The Company determines whether an arrangement is or contains a lease at the inception of the arrangement. Operating leases are included in other non-current assets, accrued expenses and other non-current liabilities in our condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, net, short-term debt and long-term debt (less current portion) in our condensed consolidated balance sheets.

Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Finance and operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Since we generally do not have access to the interest rate implicit in the lease, the Company uses our incremental borrowing rate (for fully collateralized debt) at the inception of the lease in determining the present value of the lease payments. The implicit rate is, however, used where readily available. Lease expense under operating leases is recognized on a straight-line basis over the term of the lease. Certain of our leases contain both lease and non-lease components, which are accounted for separately.

The Company has operating and finance leases for office facilities, a data center and certain equipment. The remaining terms of our leases range from over one year to eight years. Certain leases include options to extend the lease term for up to ten years, as well as options to terminate which have been excluded from the term of the lease since exercise of these options is not reasonably certain.

Lease expense and cash flow for the three and six months ended June 30, 2021 and 2020 and operating and finance lease assets and liabilities, average lease term and average discount rate as of June 30, 2021 and December 31, 2020 are as follows:

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021			June 30, 2020
(Dollars in thousands)
Lease Expense
Finance lease expense:
Amortization of right-of-use assets	$	350	$	290	$	671		$	644
Interest on lease liabilities		23		20		45			42
Operating lease expense		791		835		1,648			1,680
Total lease expense	$	1,164	$	1,145	$	2,364		$	2,366

Cash Flow Components
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from finance leases	$	23	$	20	$	45		$	42
Operating cash outflows from operating leases		871		873		1,803			1,764
Financing cash outflows from finance leases		357		255		645			547
Right-of-use assets obtained in exchange for finance lease liabilities, net of terminations and disposals		79		72		835			220
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations and disposals		56		215		208			280


					June 30, 2021			December 31, 2020
(Dollars in thousands, except lease term and discount rate)
Balance Sheet Information
Operating leases:
Other non-current assets					$	12,245		$	13,598
Accrued liabilities					$	(2,613	)	$	(2,868	)
Other non-current liabilities						(10,257	)		(11,513	)
Total operating lease liabilities					$	(12,870	)	$	(14,381	)

Finance leases:
Property, plant and equipment gross					$	6,938		$	5,735
Accumulated depreciation						(3,990	)		(3,319	)
Property, plant and equipment, net					$	2,948		$	2,416
Current portion of long-term debt					$	(1,188	)	$	(1,113	)
Long-term debt (less current portion)						(2,117	)		(2,275	)
Total finance lease liabilities					$	(3,305	)	$	(3,388	)

Lease Term and Discount Rates
Weighted-average remaining lease term - finance leases (years)						3.5			3.9
Weighted-average remaining lease term - operating leases (years)						5.4			6.1
Weighted-average discount rate - finance leases						2.8	%		3.0	%
Weighted-average discount rate - operating leases						3.7	%		3.8	%

Summarized future minimum payments under our leases as of June 30, 2021 are as follows:

	Amount
(Dollars in thousands)
Lease Maturities	Finance Leases			Operating Leases
Six remaining months of 2021	$	696		$	1,589
2022		1,093			2,838
2023		675			2,472
2024		241			2,228
2025		155			2,171
Thereafter		605			2,834
Total		3,465			14,132
Less: Imputed interest		(160	)		(1,262	)
Total lease liabilities, net of interest	$	3,305		$	12,870