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LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Operating lease right-of-use assets and liabilities
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows (dollar amounts in thousands, except lease term and discount rate):
As of December 31,20202019
Assets:
Operating lease right-of-use assets$20,210 $23,951 
Liabilities:
Current4,992 4,941 
Long-term16,412 20,213 
Total operating lease liabilities$21,404 $25,154 

Weighted-average remaining lease term6.37.0
Weighted-average discount rate4.23 %4.21 %

Year Ended December 31,20202019
Cash paid for operating lease liabilities$5,703 $6,147 
Right-of-use assets obtained in exchange for new operating lease obligations (1)1,996 29,883 
Cancellations or adjustments of leases that resulted in the reduction of lease assets in exchange for lease liabilities$(1,111)$(486)

(1) Balance as of December 31, 2019 includes $23.1 million for operating leases existing on January 1, 2019.
Approximate aggregate commitments under non-cancelable operating leases
The approximate aggregate commitments under non-cancelable operating leases in effect at December 31, 2020, were as follows (dollar amounts in thousands):
Year Ending December 31,
2021$5,834 
20224,077 
20233,109 
20242,917 
20252,188 
Thereafter6,500 
Total lease payments$24,625 
Less: Imputed interest (1)3,221 
Present value of lease liabilities$21,404 

(1) Calculated using our corporate borrowing rate based on the term of each lease ranging from 3.50 percent to 4.29 percent.