	December 31,
	2020			2019
Land	$	42,323		$	42,987
Buildings and leasehold improvements		351,957			358,291
Equipment		176,018			164,029
Software		264,251			238,315
Total		834,549			803,622
Accumulated depreciation		(341,379	)		(330,677	)
Accumulated amortization		(200,075	)		(172,611	)
Premises and equipment, net	$	293,095		$	300,334

Premises and equipment depreciation and amortization expenses were $56.1 million in 2020, $50.8 million in 2019, and $47.4 million in 2018. Rental and operating lease expense was $14.8 million in 2018.

The Company adopted ASC 842, Leases, on January 1, 2019, and used the effective date as the date of initial application of ASC 842 and did not recast comparative financial periods.

The Company primarily has leases of real estate, including buildings, or portions of buildings, used for bank branches or general office operations. These leases have remaining lease terms that range from less than one year to 27 years and most leases include one or more options to renew, with renewal terms that can extend the lease term from one month to 40 years or more. The exercise of lease renewal options is at the Company’s sole discretion. No renewal options were included in the Company’s calculation of its lease liabilities or right of use assets since it is not reasonably certain that the Company will exercise these options. No leases include options to purchase the leased property. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. An insignificant number of leases include variable lease payments that are based on the Consumer Price Index (CPI). For the calculation of the lease liability and right of use asset for these leases, the Company has included lease payments based on CPI as of the effective date of ASC 842. The Company has made the election not to separate lease and non-lease components for existing real estate leases when determining consideration within the lease contract. All of the Company’s lease agreements are classified as operating leases under ASC 842.

As of December 31, 2020 and 2019, right-of-use assets of $63.4 million and $66.8 million, respectively, were included as part of Other assets on the Company’s Consolidated Balance Sheets. In addition, lease liabilities of $71.7 million and $73.0 million were included as part of Other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. For the years ended December 31, 2020 and 2019, lease expense of $12.8 million and $12.3 million, respectively, was recognized as part of Occupancy expense on the Company’s Consolidated Statements of Income. For the years ended December 31, 2020 and 2019, cash payments of $12.3 million and $12.1 million, respectively, were made for leases included in the measurement of lease liabilities, and are classified as cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows. For the years ended December 31, 2020 and 2019, leased assets obtained in exchange for new operating lease liabilities were $7.2 million and $19.2 million, respectively. As of December 31, 2020 and 2019, the weighted average remaining lease terms of the Company’s leases were 8.2 years and 8.6 years, respectively, and the weighted average discount rates were 2.85% and 3.06%, respectively.

As of December 31, 2020, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):

2021	$	12,725
2022		11,647
2023		9,796
2024		8,715
2025		7,806
Thereafter		30,457
Total lease payments		81,146
Less: Interest		9,466
Present value of lease liabilities	$	71,680