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LEASES | 3 Months Ended
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Mar. 31, 2021
LEASES |
LEASES | NOTE 15. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2021 |  | 2020
Operating lease cost | ​ | $ | 5,921 | ​ | $ | 4,834
Short-term and variable lease cost | ​ | ​ | 842 | ​ | ​ | 1,308
Total operating lease cost | ​ | $ | 6,763 | ​ | $ | 6,142
​ Maturities of our operating lease liabilities at March 31, 2021 are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | ​
2021 (remaining) | ​ | $ | 15,482
2022 | ​ |  | 16,723
2023 | ​ |  | 13,503
2024 | ​ |  | 12,120
2025 | ​ | ​ | 10,664
Thereafter | ​ | ​ | 74,413
Total lease payments | ​ | ​ | 142,905
Less: Interest | ​ | ​ | (33,375)
Present value of lease liabilities | ​ | $ | 109,530
​ Other information related to leases, including supplemental cash flow information, consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ |  | 2021 |  | 2020 | ​
Weighted average remaining lease term (in years) | ​ | ​ | 10.6 | ​ | ​ | 9.7 | ​
Weighted average discount rate | ​ | ​ | 4.6 | % | ​ | 4.3 | %
Cash paid for operating leases | ​ | $ | 5,958 | ​ | $ | 5,574 | ​
Right-of-use assets obtained in exchange for operating lease liabilities | ​ | $ | 2,192 | ​ | $ | 22,208 | ​
​

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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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