Leases (Tables)

3 Months Ended

Mar. 31, 2021

Quantitative Disclosures Related to Operating Leases

The following tables provide quantitative disclosures related to our operating leases (in thousands):

Balance Sheet Information	March 31, 2021			December 31, 2020
Assets
Operating lease right-of-use assets	$	31,453		$	29,958

Liabilities
Sundry payables and accrued expenses	$	8,822		$	8,719
Noncurrent operating lease liabilities		23,890			22,450
Total operating lease liabilities	$	32,712		$	31,169

Weighted Average Remaining Lease Term
Operating leases	5 Years			5 Years

Weighted Average Discount Rate
Operating leases		3.4	%		3.6	%

Expense and Cash Flow Information	Three Months Ended March 31,
	2021		2020
Lease Expense
Operating lease expense (a)	$	2,336	$	2,313

Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,302	$	2,476
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	3,603	$	251

(a)

Excludes expenses of approximately $0.7 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively, related to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less, which is not material.

Minimum Lease Payments

At March 31, 2021, we are obligated to make minimum lease payments through 2028, under operating leases, which are as follows (in thousands):

2021	$	6,853
2022		7,940
2023		6,468
2024		4,416
2025		3,364
Thereafter		6,084
Total lease payments	$	35,125
Less: Interest		(2,413	)
Present value of lease liabilities	$	32,712