Leases (Tables)

6 Months Ended

Jun. 30, 2019

Summary of the Components of Operating Lease Cost

The following table summarizes the components of the operating lease cost reflected in our Condensed Consolidated Income Statements within General and Administrative Expenses for the three and six months ended June 30, 2019 (in thousands):



	Three Months Ended June 30,			Six Months Ended June 30,
	2019			2019
Operating lease cost	$	4,869		$	9,730
Variable lease cost	671			1,428
Sublease income	(377		)	(856		)
Total lease cost	$	5,163		$	10,302

Summary of Operating Lease Liability Maturity

The following table summarizes information about the amount and timing of our future operating lease commitments as of June 30, 2019 (in thousands):



2019 (remaining)	$	9,978
2020	18,638
2021	14,622
2022	12,027
2023	8,899
Thereafter	31,720
Total undiscounted operating lease payments	$	95,884
Less: Imputed interest	(16,740		)
Present value of operating lease liabilities	$	79,144

Summary of Future Minimum Lease Payments Under Non-Cancellable Operating Leases

The following table summarizes the future minimum lease payments due under non-cancellable operating leases in effect at December 31, 2018 (in thousands):



January 2019 to December 2019		January 2020 to December 2020		January 2021 to December 2021		January 2022 to December 2022		January 2023 to December 2023		Thereafter		Total (a)
$	20,039	$	17,771	$	14,033	$	11,750	$	9,449	$	32,318	$	105,360

The following table summarizes the future minimum lease payments due under non-cancellable operating leases in effect at June 30, 2018 (in thousands):



July 2018 to June 2019		July 2019 to June 2020		July 2020 to June 2021		July 2021 to June 2022		July 2022 to June 2023		Thereafter		Total (a)
$	19,311	$	16,802	$	14,384	$	11,522	$	9,652	$	30,121	$	101,792

(a)

These amounts represent our undiscounted non-cancellable future minimum operating lease commitments, including any contractual market-based or indexed rent adjustments that are currently in effect. The lease commitments reflected in the table also include any future fixed minimum payments for common area maintenance, insurance, or tax payments for which we are also obligated under the terms of certain leases.

SOTHEBYS 10-Q