Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.20.4
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, 2020 2019
Assets:
Operating lease right-of-use assets $ 20,210  $ 23,951 
Liabilities:
Current 4,992  4,941 
Long-term 16,412  20,213 
Total operating lease liabilities $ 21,404  $ 25,154 

Weighted-average remaining lease term 6.3 7.0
Weighted-average discount rate 4.23  % 4.21  %

Year Ended December 31, 2020 2019
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 
2022 4,077 
2023 3,109 
2024 2,917 
2025 2,188 
Thereafter 6,500 
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.