₎	$	40,535	$	30,056

Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:

(in thousands)	December 31, 2020
2021	$	37,976
2022		25,214
2023		17,686
2024		14,496
2025		11,770
Thereafter		41,624
Total undiscounted lease payments		148,766
Less imputed interest		(22,793	)
Present value of future lease payments	$	125,973

The Company has entered into operating lease agreements that have not yet commenced as of December 31, 2020 with legally binding minimum lease payments of $2,370,000. The leases are expected to commence during the three months ended March 31, 2021, and have lease terms between 5 years and 10 years.