Leasing Arrangements

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASING ARRANGEMENTS

NOTE 9 — LEASING ARRANGEMENTS

The Company's operating lease assets primarily represent the lease of office space where the Company conducts its operations with the weighted average lease term of 8.0 years. The operating leases have lease terms ranging from one month to twelve years. The weighted average discount rate used to calculate the present value of lease payments was 5.58% at December 31, 2019. For the years ended December 31, 2019, 2018 and 2017, the total operating lease expense was $12,582, $11,752 and $7,599, respectively. For the year ended December 31, 2019, $1,289 of operating lease expense were attributable to variable lease expenses. Operating lease expense is included in selling, general and administrative expenses in the consolidated statements of income.

For the year ended December 31, 2019, cash payments against operating lease liabilities totaled $12,934 and non-cash transactions totaled $3,679 to recognize operating lease right-of-use assets and operating lease liabilities. Cash flows from operating leases are classified as net cash flows from operating activities in the accompanying consolidated statements of cash flows.

As of December 31, 2019, maturities of operating lease liabilities were as follows:

	Operating
	Leases
Year ending December 31:
2020	$	12,646
2021		10,753
2022		9,881
2023		9,127
2024		8,759
Thereafter		24,719
Total lease payments		75,885
Less: imputed interest		(14,374	)
Total operating lease liability	$	61,511

At December 31, 2019, the Company did not have any significant leases executed but not yet commenced.