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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | 11. Leases Operating Lease Obligations The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2025, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. The following table provides a summary of leases included on the condensed consolidated balance sheets as of September 30, 2021 and 2020 and December 31, 2020, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows as of three and nine months ended September 30, 2021 and 2020:
| Condensed Consolidated Balance Sheets Line Item | September 30, | December 31,
(in thousands) |  | 2021 | 2020 | 2020
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 41,513 |  | $ | 41,453 |  | $ | 45,792 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | 8,849 |  | $ | 8,443 |  | $ | 9,143 |
Operating - noncurrent | Operating lease liabilities | 33,063 |  | 33,354 |  | 37,199 |
Total operating lease liabilities |  | $ | 41,912 |  | $ | 41,797 |  | $ | 46,342 |
Finance leases |  |  |  |
Assets |  |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (3,340) |  | (3,036) |  | (3,112) |
Property and equipment, net | Property, plant and equipment, net | $ | 229 |  | $ | 533 |  | $ | 457 |
Liabilities |  |  |  |
Other current liabilities | Accrued expenses and other current liabilities | $ | — |  | $ | 771 |  | $ | 384 |
Total finance lease liabilities |  | $ | — |  | $ | 771 |  | $ | 384 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item | Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) |  | 2021 |  | 2020 | 2021 |  | 2020
Operating lease cost | General administrative expenses and cost of sales | $ | 2,958 |  |  | $ | 2,736 |  | $ | 8,570 |  |  | $ | 7,708 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | 2 |  |  | $ | 218 |  | $ | 215 |  |  | $ | 654 |
Interest on lease liabilities | Interest expense, net | — |  |  | 7 |  | 2 |  |  | 28 |
Total finance lease |  | $ | 2 |  |  | $ | 225 |  | $ | 217 |  |  | $ | 682 |
Other Information Supplemental cash flow information related to leases as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases | $ | 2,919 |  |  | $ | 2,611 |  | $ | 8,417 |  |  | $ | 7,395 |
Finance cash flows for finance leases | 2 |  |  | 290 |  | 291 |  |  | 870 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period | 926 |  |  | 7,155 |  | 5,624 |  |  | 14,312 |
The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2021:
(in thousands) |  |  | Operating Leases
Remaining three months of 2021 |  |  | $ | 2,822 |
2022 |  |  | 10,058 |
2023 |  |  | 7,662 |
2024 |  |  | 5,872 |
2025 |  |  | 5,063 |
Thereafter |  |  | 17,852 |
Total lease payments |  |  | 49,329 |
Less: Present value discount |  |  | (7,417) |
Total lease liabilities |  |  | $ | 41,912 |
The following table summarizes the Company's lease terms and discount rates as of September 30, 2021 and 2020:
Weighted-average remaining lease terms (in years): | 2021 |  | 2020
Operating leases | 6.77 |  | 7.03
Finance leases | 0.0 |  | 0.71
Weighted-average discount rate: |  |  |
Operating leases | 5.26 | % |  | 5.3 | %
Finance leases | — | % |  | 3.27 | %
Leases | Leases Operating Lease Obligations The Company has operating leases for certain facilities, equipment and automobiles. The existing operating leases expire at various dates through 2025, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. The following table provides a summary of leases included on the condensed consolidated balance sheets as of September 30, 2021 and 2020 and December 31, 2020, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows as of three and nine months ended September 30, 2021 and 2020:
| Condensed Consolidated Balance Sheets Line Item | September 30, | December 31,
(in thousands) |  | 2021 | 2020 | 2020
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 41,513 |  | $ | 41,453 |  | $ | 45,792 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | 8,849 |  | $ | 8,443 |  | $ | 9,143 |
Operating - noncurrent | Operating lease liabilities | 33,063 |  | 33,354 |  | 37,199 |
Total operating lease liabilities |  | $ | 41,912 |  | $ | 41,797 |  | $ | 46,342 |
Finance leases |  |  |  |
Assets |  |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (3,340) |  | (3,036) |  | (3,112) |
Property and equipment, net | Property, plant and equipment, net | $ | 229 |  | $ | 533 |  | $ | 457 |
Liabilities |  |  |  |
Other current liabilities | Accrued expenses and other current liabilities | $ | — |  | $ | 771 |  | $ | 384 |
Total finance lease liabilities |  | $ | — |  | $ | 771 |  | $ | 384 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item | Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) |  | 2021 |  | 2020 | 2021 |  | 2020
Operating lease cost | General administrative expenses and cost of sales | $ | 2,958 |  |  | $ | 2,736 |  | $ | 8,570 |  |  | $ | 7,708 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | 2 |  |  | $ | 218 |  | $ | 215 |  |  | $ | 654 |
Interest on lease liabilities | Interest expense, net | — |  |  | 7 |  | 2 |  |  | 28 |
Total finance lease |  | $ | 2 |  |  | $ | 225 |  | $ | 217 |  |  | $ | 682 |
Other Information Supplemental cash flow information related to leases as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases | $ | 2,919 |  |  | $ | 2,611 |  | $ | 8,417 |  |  | $ | 7,395 |
Finance cash flows for finance leases | 2 |  |  | 290 |  | 291 |  |  | 870 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period | 926 |  |  | 7,155 |  | 5,624 |  |  | 14,312 |
The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2021:
(in thousands) |  |  | Operating Leases
Remaining three months of 2021 |  |  | $ | 2,822 |
2022 |  |  | 10,058 |
2023 |  |  | 7,662 |
2024 |  |  | 5,872 |
2025 |  |  | 5,063 |
Thereafter |  |  | 17,852 |
Total lease payments |  |  | 49,329 |
Less: Present value discount |  |  | (7,417) |
Total lease liabilities |  |  | $ | 41,912 |
The following table summarizes the Company's lease terms and discount rates as of September 30, 2021 and 2020:
Weighted-average remaining lease terms (in years): | 2021 |  | 2020
Operating leases | 6.77 |  | 7.03
Finance leases | 0.0 |  | 0.71
Weighted-average discount rate: |  |  |
Operating leases | 5.26 | % |  | 5.3 | %
Finance leases | — | % |  | 3.27 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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