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Leases Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its operations. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. As of December 31, 2020, there was one option to terminate that was accounted for in the determination of the lease term for one of the Company's leases outstanding, and no options to extend that were included in the determination of the lease term for leases outstanding. As of December 31, 2019 there were no options to extend or terminate that were included in the determination of the lease term for leases outstanding. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for the leases outstanding as of December 31, 2020 or December 31, 2019. The total operating lease expense and operating lease cash payments in 2020 were $8,180,000 and $8,009,000, respectively. The total operating lease expense and operating lease cash payments in 2019 were $6,893,000 and $6,530,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability was $123,000 and $275,000 in 2020 and 2019, respectively. Annual rental expense was $8,186,000 in 2018. Future operating lease cash payments are as follows (in thousands):
Year Ended December 31, |  | Amount
2021 |  | $ | 9,101 |
2022 |  | 6,863 |
2023 |  | 5,072 |
2024 |  | 2,074 |
2025 |  | 1,317 |
Thereafter |  | 4,960 |
|  | $ | 29,387 |
The discounted present value of the future lease cash payments resulted in a lease liability of $26,230,000 and $17,973,000 as of December 31, 2020 and December 31, 2019, respectively. The Company did not have any leases that had not yet commenced but that created significant rights and obligations as of December 31, 2020 or December 31, 2019. The weighted-average discount rate was 4.0% and 4.6% for the leases outstanding as of December 31, 2020 and December 31, 2019, respectively. The weighted-average remaining lease term was 5.1 and 3.7 years for the leases outstanding as of December 31, 2020 and December 31, 2019, respectively. As part of the Company's restructuring plan (refer to Note 22), management closed eleven leased offices in 2020, prior to the end of their lease terms. The carrying value of the lease assets associated with these offices was reduced to zero, resulting in operating lease asset impairment charges of $3,427,000 in 2020 that are included in "Restructuring charges" on the Consolidated Statements of Operations. Management is currently negotiating early contract terminations for the remaining lease liability obligations associated with these abandoned offices, which totaled $2,877,000 as of December 31, 2020 and are included in "Operating lease liabilities" on the Consolidated Balance Sheets. The Company did not record impairment charges related to operating lease assets in 2019 or 2018. The Company owns a building adjacent to its corporate headquarters that was partially occupied by a tenant during a portion of 2020, and for the entirety of 2019 and 2018. This lease terminated prior to the end of its lease term during the second quarter of 2020, and the Company is now fully occupying this building for its operations. Annual rental income totaled $77,000 in 2020, $311,000 in 2019, and $1,116,000 in 2018.
Leases | Leases The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its operations. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. As of December 31, 2020, there was one option to terminate that was accounted for in the determination of the lease term for one of the Company's leases outstanding, and no options to extend that were included in the determination of the lease term for leases outstanding. As of December 31, 2019 there were no options to extend or terminate that were included in the determination of the lease term for leases outstanding. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for the leases outstanding as of December 31, 2020 or December 31, 2019. The total operating lease expense and operating lease cash payments in 2020 were $8,180,000 and $8,009,000, respectively. The total operating lease expense and operating lease cash payments in 2019 were $6,893,000 and $6,530,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability was $123,000 and $275,000 in 2020 and 2019, respectively. Annual rental expense was $8,186,000 in 2018. Future operating lease cash payments are as follows (in thousands):
Year Ended December 31, |  | Amount
2021 |  | $ | 9,101 |
2022 |  | 6,863 |
2023 |  | 5,072 |
2024 |  | 2,074 |
2025 |  | 1,317 |
Thereafter |  | 4,960 |
|  | $ | 29,387 |
The discounted present value of the future lease cash payments resulted in a lease liability of $26,230,000 and $17,973,000 as of December 31, 2020 and December 31, 2019, respectively. The Company did not have any leases that had not yet commenced but that created significant rights and obligations as of December 31, 2020 or December 31, 2019. The weighted-average discount rate was 4.0% and 4.6% for the leases outstanding as of December 31, 2020 and December 31, 2019, respectively. The weighted-average remaining lease term was 5.1 and 3.7 years for the leases outstanding as of December 31, 2020 and December 31, 2019, respectively. As part of the Company's restructuring plan (refer to Note 22), management closed eleven leased offices in 2020, prior to the end of their lease terms. The carrying value of the lease assets associated with these offices was reduced to zero, resulting in operating lease asset impairment charges of $3,427,000 in 2020 that are included in "Restructuring charges" on the Consolidated Statements of Operations. Management is currently negotiating early contract terminations for the remaining lease liability obligations associated with these abandoned offices, which totaled $2,877,000 as of December 31, 2020 and are included in "Operating lease liabilities" on the Consolidated Balance Sheets. The Company did not record impairment charges related to operating lease assets in 2019 or 2018. The Company owns a building adjacent to its corporate headquarters that was partially occupied by a tenant during a portion of 2020, and for the entirety of 2019 and 2018. This lease terminated prior to the end of its lease term during the second quarter of 2020, and the Company is now fully occupying this building for its operations. Annual rental income totaled $77,000 in 2020, $311,000 in 2019, and $1,116,000 in 2018.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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