Leases |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases of Lessee Disclosure | Leases
The Company primarily leases office facilities under operating lease arrangements expiring at various years through 2023. These leases often have original terms of 3 to 5 years and contain options to extend the lease up to 5 years or terminate the lease, which are included in right-of-use assets and lease liabilities when the Company is reasonably certain it will renew the underlying leases. Since the implicit rate of such leases is unknown and the Company is not reasonably certain to renew its leases, the Company has elected to apply a collateralized incremental borrowing rate to facility leases on the original lease term in calculating the present value of future lease payments. As of June 30, 2019, the weighted average discount rate for operating leases was 5.0% and the weighted average remaining lease term for operating leases was 3.1 years.
The table below presents aggregate future minimum payments due under leases for the next five years and beyond, reconciled to total lease liabilities included in the consolidated balance sheet as of June 30, 2019:
Operating lease cost was $0.8 million and $1.1 million for the three months ended June 30, 2019 and 2018, respectively. Operating lease cost was $1.7 million and $2.3 million for the six months ended June 30, 2019 and 2018, respectively.
Short-term lease costs for the three and six months ended June 30, 2019 were not material. There were $0.5 million of right-of-use assets obtained in exchange for new lease liabilities for the three and six months ended June 30, 2019.
The Company has subleased certain facilities that it ceased using in connection with prior years' restructuring plans (Note 3). Such subleases expire at various years through fiscal 2023. As of June 30, 2019, future minimum rental income under non-cancelable subleases is as follows:
Total sublease income related to leased facilities the Company ceased using in connection with a restructuring plan for the three months ended June 30, 2019 and 2018 was approximately $1.0 million and $0.6 million, respectively (Note 3). Total sublease income related to leased facilities the Company ceased using in connection with a restructuring plan for the six months ended June 30, 2019 and 2018 was approximately $1.6 million and $0.9 million, respectively (Note 3).
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