Leases (Tables)

3 Months Ended

Jun. 30, 2021

The following table provides a summary of leases included on the condensed consolidated balance sheets as of June 30, 2021 and 2020 and December 31, 2020, condensed consolidated statements of earnings and comprehensive income, and condensed consolidated statements of cash flows as of three and six months ended June 30, 2021 and 2020:


	Condensed Consolidated Balance Sheets Line Item	June 30,				December 31,
(in thousands)		2021		2020		2020
Operating leases
Assets
Operating leases	Operating lease right-of-use assets	$	43,374	$	36,930	$	45,792
Liabilities
Operating - current	Accrued expenses and other current liabilities	$	9,777	$	8,099	$	9,143
Operating - noncurrent	Operating lease liabilities	34,087		28,893		37,199
Total operating lease liabilities		$	43,864	$	36,992	$	46,342

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	(3,264)		(2,953)		(3,112)
Property and equipment, net	Property, plant and equipment, net	$	305	$	616	$	457
Liabilities
Other current liabilities	Accrued expenses and other current liabilities	$	48	$	998	$	384

Total finance lease liabilities		$	48	$	998	$	384

Lease, Cost

The components of lease expense were as follows:


	Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2021		2020		2021		2020
Operating lease cost	General administrative expenses and cost of sales	$	3,055	$	2,625	$	6,017	$	5,051

Finance lease cost:
Amortization of right-of-use assets	General administrative expenses	$	107	$	218	$	214	$	436
Interest on lease liabilities	Interest expense, net	1		9		2		21
Total finance lease		$	108	$	227	$	216	$	457

Other information

Supplemental cash flow information related to leases as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,994	$	2,506	$	5,905	$	4,857
Finance cash flows for finance leases	146		290		292		580

Operating right-of-use assets obtained in exchange for lease obligations during the current period	3,307		4,510		4,093		7,112

The following table summarizes the Company's lease terms and discount rates as of June 30, 2021 and 2020:


Weighted-average remaining lease terms (in years):	2021		2020
Operating leases	6.91		6.59
Finance leases	0		0.95
Weighted-average discount rate:
Operating leases	5.28	%	5.36	%
Finance leases	3.50	%	3.25	%

Operating Lease, Liability, Maturity

The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2021:


(in thousands)	Finance Leases		Operating Leases
Remaining six months of 2021	$	48	$	5,807
2022	—		10,019
2023	—		7,640
2024	—		5,917
2025	—		5,364
Thereafter	—		18,004
Total lease payments	48		52,751
Less: Present value discount	—		(8,887)
Total lease liabilities	$	48	$	43,864

Finance Lease, Liability, Maturity

The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2021:


(in thousands)	Finance Leases		Operating Leases
Remaining six months of 2021	$	48	$	5,807
2022	—		10,019
2023	—		7,640
2024	—		5,917
2025	—		5,364
Thereafter	—		18,004
Total lease payments	48		52,751
Less: Present value discount	—		(8,887)
Total lease liabilities	$	48	$	43,864