Leases

12 Months Ended

Dec. 31, 2019

8. Leases

The Company leases certain office space, warehouses, land, and equipment under operating lease arrangements. Some of the Company’s leases include options to extend the leases for up to an additional five years. Some of the Company’s lease agreements also include rental payments that are adjusted periodically for inflation (i.e., CPI index).

The Company recorded operating lease expense, which includes short-term lease expense and variable lease costs, of $11.2 million during the year ended December 31, 2019. Rent expense totaled $13.5 million and $12.1 million during the years ended December 31, 2018 and 2017, respectively.

For the year ended December 31, 2019, the Company paid $9.9 million in cash for operating leases, not including short-term lease expense or variable lease costs. The Company entered into operating leases that resulted in $7.1 million of right-of-use assets in exchange for operating lease obligations for the year ended December 31, 2019.

The Company included $1.8 million and $16.8 million of right-of-use assets in Assets held for sale and Other assets, respectively, and $1.8 million, $7.2 million, and $9.9 million of operating lease liabilities in Liabilities held for sale, Other accrued expenses, and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets as of December 31, 2019.

The Company’s weighted average remaining operating lease term was 3.6 years as of December 31, 2019. The Company’s weighted average discount rate for operating leases was 4.5% as of December 31, 2019.

As of December 31, 2019, maturities of operating lease liabilities for future annual periods are as follows:

(in thousands)
Year ending December 31,
2020	$	8,429
2021		4,969
2022		2,641
2023		1,582
2024		1,187
Thereafter		1,517
Total lease payments		20,325
Less imputed interest		(1,470	)
Present value of lease liabilities	$	18,855