LEASES

12 Months Ended

Dec. 31, 2020

9. LEASES

Expense


(in thousands)	2020		2019
Fixed lease costs	$	20,235	$	18,250
Short-term lease costs	1,669		1,291
Variable lease costs	4,470		5,554
	$	26,374	$	25,095

Total rent expense under operating leases was $14.9 million for 2018.

Right of use assets and lease liabilities


(in thousands)	December 31, 2020		December 31, 2019
Right of use assets (1)	$	67,651	$	58,273
Lease liabilities (2)	$	18,541	$	15,885
Long-term lease liabilities	$	59,053	$	52,610

(1) Represents the Company’s right to use the leased asset during the lease term. Included in other long-term assets. (2) Included in other current liabilities.

The weighted-average remaining lease term and discount rate for the Company’s leases were:


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term	4.7 years		4.0 years
Weighted-average discount rate (1)	5.4	%	5.8	%

(1) The rates implicit in most of the Company’s leases are not readily determinable. Therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.

Maturities of lease liabilities are:


(in thousands)	December 31, 2020
1 year or less	$	22,164
1-2 years	21,747
2-3 years	21,599
3-4 years	7,683
> 4 years	14,431
Total lease payments	87,624
Less: imputed interest (1)	(10,030)
Total short and long-term lease liabilities	$	77,594

(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement, unless the discount rate is updated due to a lease reassessment event.

Cash flow information


(in thousands)	2020		2019
Cash paid for leases	$	20,548	$	19,727
Right of use assets recognized for new leases and amendments (non-cash)	$	24,276	$	31,155