Chemed and each of its operating subsidiaries are service companies. As such, real estate leases comprise the largest lease obligation (and conversely, right of use asset) in our lease portfolio. VITAS has leased office space, as well as space for IPUs and/or contract beds within hospitals. Roto-Rooter has leased office space. Our leases have remaining terms of less than 1 year to 10 years, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year.

We made a policy election to exclude leases with a lease term less than 12 month from being recorded on the balance sheet. We adopted the practical expedient related to the combining of lease and non-lease components, which allows us to account for the lease and non-lease components as a single lease component.

We do not currently have any finance leases, all lease information disclosed is related to operating leases.

The components of balance sheet information related to leases were as follows:


	December 31,
	2020		2019
Assets
Operating lease assets	$	123,448	$	111,652

Liabilities
Current operating leases		36,200		39,280
Noncurrent operating leases		99,210		86,656
Total operating lease liabilities	$	135,410	$	125,936

The components of lease expense were as follows:


	December 31,
	2020		2019
Lease Expense (a)
Operating lease expense	$	60,195	$	49,112
Sublease income		(83)		(6)
Net lease expense	$	60,112	$	49,106

(a)Includes short-term leases and variable lease costs, which are immaterial. Included in both cost of services provided and goods sold and selling, general and administrative expenses.

The components of cash flow information related to leases were as follows:


	December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$	49,932	$	41,525

Leased assets obtained in exchange for new operating lease liabilities	$	58,802	$	150,356


Weighted Average Remaining Lease Term
Operating leases	4.98		years

Weighted Average Discount Rate
Operating leases	2.87	%


Maturity of Operating Lease Liabilities (in thousands)

2021	$	43,437
2022		31,059
2023		24,174
2024		18,243
2025		12,175
Thereafter		18,614
Total lease payments	$	147,702
Less: interest		(10,356)
Less: lease obligations signed but not yet commenced		(1,936)
Total liability recognized on the balance sheet	$	135,410