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Leases
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases Leases
Balance Sheet Presentation
Operating and finance lease amounts included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
ClassificationFinancial Statement Line ItemMarch 31, 2021December 31, 2020
AssetsRight-of-use assets, operating leases$31,429 $31,769 
AssetsProperty, plant and equipment47 56 
Current liabilitiesCurrent portion of lease liabilities, operating leases897 867 
Current liabilitiesCurrent portion of lease liabilities, finance leases14 19 
Non-current liabilitiesNon-current portion of lease liabilities, operating leases32,524 32,771 
Non-current liabilitiesNon-current portion of lease liabilities, finance leases34 37 
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
(in thousands)Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Operating lease cost$1,023 $1,035 
Finance lease cost:
Amortization of right-of-use assets9 59 
Interest on finance lease liabilities— 17 
Total lease cost$1,032 $1,111 
Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statement of operations.
Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of March 31, 2021 are as follows:
(in thousands)OperatingFinance
Remainder of 2021$2,711 $13 
20223,665 15 
20233,699 15 
20243,549 8 
20253,619 — 
Thereafter43,540 — 
Total undiscounted minimum future lease payments60,783 51 
Imputed interest27,362 3 
Present value of lease liabilities$33,421 $48 
Lease Term and Discount Rate
Weighted-average remaining lease termMarch 31, 2021December 31, 2021
Operating leases15.24 years15.47 years
Finance leases2.92 years2.91 years
Weighted-average discount rate
Operating leases8.33 %8.33 %
Finance leases2.31 %2.44 %
During the three months ended March 31, 2021, no right-of-use assets were recognized in exchange for new operating lease liabilities.
Leases Leases
Balance Sheet Presentation
Operating and finance lease amounts included in the unaudited condensed consolidated balance sheet are as follows (in thousands):
ClassificationFinancial Statement Line ItemMarch 31, 2021December 31, 2020
AssetsRight-of-use assets, operating leases$31,429 $31,769 
AssetsProperty, plant and equipment47 56 
Current liabilitiesCurrent portion of lease liabilities, operating leases897 867 
Current liabilitiesCurrent portion of lease liabilities, finance leases14 19 
Non-current liabilitiesNon-current portion of lease liabilities, operating leases32,524 32,771 
Non-current liabilitiesNon-current portion of lease liabilities, finance leases34 37 
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
(in thousands)Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Operating lease cost$1,023 $1,035 
Finance lease cost:
Amortization of right-of-use assets9 59 
Interest on finance lease liabilities— 17 
Total lease cost$1,032 $1,111 
Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statement of operations.
Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of March 31, 2021 are as follows:
(in thousands)OperatingFinance
Remainder of 2021$2,711 $13 
20223,665 15 
20233,699 15 
20243,549 8 
20253,619 — 
Thereafter43,540 — 
Total undiscounted minimum future lease payments60,783 51 
Imputed interest27,362 3 
Present value of lease liabilities$33,421 $48 
Lease Term and Discount Rate
Weighted-average remaining lease termMarch 31, 2021December 31, 2021
Operating leases15.24 years15.47 years
Finance leases2.92 years2.91 years
Weighted-average discount rate
Operating leases8.33 %8.33 %
Finance leases2.31 %2.44 %
During the three months ended March 31, 2021, no right-of-use assets were recognized in exchange for new operating lease liabilities.