Leases

12 Months Ended

Dec. 31, 2020

Note 7 – Leases

The Company determines if a contract is or contains a lease at inception. The Company has entered into leases for certain facilities, vehicles and other equipment. The Company’s leases consist mainly of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease.

The components of lease expense were as follows:

	Year Ended December 31,
(in thousands)	2020		2019
Finance lease cost:
Amortization of right-of-use assets (included in depreciation expense)	$	727	$	711
Interest on lease liabilities		428		548
Operating lease cost		15,930		17,014
Short-term lease cost		573		566
Variable lease cost		1,748		1,899
Total lease cost	$	19,406	$	20,738

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for finance lease	$	462	$	578
Operating cash flows used for operating leases	$	15,627	$	15,169
Financing cash flows used for finance lease	$	1,351	$	1,168
Right-of-use assets obtained in exchange for new operating lease liabilities	$	17,607	$	15,501

The lease assets and liabilities as of December 31, 2020 were as follows (in thousands):

	December 31,
	2020			2019
Finance lease right-of-use assets (included in other assets)	$	2,448		$	2,311
Operating lease right-of-use assets	$	79,966		$	76,859
Finance lease liability, current (included in current installments of long-term debt)	$	1,661		$	1,325
Finance lease liability, noncurrent (included in long-term debt)	$	2,832		$	3,654
Operating lease liabilities, current (included in accrued liabilities)	$	11,516		$	11,043
Operating lease liabilities, noncurrent	$	72,120		$	67,898
Weighted average remaining lease term – finance leases	3.0 years			3.5 years
Weighted average remaining lease term – operating leases	10.0 years			10.2 years
Weighted average discount rate – finance leases		9.0	%		10.1	%
Weighted average discount rate – operating leases		4.4	%		4.7	%

Future annual minimum lease payments and finance lease commitments as of December 31, 2020 were as follows (in thousands):

Year ending December 31,	Operating Leases			Finance Leases
2021	$	14,284		$	2,010
2022		12,480			2,047
2023		11,065			659
2024		10,052			194
2025		9,116			161
2026 and thereafter		48,224			—
Total minimum lease payments	$	105,221		$	5,071
Less: imputed interest		(21,585	)		(578	)
Present value of lease liabilities	$	83,636		$	4,493

As of December 31, 2020, the Company’s future operating leases that have not yet commenced are immaterial.