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Leases

3 Months Ended

Mar. 31, 2020

We determine if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other current liabilities,” and “Long-term operating lease liabilities” within our Condensed Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in our Condensed Consolidated Balance Sheets.

The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of March 31, 2020, our leases had remaining lease terms of 1 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year.

The balance sheet components of the Company's leases were as follows as of March 31, 2020 and December 31, 2019:


	March 31, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	$	18,275	$	13,274
Other current liabilities	$	3,227	$	3,006
Long-term operating lease liabilities	15,048		10,268
Total operating lease liabilities	$	18,275	$	13,274
Finance leases
Property, plant, and equipment	$	3,469	$	3,518
Accumulated amortization	(3,095)		(2,943)
Property, plant, and equipment - net	$	374	$	575
Current maturities of long-term debt	$	231	$	405
Long-term debt	143		170
Total finance lease liabilities	$	374	$	575

The components of lease expense within the Company's statements of operations were as follows for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
Finance lease cost:
Amortization of finance leases	$	184	$	178
Interest on lease liabilities	18		9
Operating lease cost	980		916
Sublease income	(20)		(9)
Total lease cost	$	1,162	$	1,094

The cash flow components of the Company's leases were as follows for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	(1,210)	$	(1,079)

Financing cash flows related to finance leases	(184)		(181)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	5,981	$	447

The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:


	Three Months Ended March 31,
	2020		2019
Operating lease weighted-average remaining lease term	7		6
Operating lease weighted-average discount rate	5.2	%	4.9	%
Finance lease weighted-average remaining lease term	1		1
Finance lease weighted-average discount rate	4.3	%	4.3	%

As of March 31, 2020, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2020 and thereafter were as follows:


	Operating Leases		Finance Leases
Remaining 2020	$	2,877	$	266
2021	3,012		131
2022	2,689		47
2023	2,483		17
2024	2,422		11
2025 and thereafter	7,577		—
Total undiscounted lease payments	21,060		472
Interest	(2,785)		(98)
Total	$	18,275	$	374

Leases

The balance sheet components of the Company's leases were as follows as of March 31, 2020 and December 31, 2019:


	March 31, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	$	18,275	$	13,274
Other current liabilities	$	3,227	$	3,006
Long-term operating lease liabilities	15,048		10,268
Total operating lease liabilities	$	18,275	$	13,274
Finance leases
Property, plant, and equipment	$	3,469	$	3,518
Accumulated amortization	(3,095)		(2,943)
Property, plant, and equipment - net	$	374	$	575
Current maturities of long-term debt	$	231	$	405
Long-term debt	143		170
Total finance lease liabilities	$	374	$	575

The components of lease expense within the Company's statements of operations were as follows for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
Finance lease cost:
Amortization of finance leases	$	184	$	178
Interest on lease liabilities	18		9
Operating lease cost	980		916
Sublease income	(20)		(9)
Total lease cost	$	1,162	$	1,094

The cash flow components of the Company's leases were as follows for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	(1,210)	$	(1,079)

Financing cash flows related to finance leases	(184)		(181)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	5,981	$	447

The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:


	Three Months Ended March 31,
	2020		2019
Operating lease weighted-average remaining lease term	7		6
Operating lease weighted-average discount rate	5.2	%	4.9	%
Finance lease weighted-average remaining lease term	1		1
Finance lease weighted-average discount rate	4.3	%	4.3	%

As of March 31, 2020, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2020 and thereafter were as follows:


	Operating Leases		Finance Leases
Remaining 2020	$	2,877	$	266
2021	3,012		131
2022	2,689		47
2023	2,483		17
2024	2,422		11
2025 and thereafter	7,577		—
Total undiscounted lease payments	21,060		472
Interest	(2,785)		(98)
Total	$	18,275	$	374