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LEASES | 12 Months Ended
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Dec. 31, 2020
LEASES |
LEASES | NOTE 16. LEASES The Company leases manufacturing and office space under non-cancelable operating leases. Some of these leases contain provisions for landlord funded leasehold improvements, which are recorded as a reduction to right-of-use ("ROU") assets and the related operating lease liabilities. For leases containing an option to renew, we regularly evaluate the renewal options and when they are reasonably certain of exercise, we include the renewal period in our lease terms, along with the ROU assets and operating lease liabilities. In many cases, we have lease terms that are less than one year, and therefore, we have elected the practical expedient to exclude these short-term leases from our ROU assets and operating lease liabilities. New leases are negotiated and executed to meet business objectives on an on-going basis. Our leases do not provide an implicit rate. Accordingly, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We have a centrally managed treasury function; therefore, we apply a portfolio approach for determining the incremental borrowing rate applicable to the lease term. Components of operating lease cost were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 |  | 2019
Operating lease cost | ​ | $ | 22,920 | ​ | $ | 11,052
Short-term and variable lease cost | ​ | ​ | 1,895 | ​ | ​ | 4,726
Total operating lease cost | ​ | $ | 24,815 | ​ | $ | 15,778
​ Maturities of our operating lease liabilities on December 31, 2020 are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ |
2021 | ​ | $ | 21,126
2022 | ​ |  | 16,177
2023 | ​ |  | 12,979
2024 | ​ |  | 11,593
2025 | ​ | ​ | 10,133
Thereafter | ​ | ​ | 74,635
Total lease payments | ​ | ​ | 146,643
Less: Interest | ​ | ​ | (34,058)
Present value of lease liabilities | ​ | $ | 112,585
​ We have one lease agreement that commences in March 2021 with total payments of $3.5 million over five years. Other information related to leases, including supplemental cash flow information, consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2020 |  | 2019 | ​
Weighted average remaining lease term (in years) | ​ | ​ | 10.65 | ​ | ​ | 7.50 | ​
Weighted average discount rate | ​ | ​ | 4.63 | % | ​ | 4.05 | %
Cash paid for operating lease liabilities | ​ | $ | 21,877 | ​ | $ | 12,101 | ​
Right-of-use assets obtained in exchange for operating lease liabilities(1) | ​ | $ | 33,741 | ​ | $ | 84,551 | ​
| (1) | Included in 2019 are the right-of-use assets of $60.1 million obtained in connection with the acquisition of Artesyn in September 2019. Subsequent measurement period adjustments that occurred in the year ended December 31, 2020 reduced this amount to $54.4 million. See Note 2. Business Acquisitions for more 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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