Leases

3 Months Ended

Mar. 31, 2021

Note 6 – Leases

The Company has operating leases for office, manufacturing and research and development facilities, as well as land leases for certain manufacturing facilities that are accounted for as operating leases. The Company also has operating leases for office equipment and automobiles. Excluding land leases, our leases have remaining lease terms ranging from less than 1 year to 11 years and may include options to extend the lease for an additional term up to as long as the original term of the lease. Land leases have remaining lease terms that range from 40 to 42 years and some which specify that the end of the lease term is at the discretion of the lessee. The Company does not have lease arrangements with related parties.

Components of lease expense for the three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
	2021			2020
Lease cost:
Operating lease cost	$	2,558		$	1,586
Short-term lease cost		554			509
Sublease income		(41	)		(40	)
Total lease cost	$	3,071		$	2,055

Other information related to leases is as follows:

	Three Months Ended March 31,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,764		$	1,621
Right-of-use lease assets obtained in exchange for lease obligations:
Operating leases	$	269		$	6,349
Gain on sale and leaseback transactions, net
	March 31, 2021			March 31, 2020
Weighted average remaining lease term:
Operating leases	7.2 years			6.5 years
Weighted average discount rate:
Operating leases		4.65	%		5.08	%

A summary of operating leases as of March 31, 2021, under all non-cancellable operating leases with terms exceeding one year is as follows:

2021 (excluding the three months ended March 31, 2021)	$	5,563
2022		6,057
2023		4,035
2024		3,824
2025		3,642
2026 or later		10,457
Total future minimum lease payments		33,578
Less imputed interest		(5,056	)
Total	$	28,522