Lease commitments

At the inception of a contract, the Company determines whether the contract is or contains a lease based on the facts and circumstances present. Operating leases with terms greater than

one

year are recognized on the consolidated balance sheets as Operating lease right-of-use assets, Current portion of operating lease liability, and Operating lease liability, net. Financing leases with terms greater than

one

year are recognized on the consolidated balance sheets as Property and equipment, net, Accrued expenses and other current liabilities, and Other non-current liabilities. The Company has elected

not

to recognize leases with terms of

one

year or less on the consolidated balance sheets.

Lease obligations and their corresponding assets are recorded based on the present value of lease payments over the expected lease term. As the interest rate implicit in lease contracts is typically

not

readily determinable, the Company utilizes an appropriate incremental borrowing rate, which is the rate incurred to borrow an amount equal to the applicable lease payments on a collateralized basis, over a similar term, and in a similar economic environment. Certain adjustments to the right-of-use asset

may

be required for items such as initial direct costs paid or incentives received. The components of a lease are split into

three

categories: lease components, non-lease components and non-components; however, the Company has elected to combine lease and non-lease components into a single component. Rent expense associated with operating leases is recognized over the expected term on a straight-line basis. In connection with financing leases, depreciation of the underlying asset is recognized over the expected term on a straight-line basis and interest expense is recognized as incurred.

The Company is party to a number of noncancelable operating and financing lease agreements that have original lease periods expiring between

2022

and

202

Although certain leases include options to renew, the Company does

not

assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company's lease agreements do

not

contain any material residual value guarantees, nor material restrictive covenants.

Effective

October 10, 2018,

the Company entered into a

seven

-year operating lease agreement for approximately

42,685

square feet of office space in New York City. In connection with this lease agreement, the Company was required to establish and maintain a

$1,480

cash collateral account, which is recorded in restricted cash on the consolidated balance sheets.

Additionally, the Company obtained the right to use certain furniture, fixtures and office equipment already installed in the new office space, which the Company has treated as a capital lease.

For the year ended

December 31, 2019,

the components of lease costs are as follows:

	Year Ended
(In thousands)	December 31, 2019
Operating leases:
Rent expense	$	2,070
Financing lease:
Leased furniture, fixtures and office equipment depreciation expense		243
Interest expense		43
Short-term leases:
Rent expense		418
Total lease costs	$	2,774

As of

December 31, 2019

, the weighted average lease-term and discount rate of the Company's leases are as follows:

	December 31, 2019
	Operating Leases			Financing Lease
Weighted average remaining lease-term (in years)		5.8			5.9
Weighted average discount rate		5.0	%		5.0	%

As of

December 31, 2019

, scheduled future maturities of the Company's lease liabilities are as follows:

(In thousands)	December 31, 2019
Year	Operating Leases			Financing Lease
2020	$	2,282		$	157
2021		2,287			157
2022		2,157			158
2023		2,222			169
2024		2,222			169
Thereafter		1,888			141
Total undiscounted cash flows		13,058			951
Less: imputed interest		(1,720	)		(128	)
Present value of lease liabilities	$	11,338		$	823

For the year ended

December 31, 2019,

supplemental cash flow information related to leases is as follows:

	Year Ended
(In thousands)	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases (1)	$	867
Operating cash flows used for financing lease	$	50
Lease liabilities related to the acquisition of right-of-use assets:
Operating leases	$	568

(

)

For the year ended

December 31, 2019,

the Company received a cash reimbursement of

$640

for tenant improvements made to its New York City corporate headquarters.