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Leases

9 Months Ended

Sep. 30, 2020

The Company determines if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets - net,” “Other accrued liabilities,” and “Long-term operating lease liabilities” within the 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 the Condensed Consolidated Balance Sheets.

The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of September 30, 2020, the Company’s leases had remaining lease terms of 2 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 September 30, 2020 and December 31, 2019:


	September 30, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	$	16,696	$	11,280
Other accrued liabilities	$	2,615	$	2,268
Long-term operating lease liabilities	14,081		9,012
Total operating lease liabilities	$	16,696	$	11,280
Finance leases
Property, plant, and equipment	$	1,086	$	3,426
Accumulated amortization	(834)		(2,892)
Property, plant, and equipment - net	$	252	$	534
Current maturities of long-term debt	$	117	$	377
Long-term debt	135		157
Total finance lease liabilities	$	252	$	534

The components of lease expense within the Company's Condensed Consolidated Statements of Operations were as follows for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Finance lease cost:
Amortization of finance leases	$	29	$	174	$	381	$	516
Interest on lease liabilities	17		15		53		36
Operating lease cost	719		754		2,265		2,281
Sublease income	(50)		—		(117)		(18)
Total lease cost	$	715	$	943	$	2,582	$	2,815

The cash flow components of the Company's leases were as follows for the nine months ended September 30, 2020 and 2019:


	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	(2,778)	$	(2,680)

Financing cash flows related to finance leases	(408)		(516)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	7,681	$	1,410

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


	September 30,
	2020		2019
Operating lease weighted-average remaining lease term	7		7
Operating lease weighted-average discount rate	5.1	%	5.1	%
Finance lease weighted-average remaining lease term	1		2
Finance lease weighted-average discount rate	4.2	%	4.3	%

As of September 30, 2020, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2020 and thereafter were as follows:


	Operating Leases		Finance Leases
Remainder of 2020	$	891	$	47
2021	3,276		158
2022	2,840		82
2023	2,620		20
2024	2,576		11
2025 and thereafter	7,776		—
Total undiscounted lease payments	19,979		318
Interest	(3,283)		(66)
Total	$	16,696	$	252

Leases

The balance sheet components of the Company's leases were as follows as of September 30, 2020 and December 31, 2019:


	September 30, 2020		December 31, 2019
Operating leases
Operating lease right-of-use assets	$	16,696	$	11,280
Other accrued liabilities	$	2,615	$	2,268
Long-term operating lease liabilities	14,081		9,012
Total operating lease liabilities	$	16,696	$	11,280
Finance leases
Property, plant, and equipment	$	1,086	$	3,426
Accumulated amortization	(834)		(2,892)
Property, plant, and equipment - net	$	252	$	534
Current maturities of long-term debt	$	117	$	377
Long-term debt	135		157
Total finance lease liabilities	$	252	$	534

The components of lease expense within the Company's Condensed Consolidated Statements of Operations were as follows for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Finance lease cost:
Amortization of finance leases	$	29	$	174	$	381	$	516
Interest on lease liabilities	17		15		53		36
Operating lease cost	719		754		2,265		2,281
Sublease income	(50)		—		(117)		(18)
Total lease cost	$	715	$	943	$	2,582	$	2,815

The cash flow components of the Company's leases were as follows for the nine months ended September 30, 2020 and 2019:


	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	(2,778)	$	(2,680)

Financing cash flows related to finance leases	(408)		(516)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	7,681	$	1,410

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


	September 30,
	2020		2019
Operating lease weighted-average remaining lease term	7		7
Operating lease weighted-average discount rate	5.1	%	5.1	%
Finance lease weighted-average remaining lease term	1		2
Finance lease weighted-average discount rate	4.2	%	4.3	%

As of September 30, 2020, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2020 and thereafter were as follows:


	Operating Leases		Finance Leases
Remainder of 2020	$	891	$	47
2021	3,276		158
2022	2,840		82
2023	2,620		20
2024	2,576		11
2025 and thereafter	7,776		—
Total undiscounted lease payments	19,979		318
Interest	(3,283)		(66)
Total	$	16,696	$	252