Leases (Tables)

3 Months Ended

Sep. 30, 2020

The following table provides a summary of leases included on the condensed consolidated balance sheets September 30, 2020, 2019 and December 31, 2019, condensed consolidated statements of earnings, and condensed consolidated statements of cash flows as of the three months and nine months ended September 30, 2020 and 2019:


	Condensed Consolidated Balance Sheets Line Item	September 30,				December 31,
(in thousands)		2020		2019		2019
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	41,453	$	34,463	$	35,436
Liabilities
Operating - current	Accrued expenses and other current liabilities	$	8,443	$	7,037	$	7,392
Operating - noncurrent	Operating lease liabilities	33,354		27,256		27,930
Total operating lease liabilities		$	41,797	$	34,293	$	35,322

Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,569	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,036)		(2,578)		(2,739)
Property and equipment, net	Property, plant and equipment, net	$	533	$	991	$	830
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	$	771	$	1,116	$	1,125
Other long-term liabilities	Deferred income tax and other long-term liabilities	—		764		386
Total finance lease liabilities		$	771	$	1,880	$	1,511

Lease, Cost

The components of lease expense were as follows:


	Condensed Consolidated Statements of Operations Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2020		2019		2020		2019
Operating lease cost	General administrative expenses and cost of sales	$	2,736	$	2,379	$	7,708	$	6,784

Finance lease cost:
Amortization of right-of-use assets	General administrative expenses	$	218	$	218	$	654	$	654
Interest on lease liabilities	Interest expense, net	7		16		28		54
Total finance lease		$	225	$	234	$	682	$	708

The following table summarizes the Company's lease terms and discount rates as of September 30, 2020 and 2019:


Weighted-average remaining lease terms (in years):	2020		2019
Operating leases	7.03		6.72
Finance leases	0.71		1.68
Weighted-average discount rate:
Operating leases	5.30	%	5.37	%
Finance leases	3.27	%	3.23	%

Operating Lease, Liability, Maturity

The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2020:


(in thousands)	Finance Leases		Operating Leases
Remaining three months of 2020	$	290	$	2,632
2021	489		10,147
2022	—		7,933
2023	—		5,867
2024	—		4,834
Thereafter	—		18,926
Total lease payments	779		50,339
Less: Present value discount	(8)		(8,542)
Total lease liabilities	$	771	$	41,797

Finance Lease, Liability, Maturity

The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2020:


(in thousands)	Finance Leases		Operating Leases
Remaining three months of 2020	$	290	$	2,632
2021	489		10,147
2022	—		7,933
2023	—		5,867
2024	—		4,834
Thereafter	—		18,926
Total lease payments	779		50,339
Less: Present value discount	(8)		(8,542)
Total lease liabilities	$	771	$	41,797