Leases

12 Months Ended

Dec. 31, 2020

Operating leases for our corporate offices have remaining lease terms ranging from one to eleven years, some of which include options to extend the leases for up to ten years. These options to extend have not been recognized as part of our operating lease right-of-use assets and lease liabilities as it is not reasonably certain that we will exercise these options. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which we have elected to combine for all asset classes. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance. Operating lease cost associated with our operating leases for the twelve months ended December 31, 2020 and 2019 was $5.3 million and $5.1 million, respectively. Variable lease cost associated with our operating leases for the twelve months ended December 31, 2020 and 2019 was $1.4 million and $1.1 million, respectively. We recorded rent expense of $2.6 million for the year ended December 31, 2018.

Lease-related assets and liabilities were as follows (in thousands, except years and %):


	December 31,
	2020			2019
Assets
Prepaid expenses and other current assets	$	3,972		$	3,908
Operating lease right-of-use assets	30,561			27,803

Liabilities
Other current liabilities	$	1,845		$	2,826
Operating lease liabilities	40,146			33,312
Total lease liabilities	$	41,991		$	36,138

Weighted-average remaining lease term (years)	10.8			10.6
Weighted-average discount rate	4.5		%	4.7		%

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands):


Years ending December 31,
2021(1)	$	(915)
2022	4,544
2023	4,845
2024	4,797
2025	4,671
Thereafter	32,040
Total future minimum lease payments	49,982
Less: imputed interest	(11,963)
Total(2)	$	38,019

(1) Future minimum lease payments for the year ending December 31, 2021 are presented net of tenant improvement allowances of $4.8 million.

(2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $4.0 million on our Consolidated Balance Sheets, which relates to certain of our leases for which the lease incentives to be received exceed the minimum lease payments to be paid over the next twelve months.

On December 17, 2020, we entered into a lease amendment for 1707 N Plano Road, Richardson, Texas. The amendment expands the current leased space with three additional suites totaling approximately 23,833 square feet and extends the lease term to March 31, 2032. The total commitment under this lease is $11.6 million.