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 have remaining lease terms ranging from two to ten 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 No. 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 condensed consolidated financial statements related to operating leases for the periods presented (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Rent expense for long-term operating leases	$	402	$	453	$	1,266	$	1,360
Rent expense for short-term leases		122		143		511		473
Total rent expense	$	524	$	596	$	1,777	$	1,833

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 sheets as of September 30, 2020 (in thousands):


Year	Amount
2020	$	396
2021		1,603
2022		1,569
2023		1,289
2024		1,060
2025 and thereafter		4,612
Total lease payments		10,529
Less: Interest		(2,871)
Net present value of lease liabilities	$	7,658

Current portion	$	967
Long-term portion		6,691
Total	$	7,658

The weighted-average remaining lease terms and discount rates for all of our operating leases as of September 30, 2020 were as follows:


Weighted-average lease term remaining	75 months
Weighted-average discount rate	8.92	%