Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases Leases
 
The Company determines if a contract contains a lease at inception date. The Company's leases are operating leases, primarily for office and office equipment, that expire at various dates over the next nine years. The office leases have renewal options for periods ranging from one to five years. As it is not reasonably certain these renewal options will be exercised, the options were not considered in the lease term, and payments associated with the option years are excluded from lease payments. The office leases also generally have termination options, which allow for early termination of the lease; however, as the exercise of such options is not reasonably certain, the options were not considered in determining the lease term; payments for the full lease term are included in the lease payments. Additionally, the leases do not contain any material residual value guarantees.

Payments due under operating leases include fixed and variable payments. These variable payments for the Company's office leases can include operating expenses, utilities, property taxes, insurance, common area maintenance, and other facility-related expense. Additionally, any leases with terms less than one year were not recognized as operating lease right of use assets or payables for short term leases in accordance with the election of ‘package of practical expedient’ under ASU 2016-02 and recognizes operating lease right of use assets and operating lease payable based on the present value of the future minimum lease payments at the lease commencement date. The Company's leases do not provide implicit rates. Therefore, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments.

During the year ended December 31, 2019, the Company incurred $44.0 million associated with operating lease costs, $0.7 million associated with impairments of operating lease right of use assets, and $4.2 million for abandonments for a total of $48.9 million. Abandonment expenses were recorded in general and administrative expenses. Expenses associated with lease expense was $47.6 million, and $25.1 million for the years ended December 31, 2018 and 2017 respectively.

Information related to the Company's operating lease right of use assets and related lease payables for the office and office equipment leases were as follows (amounts in thousands):
 
 
December 31, 2019
Cash paid for operating lease payables
 
$
32,511

Right-of-use assets obtained in exchange for new operating lease payables
 
$
129,290

Weighted-average remaining lease term
 
4.59 years

Weighted-average discount rate
 
4.77
%


Maturities of operating lease payables as of December 31, 2019 were as follows (amounts in thousands):
Year
 
Total
2020
 
$
34,457

2021
 
26,197

2022
 
17,797

2023
 
11,780

2024
 
6,340

Thereafter
 
12,966

  Total future minimum lease payments
 
109,537

Less: Imputed interest
 
(11,280
)
  Total
 
$
98,257