Leases (Tables)

3 Months Ended

Mar. 31, 2021

The following table provides a summary of leases included on the condensed consolidated balance sheets March 31, 2021, 2020 and December 31, 2020, condensed consolidated statements of earnings, and condensed consolidated statements of cash flows as of the three months and three months ended March 31, 2021 and 2020:


	Condensed Consolidated Balance Sheets Line Item	March 31,				December 31,
(in thousands)		2021		2020		2020
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	44,236	$	33,725	$	45,792
Liabilities
Operating - current	Accrued expenses and other current liabilities	$	8,941	$	7,603	$	9,143
Operating - noncurrent	Operating lease liabilities	35,810		26,084		37,199
Total operating lease liabilities		$	44,751	$	33,687	$	46,342

Finance leases
Assets
Property and equipment, gross	Property, plant and equipment, net	$	3,569	$	3,566	$	3,569
Accumulated amortization	Property, plant and equipment, net	(3,188)		(2,903)		(3,112)
Property and equipment, net	Property, plant and equipment, net	$	381	$	663	$	457
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	$	193	$	1,125	$	384
Other long-term liabilities	Deferred income tax and other long-term liabilities	—		6		—
Total finance lease liabilities		$	193	$	1,131	$	384

Lease, Cost

The components of lease expense were as follows:


	Condensed Consolidated Statements of Operations Line Item	Three Months Ended March 31,
(in thousands)			2021		2020
Operating lease cost	General administrative expenses and cost of sales		$	2,859	$	2,492

Finance lease cost:
Amortization of right-of-use assets	General administrative expenses		$	216	$	218
Interest on lease liabilities	Interest expense, net		2		11
Total finance lease			$	218	$	229

Other information

Supplemental cash flow information related to leases as follows:


	Three Months Ended March 31,
(in thousands)		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	2,805	$	2,418
Finance cash flows for finance leases		290		290

Operating right-of-use assets obtained in exchange for lease obligations during the current period		786		2,068

The following table summarizes the Company's lease terms and discount rates as of March 31, 2021 and 2020:


Weighted-average remaining lease terms (in years):	2021		2020
Operating leases	7.13		6.38
Finance leases	0.25		1.19
Weighted-average discount rate:
Operating leases	5.28	%	5.36	%
Finance leases	3.50	%	3.24	%

Operating Lease, Liability, Maturity

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2021:


(in thousands)	Finance Leases		Operating Leases
Remaining nine months of 2021	$	193	$	8,089
2022	—		9,102
2023	—		6,994
2024	—		5,449
2025	—		5,046
Thereafter	—		19,066
Total lease payments	193		53,746
Less: Present value discount	—		(8,995)
Total lease liabilities	$	193	$	44,751

Finance Lease, Liability, Maturity

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2021:


(in thousands)	Finance Leases		Operating Leases
Remaining nine months of 2021	$	193	$	8,089
2022	—		9,102
2023	—		6,994
2024	—		5,449
2025	—		5,046
Thereafter	—		19,066
Total lease payments	193		53,746
Less: Present value discount	—		(8,995)
Total lease liabilities	$	193	$	44,751