Leases

6 Months Ended

Jun. 30, 2021

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 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 and six months ended June 30, 2021 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Operating lease cost	$	920	$	1,255	$	1,802	$	2,412
Short-term lease cost	6		7		12		13
Variable lease cost	266		262		547		552
Sublease income	(84)		(84)		(168)		(168)
Total lease cost	$	1,108	$	1,440	$	2,193	$	2,809

For the six months ended June 30, 2021 and 2020, cash payments against the operating lease liabilities totaled $2.3 million and $1.6 million, respectively. ROU assets obtained in exchange for lease obligations was $1.8 million and $3.2 million for six months ended June 30, 2021 and 2020, respectively.

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


		June 30, 2021			December 31, 2020
Assets:
	Operating lease right-of-use assets	$	8,559		$	8,541

Liabilities:
	Operating lease liabilities	$	3,751		$	3,587
	Long-term operating lease liabilities	10,353			10,774
	Total operating lease liabilities	$	14,104		$	14,361

Weighted average remaining lease term (years)		6.72			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 June 30, 2021)	$	2,028
2022	3,217
2023	2,128
2024	1,429
2025	1,350
Thereafter	5,625
Total lease payments	15,777
Less interest	(1,673)
Present value of operating lease liabilities	$	14,104