The Company rents facilities, equipment and vehicles under operating leases, some of which contain renewal options. Upon inception of a rent agreement, the Company determines whether the arrangement contains a lease based on the unique conditions present. Leases that have a term over a year are recognized on the balance sheet as right-of-use assets and lease liabilities. Right-of-use assets are included in other assets on the Company’s Consolidated Balance Sheet. Lease liabilities are included in other current liabilities and other long-term liabilities on the Company’s Consolidated Balance Sheet. Information regarding the Company's right-of-use assets and the corresponding lease liabilities are as follows:

	2020		2019
(In thousands)
Right-of-use assets	$	6,865	$	8,411
Lease liabilities		7,218		8,792

The Company’s operating lease agreements have lease and non-lease components that require payments for common area maintenance, property taxes and insurance. The Company has elected to account for both lease and non-lease components as one lease component. The fixed and in-substance fixed consideration in the Company’s rent agreements constitute operating lease expense that is included in the capitalized right-of-use assets and lease liabilities. The variable and short-term lease expense payments are not included in the present value of the right-of use-assets and lease liabilities on the Consolidated Balance Sheet. The Company’s rent expense is as follows:

	December 31,
	2020		2019
(In thousands)
Operating lease expense	$	2,858	$	3,095
Variable and short-term lease expense		203		270
Rent expense	$	3,061	$	3,365

The Company records right-of-use assets and lease liabilities based upon the present value of lease payments over the expected lease term. The Company’s lease agreements typically do not have implicit interest rates that are readily determinable. As a result, the Company utilizes an incremental borrowing rate that would be incurred to borrow on a collateralized basis over a similar term in a comparable economic environment. As of December 31, 2020 and 2019, the remaining lease term on the Company’s leases was 6.0 years and 4.5 years, respectively. As of December 31, 2020 and 2019, the discount rate was 5.0%. The future minimum lease payments to be paid under operating leases are as follows:

	December 31, 2020
	(In thousands)
2021	$	2,526
2022		1,435
2023		1,318
2024		1,264
2025		1,084
Thereafter		821
Total future lease payments		8,448
(Present value adjustment)		(1,230	)
Present value of future lease payments	$	7,218