Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

5. Leases

As of March 31, 2021, the weighted average remaining lease term was 6.6 and 4.5 years for operating and finance leases, respectively. As of March 31, 2021, the weighted average discount rate was 4.1% and 3.8% for operating and finance leases, respectively.

The components of lease expense were as follows (U.S. dollars in thousands):

	Three Months Ended March 31,
	2021			2020
Operating lease expense
Operating lease cost	$	12,815		$	13,136
Variable lease cost		1,368			974
Short-term lease cost		339			45
Sublease income		(1,984	)		(1,131	)
Finance lease expense
Amortization of right-of-use assets		611			—
Interest on lease liabilities		88			—
Total lease expense	$	13,237		$	13,024

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

	Three Months Ended March 31,
	2021		2020
Operating cash outflow from operating leases	$	14,149	$	13,367
Operating cash outflow from finance leases	$	89	$	—
Financing cash outflow from finance leases	$	483	$	—
Right-of-use assets obtained in exchange for operating lease obligations	$	10,891	$	21,822
Right-of-use assets obtained in exchange for finance lease obligations	$	49	$	—

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

Year Ending December 31	Operating Leases		Finance Leases
2021	$	35,534	$	1,661
2022		34,437		2,226
2023		23,875		2,144
2024		18,976		2,033
2025		14,298		1,436
Thereafter		41,344		260
Total		168,464		9,760
Less: Finance charges		21,060		805
Total principal liability	$	147,404	$	8,955

The Company has additional lease liabilities of $0.3 million which have not yet commenced as of March 31, 2021, and as such, have not been recognized on the consolidated balance sheets.