LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LEASES

During the three months ended March 31, 2021 and 2020, the Company incurred operating lease expenses of $7.5 million and $7.7 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income (loss). As of March 31, 2021, the weighted-average remaining lease term was 6.6 years and the weighted-average discount rate was 5.22%.

Operating leases mature as follows (in thousands):

Fiscal Year Ending December 31,	Minimum Payments
2021	$	19,618
2022	19,642
2023	16,323
2024	11,081
2025	8,656
Thereafter	28,423
Total lease payments	$	103,743
Less: Interest	(16,596)
Present value of lease liabilities	$	87,147

During the three months ended March 31, 2020, the Company did not enter into any significant new operating or financing leases. During the three months ended March 31, 2021, the Company commenced new leases, extensions and amendments, resulting in non-cash investing and financing activities in the unaudited condensed consolidated statements of cash flow of $1.6 million related to increases in the operating lease right-of-use asset and operating lease liabilities, respectively. As of March 31, 2021, the Company did not have any significant operating or financing leases that had not yet commenced.

Leases

LEASES

During the three months ended March 31, 2021 and 2020, the Company incurred operating lease expenses of $7.5 million and $7.7 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income (loss). As of March 31, 2021, the weighted-average remaining lease term was 6.6 years and the weighted-average discount rate was 5.22%.

Operating leases mature as follows (in thousands):

Fiscal Year Ending December 31,	Minimum Payments
2021	$	19,618
2022	19,642
2023	16,323
2024	11,081
2025	8,656
Thereafter	28,423
Total lease payments	$	103,743
Less: Interest	(16,596)
Present value of lease liabilities	$	87,147

During the three months ended March 31, 2020, the Company did not enter into any significant new operating or financing leases. During the three months ended March 31, 2021, the Company commenced new leases, extensions and amendments, resulting in non-cash investing and financing activities in the unaudited condensed consolidated statements of cash flow of $1.6 million related to increases in the operating lease right-of-use asset and operating lease liabilities, respectively. As of March 31, 2021, the Company did not have any significant operating or financing leases that had not yet commenced.