Leases

3 Months Ended

Mar. 31, 2021

NOTE 12 — Leases

We lease certain land, buildings and equipment under non-cancellable operating leases used in our operations. Operating lease assets represent our right to use an underlying asset for the lease term. Operating lease liabilities represent the present value of lease payments over the lease term, discounted using an estimate of our secured incremental borrowing rate because none of our leases contain a rate implicit in the lease arrangement.

Components of lease expense for the three months ended March 31, 2021 were as follows:

	Three Months Ended
	March 31,		March 31,
	2021		2020
Operating lease cost	$	1,232	$	1,199
Short-term lease cost		278		167
Total lease cost	$	1,510	$	1,366

Supplemental cash flow information related to leases was as follows:

	Three Months Ended
	March 31,		March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	1,221	$	1,130
Leased assets obtained in exchange for new operating lease liabilities	$	1,157	$	1,179

Supplemental balance sheet information related to leases was as follows:

	As of
	March 31,			December 31,
	2021			2020
Balance Sheet Classification:
Operating lease obligations	$	3,271		$	3,294
Long-term operating lease obligations		23,510			23,163
Total lease liabilities	$	26,781		$	26,457
Weighted-average remaining lease terms (years)		7.75			7.88
Weighted-average discount rate		6.41	%		6.40	%

Remaining maturity of our existing lease liabilities as of March 31, 2021 is as follows:

	Operating Leases⁽¹⁾
2021	$	3,653
2022		4,713
2023		4,423
2024		4,285
2025		3,731
Thereafter		14,297
Total	$	35,102
Less: interest		(8,321	)
Present value of lease liabilities	$	26,781

⁽¹⁾	^{Operating lease payments include $3,822 of payments related to options to extend lease terms that are reasonably expected to be exercised.}