LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

LEASES

During the year ended December 31, 2019, the Company incurred operating lease expenses of $25.8 million including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). As of December 31, 2019, the weighted-average remaining lease term was 5.3 years and the weighted-average discount rate was 5.40%.

Operating leases mature as follows (in thousands):

Year Ending December 31	Minimum Payments
2020	$	24,983
2021	19,178
2022	13,982
2023	10,605
2024	7,847
2025 and beyond	17,662
Total lease payments	94,257
Less: Interest	(15,624		)
Present value of lease liabilities	$	78,633

In addition, the Company had $0.7 million of financing leases outstanding at December 31, 2019 which mature over the next year.

During the year ended December 31, 2019, the Company did not enter into any significant new operating or financing leases. As of December 31, 2019, the Company did not have any significant operating or financing leases that had not yet commenced.

During the years endedDecember 31, 2018 and 2017, the Company incurred rent expense of $17.3 million, respectively, under ASC Topic 840, Leases, which was included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss).

Leases

LEASES

During the year ended December 31, 2019, the Company incurred operating lease expenses of $25.8 million including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). As of December 31, 2019, the weighted-average remaining lease term was 5.3 years and the weighted-average discount rate was 5.40%.

Operating leases mature as follows (in thousands):

Year Ending December 31	Minimum Payments
2020	$	24,983
2021	19,178
2022	13,982
2023	10,605
2024	7,847
2025 and beyond	17,662
Total lease payments	94,257
Less: Interest	(15,624		)
Present value of lease liabilities	$	78,633

In addition, the Company had $0.7 million of financing leases outstanding at December 31, 2019 which mature over the next year.

During the year ended December 31, 2019, the Company did not enter into any significant new operating or financing leases. As of December 31, 2019, the Company did not have any significant operating or financing leases that had not yet commenced.

During the years endedDecember 31, 2018 and 2017, the Company incurred rent expense of $17.3 million, respectively, under ASC Topic 840, Leases, which was included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income (loss).