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Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.
We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2021 or 2020, and the rent expense for short-term leases was not material.
We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.
As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.
We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley. Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of December 31, 2021, the SAM lease has approximately $20.0 million of lease payments remaining. We have not recorded a liability associated with this guarantee.
The components of lease expense were as follows:
Years Ended December 31,
202120202019
(In thousands)
Operating lease cost$20,340 $14,348 $14,622 
Finance lease cost
Amortization of right-of-use asset$534 $133 $142 
Interest on lease liabilities1417 22 
Total finance lease cost$548 $150 $164 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202120202019
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$17,641$15,489 $14,594 
Operating cash flows from finance leases1516 25 
Financing cash flows from finance leases3,151 158 258 
Supplemental balance sheet information related to leases was as follows:
December 31,
20212020
(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets$79,464 $54,787 
   Accrued liabilities$18,176 $14,742 
   Long-term operating lease liabilities67,225 46,398 
   Total operating lease liabilities$85,401 $61,140 
Finance leases:
   Other long-lived assets, at cost$3,682 $764 
   Accumulated depreciation(563)(483)
   Other long-lived assets, net$3,119 $281 
Weighted Average Remaining Lease Term
Operating leases6 years5 years
 Finance leases4 years3 years
Weighted Average Discount Rate
Operating leases5.0%6.6 %
Finance leases4.3%4.9 %

The following table summarizes maturities of lease liabilities as of December 31, 2021 (in thousands):

2022$22,838 
202318,738 
202415,307 
202514,015 
202610,987 
Thereafter17,967 
Total$99,852 

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021$19,250 
202216,305 
202312,552 
20249,516 
20258,718 
Thereafter8,901 
Total$75,242 
Leases Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.
We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2021 or 2020, and the rent expense for short-term leases was not material.
We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.
As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.
We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley. Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of December 31, 2021, the SAM lease has approximately $20.0 million of lease payments remaining. We have not recorded a liability associated with this guarantee.
The components of lease expense were as follows:
Years Ended December 31,
202120202019
(In thousands)
Operating lease cost$20,340 $14,348 $14,622 
Finance lease cost
Amortization of right-of-use asset$534 $133 $142 
Interest on lease liabilities1417 22 
Total finance lease cost$548 $150 $164 

Supplemental cash flow information related to leases was as follows:
Years Ended December 31,
202120202019
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$17,641$15,489 $14,594 
Operating cash flows from finance leases1516 25 
Financing cash flows from finance leases3,151 158 258 
Supplemental balance sheet information related to leases was as follows:
December 31,
20212020
(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets$79,464 $54,787 
   Accrued liabilities$18,176 $14,742 
   Long-term operating lease liabilities67,225 46,398 
   Total operating lease liabilities$85,401 $61,140 
Finance leases:
   Other long-lived assets, at cost$3,682 $764 
   Accumulated depreciation(563)(483)
   Other long-lived assets, net$3,119 $281 
Weighted Average Remaining Lease Term
Operating leases6 years5 years
 Finance leases4 years3 years
Weighted Average Discount Rate
Operating leases5.0%6.6 %
Finance leases4.3%4.9 %

The following table summarizes maturities of lease liabilities as of December 31, 2021 (in thousands):

2022$22,838 
202318,738 
202415,307 
202514,015 
202610,987 
Thereafter17,967 
Total$99,852 

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021$19,250 
202216,305 
202312,552 
20249,516 
20258,718 
Thereafter8,901 
Total$75,242