Leases (Tables)

12 Months Ended

Dec. 31, 2020

The following table provides a summary of leases included on the consolidated balance sheets, consolidated statements of earnings, and consolidated statements of cash flows as of December 31, 2020:


	Consolidated Balance Sheets Line Item	At December 31,
		2020		2019
(in thousands)
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	45,792	$	35,436
Liabilities
Operating-current	Accrued expenses and other current liabilities	$	9,143	$	7,392
Operating-noncurrent	Operating lease liabilities	37,199		27,930
Total operating lease liabilities		$	46,342	$	35,322
Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,112)		(2,739)
Property and equipment, net	Property, plant and equipment, net	$	457	$	830
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	$	384	$	1,125
Other long-term liabilities	Deferred income tax and other long-term liabilities	—		386
Total finance lease liabilities		$	384	$	1,511

The components of lease expense were as follows:


	Consolidated Statements of Operations Line Item	Years Ended December 31,
(in thousands)		2020		2019
Operating lease cost	General administrative expenses and cost of sales	$	9,804	$	9,234
Finance lease cost:
Amortization of right-of-use assets	General administrative expenses	864		$	872
Interest on lease liabilities	Interest expense, net	30		68
Total finance lease cost		$	894	$	940

Supplemental cash flow information related to leases is as follows:


	Years Ended December 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	9,306	$	8,988
Finance cash flows for finance leases	1,160		1,160
Operating right-of-use assets obtained in exchange for new lease liabilities

Operating leases	20,308		5,920

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2020:


	Years Ended December 31,
	2020		2019
Weighted-average remaining lease terms (in years):
Operating leases	7.27		6.54
Finance leases	0.42		1.44
Weighted-average discount rate:
Operating leases	5.29	%	5.37	%
Finance leases	3.3	%	3.23	%

Finance Lease, Liability, Maturity

following is a schedule, by years, of maturities for lease liabilities as of December 31, 2020:


(in thousands)	Operating Leases		Finance Leases
2021	$	10,696	$	387
2022	8,862		—
2023	6,751		—
2024	5,303		—
2025	5,046		—
Thereafter	19,196		—
Total lease payments	55,854		387
Less: Present value discount	(9,512)		(3)
Total lease liabilities	$	46,342	$	384

Lessee, Operating Lease, Liability, Maturity

following is a schedule, by years, of maturities for lease liabilities as of December 31, 2020:


(in thousands)	Operating Leases		Finance Leases
2021	$	10,696	$	387
2022	8,862		—
2023	6,751		—
2024	5,303		—
2025	5,046		—
Thereafter	19,196		—
Total lease payments	55,854		387
Less: Present value discount	(9,512)		(3)
Total lease liabilities	$	46,342	$	384