Leases

12 Months Ended

Dec. 31, 2020

LeasesThe 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 to up to ten years. Certain leases include one or more options to renew. In addition, we sublease certain 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 year ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2020		2019
Operating lease cost	$	4,435	$	4,078
Short-term lease cost	26		663
Variable lease cost	1,060		1,197
Sublease income	(336)		(336)
Total lease cost	$	5,185	$	5,602

For the year ended December 31, 2020 and 2019, cash payments against the operating lease liabilities totaled $4.7 million and $5.6 million, respectively. ROU assets obtained in exchange for lease obligations was $3.2 million and $4.1 million for the year ended December 31, 2020 and 2019, respectively.

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


		December 31,
		2020			2019
Assets:
	Operating lease right-of-use assets	$	8,541		$	8,140

Liabilities:
	Operating lease liabilities	$	3,587		$	4,847
	Long-term operating lease liabilities	10,774			7,920
	Total operating lease liabilities	$	14,361		$	12,767

Weighted average remaining lease term (years)		7.28			3.43
Weighted average discount rate		3.6		%	4.5		%

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


Years ending December 31,
2021	$	3,622
2022	2,278
2023	1,879
2024	1,426
2025	1,350
Thereafter	5,625
Total lease payments	16,180
Less interest	(1,819)
Present value of operating lease liabilities	$	14,361