Leases (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of lease expense and payments for operating leases

Our expenses and payments for operating leases were as follows:


	Three Months Ended						Six Months Ended
(Dollars in thousands)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Operating leases expense	$	694	$	775	$	1,422	$	1,493
Short-term leases expense	$	107	$	43	$	230	$	82
Payments on operating lease obligations	$	722	$	760	$	1,468	$	1,524

The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:


	Finance Leases	Operating Leases
Weighted Average Remaining Lease Term	1.0 year	2.5 years
Weighted Average Discount Rate	3.00%	4.97%

Assets and Liabilities Balance Related to Finance and Operating Leases

Our assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:


(Dollars in thousands)	Location in Statements of Financial Position	June 30, 2020		December 31, 2019
Finance lease right-of-use assets	Property, plant and equipment, net	$	6,125	$	6,280
Operating lease right-of-use assets	Other long-term assets	$	4,643	$	4,656

Finance lease obligations, current portion	Other accrued liabilities	$	4,350	$	400
Finance lease obligations, non-current portion	Other long-term liabilities	$	—	$	4,140
Total finance lease obligations		$	4,350	$	4,540

Operating lease obligations, current portion	Other accrued liabilities	$	2,326	$	2,343
Operating lease obligations, non-current portion	Other long-term liabilities	$	2,339	$	2,334
Total operating lease obligations		$	4,665	$	4,677

Future minimum lease payments for financing leases

The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of June 30, 2020:


	Finance										Operating
(Dollars in thousands)	Leases Signed		Less: Leases Not Yet Commenced		Total Leases		Leases Signed		Less: Leases Not Yet Commenced		Total Leases
2020	$	266	$	—	$	266	$	1,362	$	(11)	$	1,351
2021	4,445		(235)		4,210		1,970		(29)		1,941
2022	235		(235)		—		1,063		(29)		1,034
2023	211		(211)		—		433		(18)		415
2024	—		—		—		199		—		199
Thereafter	—		—		—		5		—		5
Total lease payments	5,157		(681)		4,476		5,032		(87)		4,945
Less: Interest	(212)		86		(126)		(285)		5		(280)
Present Value of Net Future Minimum Lease Payments	$	4,945	$	(595)	$	4,350	$	4,747	$	(82)	$	4,665

Future minimum lease payments for operating leases

The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of June 30, 2020:


	Finance										Operating
(Dollars in thousands)	Leases Signed		Less: Leases Not Yet Commenced		Total Leases		Leases Signed		Less: Leases Not Yet Commenced		Total Leases
2020	$	266	$	—	$	266	$	1,362	$	(11)	$	1,351
2021	4,445		(235)		4,210		1,970		(29)		1,941
2022	235		(235)		—		1,063		(29)		1,034
2023	211		(211)		—		433		(18)		415
2024	—		—		—		199		—		199
Thereafter	—		—		—		5		—		5
Total lease payments	5,157		(681)		4,476		5,032		(87)		4,945
Less: Interest	(212)		86		(126)		(285)		5		(280)
Present Value of Net Future Minimum Lease Payments	$	4,945	$	(595)	$	4,350	$	4,747	$	(82)	$	4,665