Leases

6 Months Ended

Jun. 30, 2020

8. Leases

The Company leases retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between the remainder of 2020 and 2030. Many leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of the Company’s operating lease costs were as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease costs	$	1,693	$	2,198	$	3,575	$	4,392
Variable lease costs ⁽¹⁾		2		34		12		43
Total lease costs	$	1,695	$	2,232	$	3,587	$	4,435

⁽¹⁾Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.

Short-term lease costs, which were excluded from the above table, are not material to the Company's financial statements.

The following is a schedule of maturities of operating lease liabilities as of June 30, 2020 (dollars in thousands):


	Operating Leases
2020, excluding the six months ended June 30, 2020	$	3,708
2021		5,810
2022		3,407
2023		2,309
2024		1,519
Thereafter		2,753
Total lease payments		19,506
Less imputed interest		(1,743)
Present value of lease liabilities		17,763

The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands):


	June 30, 2020		December 31, 2019
Operating lease liabilities – current	$	6,313	$	6,505
Operating lease liabilities - non-current		11,450		14,110
Total	$	17,763	$	20,615

The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of June 30, 2020, the Company’s leases have a weighted-average remaining lease term of 4.25 years.

Supplemental cash flow information related to the Company’s operating leases is as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	1,262	$	2,273	$	3,240	$	4,525
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$	—	$	973	$	144	$	27,002