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LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for corporate offices. The leases have remaining lease terms of less than one year to four years. The leases generally contain options to extend or terminate the lease. However, these were not included in determining the lease terms as the Company is not reasonably certain to exercise those options. The Company rents or subleases certain of these corporate offices to third parties. The Company recognized sublease income of $5.3 million, $6.7 million and $6.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. The remaining terms of these subleases range from thirteen months to two years.
The components of lease cost were as follows (in thousands):
Year Ended December 31,
202220212020
Operating lease cost$36,724 $34,074 $30,231 
Short-term lease cost707 374 358 
Total lease cost$37,431 $34,448 $30,589 
Other information related to leases was as follows as of:
December 31,
20222021
Weighted-average remaining lease term (in years)1.22.0
Weighted-average discount rate3.01 %3.02 %
The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate because the interest rate implicit in the leases is not readily determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.
Maturities of lease liabilities were as follows (in thousands):
2023$36,259 
202433,607 
20258,820 
2026792 
Thereafter— 
Total lease payments79,478 
Less imputed interest(3,700)
Total$75,778 
430 California office space
In September 2020, the Company renegotiated the terms of its office space lease in San Francisco, California, which included a partial give back of space for which the lease had not yet commenced. The terms of the agreement provided that the Company would pay a cancellation fee of $7.9 million and commit to enter into leases at the lessor’s other properties, with a minimum committed spend of $15.5 million spread over the period from September 2020 to December 2025.
In February 2023, the Company entered into an early termination agreement for its remaining office space lease in San Francisco, California, which will now terminate on March 31, 2023. The Company will pay a termination fee of $25.0 million and commit to spend an additional $2.0 million at the lessor’s other properties by March 31, 2025. The Company’s estimated lease liability as of March 31, 2023 and prior to the termination was expected to be $43.7 million.