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Leases | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases | Note 5 — Leases All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material. The components of lease expense were as follows (in thousands):
| For the Three Months Ended June 30, |
| 2020 |  |  | 2019 |
Operating lease cost | $ | 3,944 |  |  | $ | 3,727 |
Short-term lease cost |  | 81 |  |  |  | 85 |
Variable lease cost |  | 1,660 |  |  |  | 1,335 |
Sublease income |  | (63 | ) |  |  | — |
Total lease cost | $ | 5,622 |  |  | $ | 5,147 |
| For the Six Months Ended June 30, |
| 2020 |  |  | 2019 |
Operating lease cost | $ | 7,935 |  |  | $ | 7,296 |
Short-term lease cost |  | 163 |  |  |  | 340 |
Variable lease cost |  | 3,016 |  |  |  | 2,569 |
Sublease income |  | (124 | ) |  |  | — |
Total lease cost | $ | 10,990 |  |  | $ | 10,205 |
Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):
| Six Months Ended |  |  | Six Months Ended |
| June 30, 2020 |  |  | June 30, 2019 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 6,204 |  |  | $ | 6,216 |
Operating right-of-use assets obtained in exchange for lease obligations | $ | 3,898 |  |  | $ | 16,626 |
Weighted-average remaining lease term - operating leases (years) |  | 6.1 |  |  |  | 6.7 |
Weighted-average discount rate - operating leases |  | 5.0 | % |  |  | 5.1 | %
Future minimum lease payments under non-cancellable leases as of June 30, 2020 are as follows (in thousands):
2020 (remainder) | $ | 7,654 |
2021 |  | 14,202 |
2022 |  | 14,106 |
2023 |  | 13,587 |
2024 |  | 13,215 |
Thereafter |  | 24,698 |
Total lease payments |  | 87,462 |
Less imputed interest |  | (12,243 | )
Present value of lease liabilities | $ | 75,219 |
Lease balances as of June 30, 2020 are as follows (in thousands):
Operating lease right-of-use assets | $ | 63,837 |
Short-term operating lease liabilities (1) | $ | 11,729 |
Non-current operating lease liabilities |  | 63,490 |
Total operating lease liabilities | $ | 75,219 |
(1) | Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.
The Company’s leases do not contain residual value guarantees, material restrictions or covenants, and all sublease transactions are not material. The Company incurred $1.4 million of ROU asset impairments during the three months ended March 31, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition. These impairments are recorded in acquisition and integration costs in the Consolidated Statements of Operations. During the three months ended June 30, 2020, the Company did not enter into any new leases. As of June 30, 2020, only one of the operating leases entered into during the prior quarter had not yet commenced. This operating lease, which consists of $13.9 million of undiscounted lease payments, has a lease term of ten years and is expected to commence later in 2020. Additionally, the Company could receive a variable incentive payment from one of its landlords to terminate the related office space lease early. The range of possible incentive payments is zero to $3.5 million, would be received in late 2020 or the first half of 2021, and is dependent on the Company’s ability to exit the existing facility by the proposed early termination dates.

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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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