Leases

12 Months Ended

Dec. 31, 2020

LEASES

The components of lease cost were as follows for the years ended December 31:


(in thousands)	2020		2019
Operating lease cost	$	33,046	$	21,899
Short-term lease cost	2,272		2,611
Variable lease cost	2,266		1,781
Total lease cost	$	37,584	$	26,291

Rent expense for operating leases was $24.2 million for the year ended December 31, 2018.

At December 31, 2020, the Company’s operating leases had a weighted-average remaining lease term of 7.0 years and a weighted-average discount rate of 5.2 percent.

Cash Flows

On January 1, 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842), which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for leases greater than twelve months. As a result of the adoption, the initial right-of-use assets of $66.4 million were recognized as non-cash asset additions upon adoption of Topic 842 at January 1, 2019. Additional right-of use assets of $31.4 million and $50.5 million were recognized as non-cash asset additions that resulted from new operating lease obligations during the twelve months ended December 31, 2020 and 2019, respectively, which included $13.2 million and $34.3 million of right-of-use assets from acquisitions, respectively. Cash paid for amounts included in the present value of operating lease obligations and included in cash flows from operations was $29.6 million and $21.8 million for the twelve months ended December 31, 2020 and 2019, respectively.

Future minimum lease payments under operating leases as of December 31, 2020 were as follows:


(in thousands)
Year Ending December 31,
2021	$	29,927
2022	23,812
2023	16,992
2024	14,157
2025	11,827
Thereafter	35,055
Total future minimum lease payments	131,770
Less: Interest	(23,631)
Present value of operating lease liabilities	$	108,139