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LEASES | Leases The Company adopted ASC 842 and its related interpretations effective January 1, 2021, using the optional transition approach available under ASU 2018-11, Leases, under which the new lease standard is applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if applicable, in the period of adoption and prior periods are not restated. The Company's leases consist primarily of real estate leases for office space, which are classified as operating leases. Lease expense for the Company's operating leases is recognized on a straight-line basis over the term of the lease. The Company did not have any finance leases at January 1, 2021 or December 31, 2021. As of December 31, 2021, ROU assets and lease liabilities consisted of the following:
The Components of lease expense for the year ended December 31, 2021 were as follows:
(1) Excludes short-term lease expense which was immaterial for the year ended December 31, 2021. Cash paid for amounts included in the measurement of lease liabilities was as follows:
Lease Commitments Future minimum lease payments for the Company's real estate operating leases at December 31, 2021 were as follows:
As of December 31, 2021, the Company had not committed to any additional future obligations for leases that have not yet commenced. Future minimum lease commitments under non-cancelable operating leases with initial or remaining terms in excess of one year were as follows at December 31, 2020:
Total rent expense for the years ended December 31, 2020 and 2019 was $2.5 million and $2.0 million, respectively, which is included in selling, general and administrative expenses in the Company's Consolidated Statements of Operations.
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