The Company has entered into certain operating leases for office space, vehicles and other equipment with lease terms between one to twenty years, expiring between 2020 and 2039. Some of the Company’s real estate property lease agreements have options to extend the leases for up to five years.

The Company determines if an arrangement is a lease at inception. Lease liabilities are measured at the lease commencement date in an amount equal to the present value of the minimum lease payments over the lease term. Right-of-use (“ROU”) assets are recognized based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received, plus any initial direct costs incurred. Renewal options are included in the calculation of the ROU asset and lease liability when it is determined that they are reasonably certain of exercise.

Certain of our lease arrangements contain non-lease components such as common area maintenance. We have elected to account for the lease component and its associated non-lease components as a single lease component. Leases with an initial term of 12 months or less are not recognized on our balance sheet. The Company has leases that have variable payments, including lease payments where lease payment increases are based on the percentage change in the Consumer Price Index. For such leases payment at the lease commencement date is used to measure the ROU assets and operating lease liabilities. Changes in the index and other variable payments are expensed as incurred. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in our operating leases is not readily determinable. The basis for an incremental borrowing rate was our Term Loan, market-based yield curves and comparable debt securities.

A summary of total lease costs and other information for the three and six months ended March 31, 2020 is as follows:

	Three Months Ended		Six Months Ended
	March 31,		March 31,
(in thousands)	2020		2020
Lease cost:
Operating lease cost	$	6,333	$	12,932
Short-term lease cost		240		432
Variable lease cost		1,129		2,139
Total lease cost	$	7,702	$	15,503

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,244	$	12,625
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,426	$	9,436

As of March 31, 2020, our operating leases had a weighted average remaining lease term of 7.4 years and a weighted average discount rate of 4.9%. Maturities of operating lease liabilities as of March 31, 2020 are as follows:

	March 31,
(in thousands)	2020
Remaining six months of fiscal year 2020	$	12,589
2021		22,733
2022		18,669
2023		15,347
2024		13,194
Thereafter		49,172
Total undiscounted lease payments		131,704
Less imputed interest		(22,764	)
Total lease liabilities	$	108,940

Maturities of operating lease liabilities presented undiscounted under ASC Topic 840 as prescribed by ASC Topic 842 as of September 30, 2019 are as follows:

	September 30,
(in thousands)	2019
2020	$	24,082
2021		20,875
2022		16,687
2023		13,344
2023		11,114
Thereafter		43,506
Total future minimum lease payments	$	129,608