Leases

6 Months Ended

Jun. 30, 2020

The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, France, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining lease terms ranging from less than one year up to ten years. Certain leases include one or more options to renew. In addition, we sublease real estate to a third party. All of our leases qualify as operating leases.

The following table summarizes the components of lease expense for the three and six months ended June 30, 2020 and 2019 (in thousands):


	Three Months Ended						Six Months Ended
	June 30						June 30
	2020		2019		2020		2019
Operating lease cost	$	1,255	$	1,158	$	2,412	$	2,342
Short-term lease cost	7		311		13		726
Variable lease cost	262		296		552		596
Sublease income	(84)		(84)		(168)		(168)
Total lease cost	$	1,440	$	1,681	$	2,809	$	3,496

For the six months ended June 30, 2020 and 2019, cash payments against the operating lease liabilities totaled $1.6 million and $2.6 million, respectively. ROU assets obtained in exchange for lease obligations was $3.2 million and $2.8 million for six months ended June 30, 2020 and 2019, respectively.

The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands):


		June 30, 2020				December 31, 2019
Assets:
	Operating lease right-of-use assets	$	9,929			$	8,140

Liabilities:
	Operating lease liabilities	$	4,440			$	4,847
	Long-term operating lease liabilities	12,062				7,920
	Total operating lease liabilities	$	16,502			$	12,767

Weighted average remaining lease term (years)				7.13				4.50
Weighted average discount rate				3.8	%			3.4	%

Maturities of lease liabilities were as follows (in thousands):


Years ending December 31,
2020 (excluding the six months ended June 30, 2020)	$	2,494
2021	3,645
2022	2,273
2023	1,873
2024	1,421
Thereafter	6,975
Total lease payments	18,681
Less interest	(2,179)
Present value of operating lease liabilities	$	16,502