LEASES

12 Months Ended

Dec. 31, 2020

LEASES

LEASES

10. LEASES

The Company has operating leases for office space, manufacturing equipment, computer equipment and automobiles. The Company did not have any finance leases in 2020 or 2019. Many leases include one or more options to renew, some of which include options to extend the leases for a long-term period, and some leases include options to terminate the leases within 30 days. In certain of the Company's lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for capital area maintenance, utilities, inflation and/or changes in other indexes.

For the years ended December 31, 2020 and 2019, the components of operating lease expense were as follows (in thousands):

	December 31,			December 31,
	2020			2019
Fixed operating lease expense	$	4,548	$	4,018
Variable operating lease expense	$	547	$	499
Short-term lease expense	$	234	$	234

Supplemental cash flow information related to the Company’s operating leases for the years ended December 31, 2020 and 2019 are as follows (in thousands):

	December 31,		December 31,
	2020		2019
Cash paid for amounts included in the measurement of operating leases	$	4,601	$	4,886
Right of use ("ROU") assets obtained in exchange for operating lease obligations	$	3,626	$	373
ROU assets recorded upon adoption of ASC 842, Leases	$	—	$	20,344
ROU assets obtained in acquisitions (Note 2)	$	2,735	$	—

The following table presents weighted average remaining lease term and discount rates related to the Company’s operating leases as of December 31, 2020 and 2019:

	December 31,
	2020			2019
Weighted average remaining lease term (in years)		6.83			8.27
Weighted average discount rate		2.25	%		2.91	%

The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2020 (in thousands):

2021	$	5,043
2022		4,013
2023		2,935
2024		2,282
2025		2,096
Thereafter		4,606
Total undiscounted cash flows	$	20,975
Less: present value discount		(1,334)
Total lease liabilities	$	19,641

As of December 31, 2020, the Company had no additional significant operating or finance leases that had not yet commenced.