Leases (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Lease Expense, Payments for Operating Leases, and Information Related to Lease Term and Discount Rates

Our expenses and payments for operating leases were as follows:


	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating leases expense	$	779	$	694	$	1,460	$	1,422
Short-term leases expense	$	56	$	107	$	130	$	230
Payments on operating lease obligations	$	665	$	722	$	1,335	$	1,468

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	2.3 years	2.4 years
Weighted Average Discount Rate	3.70%	3.58%

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, 2021		December 31, 2020
Finance lease right-of-use assets	Property, plant and equipment, net	$	418	$	7,017
Operating lease right-of-use assets	Other long-term assets	$	4,565	$	4,216

Finance lease obligations, current portion	Other accrued liabilities	$	219	$	4,755
Finance lease obligations, non-current portion	Other long-term liabilities	$	161	$	322
Total finance lease obligations		$	380	$	5,077

Operating lease obligations, current portion	Other accrued liabilities	$	2,164	$	2,275
Operating lease obligations, non-current portion	Other long-term liabilities	$	2,431	$	2,219
Total operating lease obligations		$	4,595	$	4,494

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, 2021:


	Finance			Operating
(Dollars in thousands)	Leases Signed	Less: Leases Not Yet Commenced	Leases in Effect	Leases Signed	Less: Leases Not Yet Commenced	Leases in Effect
2021	15	—	15	1,232	(10)	1,222
2022	412	(218)	194	2,057	(33)	2,024
2023	478	(291)	187	1,238	(33)	1,205
2024	291	(291)	—	323	(24)	299
2025	291	(291)	—	43	(5)	38
Thereafter	362	(362)	—	7	(4)	3
Total lease payments	1,849	(1,453)	396	4,900	(109)	4,791
Less: Interest	(75)	59	(16)	(199)	3	(196)
Present Value of Net Future Minimum Lease Payments	1,774	(1,394)	380	4,701	(106)	4,595

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, 2021:


	Finance			Operating
(Dollars in thousands)	Leases Signed	Less: Leases Not Yet Commenced	Leases in Effect	Leases Signed	Less: Leases Not Yet Commenced	Leases in Effect
2021	15	—	15	1,232	(10)	1,222
2022	412	(218)	194	2,057	(33)	2,024
2023	478	(291)	187	1,238	(33)	1,205
2024	291	(291)	—	323	(24)	299
2025	291	(291)	—	43	(5)	38
Thereafter	362	(362)	—	7	(4)	3
Total lease payments	1,849	(1,453)	396	4,900	(109)	4,791
Less: Interest	(75)	59	(16)	(199)	3	(196)
Present Value of Net Future Minimum Lease Payments	1,774	(1,394)	380	4,701	(106)	4,595