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Leases | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases [Abstract] |
Leases | Leases We lease certain office space, manufacturing facilities, warehouses, land, and equipment. Our leases have remaining terms ranging from 1 to 10 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases consisted of the following at December 31:
(In thousands) | Balance Sheet Classification | 2021 |  | 2020
Assets: |  |  |  |
Operating | Operating lease assets | $ | 27,569 |  |  | $ | 30,969 |
Finance | Property, plant and equipment, net | 1,709 |  |  | 942 |
Total lease assets |  | $ | 29,278 |  |  | $ | 31,911 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating | Accrued liabilities | $ | 6,494 |  |  | $ | 6,888 |
Finance | Current debt | 682 |  |  | 353 |
Noncurrent: |  |  |  |
Operating | Noncurrent operating lease liabilities | $ | 22,352 |  |  | $ | 25,068 |
Finance | Long-term debt, less current portion | 1,041 |  |  | 590 |
Total lease liabilities |  | $ | 30,569 |  |  | $ | 32,899 |
Total operating lease expenses were $24.4 million for 2021, of which $14.2 million related to short-term leases and $10.2 million related to leases recognized in the balance sheet. Total operating lease expenses were $25.8 million and $30.1 million for 2020 and 2019, respectively. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The maturity of lease liabilities as of December 31, 2021 is as follows:
(In thousands) | Operating Leases |  | Finance Leases |  | Total
2022 | $ | 7,678 |  |  | $ | 722 |  |  | $ | 8,400 |
2023 | 5,066 |  |  | 587 |  |  | 5,653 |
2024 | 3,629 |  |  | 325 |  |  | 3,954 |
2025 | 2,999 |  |  | 156 |  |  | 3,155 |
2026 | 2,951 |  |  | 2 |  |  | 2,953 |
Thereafter | 11,763 |  |  | — |  |  | 11,763 |
Total lease payments | 34,086 |  |  | 1,792 |  |  | 35,878 |
Less: Interest | 5,240 |  |  | 69 |  |  | 5,309 |
Present value of lease liabilities | $ | 28,846 |  |  | $ | 1,723 |  |  | $ | 30,569 |
During 2021, we entered into $6.5 million and $1.2 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets.
Lease Term and Discount Rate | December 31, 2021
Weighted-average remaining lease term (years) |
Operating leases | 7.1
Finance leases | 2.8
Weighted-average discount rate |
Operating leases | 4.8 | %
Finance leases | 4.1 | %
Leases | Leases We lease certain office space, manufacturing facilities, warehouses, land, and equipment. Our leases have remaining terms ranging from 1 to 10 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases consisted of the following at December 31:
(In thousands) | Balance Sheet Classification | 2021 |  | 2020
Assets: |  |  |  |
Operating | Operating lease assets | $ | 27,569 |  |  | $ | 30,969 |
Finance | Property, plant and equipment, net | 1,709 |  |  | 942 |
Total lease assets |  | $ | 29,278 |  |  | $ | 31,911 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating | Accrued liabilities | $ | 6,494 |  |  | $ | 6,888 |
Finance | Current debt | 682 |  |  | 353 |
Noncurrent: |  |  |  |
Operating | Noncurrent operating lease liabilities | $ | 22,352 |  |  | $ | 25,068 |
Finance | Long-term debt, less current portion | 1,041 |  |  | 590 |
Total lease liabilities |  | $ | 30,569 |  |  | $ | 32,899 |
Total operating lease expenses were $24.4 million for 2021, of which $14.2 million related to short-term leases and $10.2 million related to leases recognized in the balance sheet. Total operating lease expenses were $25.8 million and $30.1 million for 2020 and 2019, respectively. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The maturity of lease liabilities as of December 31, 2021 is as follows:
(In thousands) | Operating Leases |  | Finance Leases |  | Total
2022 | $ | 7,678 |  |  | $ | 722 |  |  | $ | 8,400 |
2023 | 5,066 |  |  | 587 |  |  | 5,653 |
2024 | 3,629 |  |  | 325 |  |  | 3,954 |
2025 | 2,999 |  |  | 156 |  |  | 3,155 |
2026 | 2,951 |  |  | 2 |  |  | 2,953 |
Thereafter | 11,763 |  |  | — |  |  | 11,763 |
Total lease payments | 34,086 |  |  | 1,792 |  |  | 35,878 |
Less: Interest | 5,240 |  |  | 69 |  |  | 5,309 |
Present value of lease liabilities | $ | 28,846 |  |  | $ | 1,723 |  |  | $ | 30,569 |
During 2021, we entered into $6.5 million and $1.2 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets.
Lease Term and Discount Rate | December 31, 2021
Weighted-average remaining lease term (years) |
Operating leases | 7.1
Finance leases | 2.8
Weighted-average discount rate |
Operating leases | 4.8 | %
Finance leases | 4.1 | %

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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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