LEASES

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LEASES

On January 1, 2018, the Company adopted ASC 842, Leases, using an optional transition method that permitted application of the standards as of the effective date without requiring the standard to be applied to the comparative periods presented in the consolidated financial statements. The Company elected the transition package of three practical expedients, which allowed the Company not to reassess prior conclusions about lease identification, lease classification and initial, direct costs. The Company did not elect the practical expedient to use hindsight and accordingly, the initial lease term did not differ under the new standards versus prior accounting practice.

During the years ended December 31, 2020 and 2019, the Company incurred operating lease expenses of $30.8 million and $25.8 million including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). As of December 31, 2020, the weighted-average remaining lease term was 6.7 years and the weighted-average discount rate was 5.18%.

Operating leases mature as follows (in thousands):

Year Ending December 31	Minimum Payments
2021	$	23,770
2022	19,216
2023	15,804
2024	11,684
2025	9,369
2026 and beyond	30,168
Total lease payments	110,011
Less: Interest	(20,349)
Present value of lease liabilities	$	89,662

During the year ended December 31, 2020, the Company commenced new leases, extensions and amendments, resulting in non-cash investing and financing activities in the consolidated statements of cash flows of $29.1 million related to the increases in the operating lease right-of-use asset and operating lease liabilities, respectively. During the year ended December 31, 2019, the Company did not enter into any significant new operating or financing leases. As of December 31, 2020, the Company did not have any significant operating or financing leases that had not yet commenced.

During the year ended December 31, 2018, the Company incurred rent expense of $17.3 million, under ASC Topic 840, Leases, which was included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss).

Leases

LEASES

On January 1, 2018, the Company adopted ASC 842, Leases, using an optional transition method that permitted application of the standards as of the effective date without requiring the standard to be applied to the comparative periods presented in the consolidated financial statements. The Company elected the transition package of three practical expedients, which allowed the Company not to reassess prior conclusions about lease identification, lease classification and initial, direct costs. The Company did not elect the practical expedient to use hindsight and accordingly, the initial lease term did not differ under the new standards versus prior accounting practice.

During the years ended December 31, 2020 and 2019, the Company incurred operating lease expenses of $30.8 million and $25.8 million including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). As of December 31, 2020, the weighted-average remaining lease term was 6.7 years and the weighted-average discount rate was 5.18%.

Operating leases mature as follows (in thousands):

Year Ending December 31	Minimum Payments
2021	$	23,770
2022	19,216
2023	15,804
2024	11,684
2025	9,369
2026 and beyond	30,168
Total lease payments	110,011
Less: Interest	(20,349)
Present value of lease liabilities	$	89,662

During the year ended December 31, 2020, the Company commenced new leases, extensions and amendments, resulting in non-cash investing and financing activities in the consolidated statements of cash flows of $29.1 million related to the increases in the operating lease right-of-use asset and operating lease liabilities, respectively. During the year ended December 31, 2019, the Company did not enter into any significant new operating or financing leases. As of December 31, 2020, the Company did not have any significant operating or financing leases that had not yet commenced.

During the year ended December 31, 2018, the Company incurred rent expense of $17.3 million, under ASC Topic 840, Leases, which was included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss).