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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases Finance Leases We have a finance lease obligation related to our manufacturing facility in Eschenbach, Germany. Under the terms of the lease agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. Our finance lease obligation related to this facility was $4.5 million as of both December 31, 2020 and 2019. The finance lease right-of-use asset balance for this facility was $6.5 million and $6.3 million as of December 31, 2020 and 2019, respectively. Accumulated amortization related to our finance lease right-of-use assets was $4.5 million and $3.8 million as of December 31, 2020 and 2019, respectively. All other finance lease obligations, finance lease right-of-use assets and accumulated amortization were cumulatively immaterial as of December 31, 2020 and 2019. Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2020 and 2019. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2020 and 2019. Payments made on the principal portion of our finance lease obligations were immaterial for each of the years ended December 31, 2020 and 2019. Operating Leases We have operating leases primarily related to building space and vehicles. Renewal options are included in the lease term to the extent we are reasonably certain to exercise the option. The exercise of lease renewal options is at our sole discretion. We account for lease components separately from non-lease components. The incremental borrowing rate represents our ability to borrow on a collateralized basis over a similar lease term. Our expenses and payments for operating leases were as follows:
| Year Ended December 31,
(Dollars in thousands) | 2020 |  | 2019 |  | 2018
Operating leases expense | $ | 3,257 |  |  | $ | 3,119 |  |  | $ | 3,850 |
Short-term leases expense | $ | 464 |  |  | $ | 192 |  |  | $ | 112 |
Payments on operating lease obligations | $ | 2,893 |  |  | $ | 2,967 |  |  | $ | 3,850 |
Our assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, were as follows:
|  | As of December 31,
(Dollars in thousands) | Financial Statement Line Item | 2020 |  | 2019
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 7,017 |  |  | $ | 6,280 |
Operating lease right-of-use assets | Other long-term assets | $ | 4,216 |  |  | $ | 4,656 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 4,755 |  |  | $ | 400 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 322 |  |  | $ | 4,140 |
Total finance lease obligations |  | $ | 5,077 |  |  | $ | 4,540 |
Operating lease obligations, current portion | Other accrued liabilities | $ | 2,275 |  |  | $ | 2,343 |
Operating lease obligations, non-current portion | Other long-term liabilities | $ | 2,219 |  |  | $ | 2,334 |
Total operating lease obligations |  | $ | 4,494 |  |  | $ | 4,677 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2020:
| Finance | Operating
(Dollars in thousands) | Leases in Effect |  |  |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2021 | 4,787 |  |  |  |  | 2,435 |  |  | (93) |  |  | 2,342 |
2022 | 194 |  |  |  |  | 1,513 |  |  | (101) |  |  | 1,412 |
2023 | 187 |  |  |  |  | 788 |  |  | (65) |  |  | 723 |
2024 | — |  |  |  |  | 299 |  |  | (40) |  |  | 259 |
Thereafter | — |  |  |  |  | 42 |  |  | (37) |  |  | 5 |
Total lease payments | 5,168 |  |  |  |  | 5,077 |  |  | (336) |  |  | 4,741 |
Less: Interest | (91) |  |  |  |  | (259) |  |  | 12 |  |  | (247) |
Present Value of Net Future Minimum Lease Payments | $ | 5,077 |  |  |  |  | $ | 4,818 |  |  | $ | (324) |  |  | $ | 4,494 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| Finance Leases |  | Operating Leases
Weighted Average Remaining Lease Term | 0.8 years |  | 2.5 years
Weighted Average Discount Rate | 3.07% |  | 4.57%
Practical Expedients We have elected to recognize lease payments in the consolidated statements of operations on a straight-line basis over the term of the lease for short-term leases. We also elected the package of practical expedients that allows us to carry forward the historical lease classification and accounting for indirect costs for any existing leases.
Leases | Leases Finance Leases We have a finance lease obligation related to our manufacturing facility in Eschenbach, Germany. Under the terms of the lease agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. Our finance lease obligation related to this facility was $4.5 million as of both December 31, 2020 and 2019. The finance lease right-of-use asset balance for this facility was $6.5 million and $6.3 million as of December 31, 2020 and 2019, respectively. Accumulated amortization related to our finance lease right-of-use assets was $4.5 million and $3.8 million as of December 31, 2020 and 2019, respectively. All other finance lease obligations, finance lease right-of-use assets and accumulated amortization were cumulatively immaterial as of December 31, 2020 and 2019. Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2020 and 2019. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2020 and 2019. Payments made on the principal portion of our finance lease obligations were immaterial for each of the years ended December 31, 2020 and 2019. Operating Leases We have operating leases primarily related to building space and vehicles. Renewal options are included in the lease term to the extent we are reasonably certain to exercise the option. The exercise of lease renewal options is at our sole discretion. We account for lease components separately from non-lease components. The incremental borrowing rate represents our ability to borrow on a collateralized basis over a similar lease term. Our expenses and payments for operating leases were as follows:
| Year Ended December 31,
(Dollars in thousands) | 2020 |  | 2019 |  | 2018
Operating leases expense | $ | 3,257 |  |  | $ | 3,119 |  |  | $ | 3,850 |
Short-term leases expense | $ | 464 |  |  | $ | 192 |  |  | $ | 112 |
Payments on operating lease obligations | $ | 2,893 |  |  | $ | 2,967 |  |  | $ | 3,850 |
Our assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, were as follows:
|  | As of December 31,
(Dollars in thousands) | Financial Statement Line Item | 2020 |  | 2019
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 7,017 |  |  | $ | 6,280 |
Operating lease right-of-use assets | Other long-term assets | $ | 4,216 |  |  | $ | 4,656 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 4,755 |  |  | $ | 400 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 322 |  |  | $ | 4,140 |
Total finance lease obligations |  | $ | 5,077 |  |  | $ | 4,540 |
Operating lease obligations, current portion | Other accrued liabilities | $ | 2,275 |  |  | $ | 2,343 |
Operating lease obligations, non-current portion | Other long-term liabilities | $ | 2,219 |  |  | $ | 2,334 |
Total operating lease obligations |  | $ | 4,494 |  |  | $ | 4,677 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2020:
| Finance | Operating
(Dollars in thousands) | Leases in Effect |  |  |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2021 | 4,787 |  |  |  |  | 2,435 |  |  | (93) |  |  | 2,342 |
2022 | 194 |  |  |  |  | 1,513 |  |  | (101) |  |  | 1,412 |
2023 | 187 |  |  |  |  | 788 |  |  | (65) |  |  | 723 |
2024 | — |  |  |  |  | 299 |  |  | (40) |  |  | 259 |
Thereafter | — |  |  |  |  | 42 |  |  | (37) |  |  | 5 |
Total lease payments | 5,168 |  |  |  |  | 5,077 |  |  | (336) |  |  | 4,741 |
Less: Interest | (91) |  |  |  |  | (259) |  |  | 12 |  |  | (247) |
Present Value of Net Future Minimum Lease Payments | $ | 5,077 |  |  |  |  | $ | 4,818 |  |  | $ | (324) |  |  | $ | 4,494 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| Finance Leases |  | Operating Leases
Weighted Average Remaining Lease Term | 0.8 years |  | 2.5 years
Weighted Average Discount Rate | 3.07% |  | 4.57%
Practical Expedients We have elected to recognize lease payments in the consolidated statements of operations on a straight-line basis over the term of the lease for short-term leases. We also elected the package of practical expedients that allows us to carry forward the historical lease classification and accounting for indirect costs for any existing leases.

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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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