6. Operating Leases

The Company has various operating lease agreements for its offices and service delivery centers. The Company has determined that the risks and benefits related to the leased properties are retained by the lessors. Accordingly, these are accounted for as operating leases.

These lease agreements are for terms ranging from two to eleven years and, in most cases, provide for rental escalations ranging from 1.75% to 10%. Most of these agreements are renewable at the mutual consent of the parties in the contract.

The Company adopted ASU 2016-02, "Leases (Topic 842)," beginning January 1, 2019 and applied the practical expedients consistently for all of its leases.

The table below summarizes the amounts recognized in the financial statements related to operating leases for the periods presented (in thousands):


	For the three months ended March 31,
	2020		2019
Rent expense for long-term operating leases	$	443	$	415
Rent expense for short-term leases		61		86
Total rent expense	$	504	$	501

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of March 31, 2020 (in thousands):


Year	Amount
2020	$	1,188
2021		1,232
2022		1,182
2023		1,031
2024		1,048
2025 and thereafter		4,585
Total lease payments		10,266
Less: Interest		(3,016)
Net present value of lease liabilities	$	7,250

Current portion	$	922
Long-term portion		6,328
Total	$	7,250

The weighted-average remaining lease terms and discount rates for all of our operating leases as of March 31, 2020 were as follows:


Weighted-average lease term remaining	68 months
Weighted-average discount rate	8.92	%