Leases

3 Months Ended

Mar. 31, 2021

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 nine 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 months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Operating lease cost	$	882	$	1,157
Short-term lease cost	6		6
Variable lease cost	281		290
Sublease income	(84)		(84)
Total lease cost	$	1,085	$	1,369

For the three months ended March 31, 2021 and 2020, cash payments against the operating lease liabilities totaled $1.1 million and $1.3 million, respectively. ROU assets obtained in exchange for lease obligations was $1.0 million and $3.2 million for three months ended March 31, 2021 and 2020, respectively.

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


		March 31, 2021			December 31, 2020
Assets:
	Operating lease right-of-use assets	$	8,474		$	8,541

Liabilities:
	Operating lease liabilities	$	3,796		$	3,587
	Long-term operating lease liabilities	10,558			10,774
	Total operating lease liabilities	$	14,354		$	14,361

Weighted average remaining lease term (years)		6.94			7.28
Weighted average discount rate		3.5		%	3.6		%

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


Years ending December 31,
2021 (excluding the three months ended March 31, 2021)	$	2,973
2022	2,818
2023	1,931
2024	1,427
2025	1,350
Thereafter	5,625
Total lease payments	16,124
Less interest	(1,770)
Present value of operating lease liabilities	$	14,354