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LEASES | 6 Months Ended
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Jun. 30, 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 June 30, | ​ | Six Months Ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost | ​ | $ | 6,052 | ​ | $ | 4,860 | ​ | $ | 11,973 | ​ | $ | 9,694
Short-term and variable lease cost | ​ | ​ | 284 | ​ | ​ | 1,339 | ​ | ​ | 1,126 | ​ | ​ | 2,647
Total operating lease cost | ​ | $ | 6,336 | ​ | $ | 6,199 | ​ | $ | 13,099 | ​ | $ | 12,341
​ Maturities of our operating lease liabilities are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | ​
2021 (remaining) | ​ | $ | 10,562
2022 | ​ |  | 18,568
2023 | ​ |  | 15,284
2024 | ​ |  | 12,967
2025 | ​ | ​ | 10,769
Thereafter | ​ | ​ | 74,927
Total lease payments | ​ | ​ | 143,077
Less: Interest | ​ | ​ | (32,503)
Present value of lease liabilities | ​ | $ | 110,574
​ In addition, we have lease agreements that commence in the future between 2021 and 2023 with total payments of $8.3 million through 2026. Other information related to leases, including supplemental cash flow information, consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | ​ | December 31, | ​
​ |  | 2021 |  |  | 2020 | ​
Weighted average remaining lease term (in years) | ​ | ​ | 10.25 | ​ | ​ | ​ | 10.65 | ​
Weighted average discount rate | ​ |  | 4.58 | % | ​ | ​ | 4.63 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | 2021 |  | 2020 |  | 2021 |  | 2020 | ​
Cash paid for operating leases | $ | 6,021 | ​ | $ | 5,828 | ​ | $ | 11,979 | ​ | $ | 11,402 | ​
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 5,040 | ​ | $ | 2,270 | ​ | $ | 7,232 | ​ | $ | 24,478 | ​
​

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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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