Leases

9 Months Ended

Sep. 30, 2021

Leases

Leases

7. Leases

The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one year to 15 years, some of which include options to extend the leases for up to 10 years. Such renewal options were not included in the determination of the lease term unless deemed reasonably certain of exercise. The discount rate used in measuring the lease liabilities is based on the Company’s interest rate on its secured Term Loan Credit Agreement. Certain of the Company’s leases contain escalating rental payments based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Lease Expense

The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:

	Three Months Ended	Nine Months Ended	Three Months Ended	Nine Months Ended
	September 30, 2021	September 30, 2021	September 30, 2020	September 30, 2020
Operating lease expense	$ 1,433	$ 4,215	$ 1,364	$ 3,972
Short term lease cost	$ 34	$ 192	$ 141	$ 286
Total lease cost	$ 1,467	$ 4,407	$ 1,505	$ 4,258

Cash Flow

Supplemental cash flow information related to leases is as follows:

	Nine Months Ended	Nine Months Ended
	September 30, 2021	September 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,142	$ 3,911
Non-cash lease expense - right-of-use assets	$ 2,360	$ 3,095
Right-of-use assets obtained in exchange for operating lease obligations	$ 865	$ 3,796

Balance Sheet

Supplemental balance sheet information related to leases is as follows:  

	September 30, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets	$ 19,080		$ 21,441
Other current liabilities	4,623		4,326
Operating lease liabilities	14,840		17,434
Total operating lease liabilities	$ 19,463		$ 21,760
Weighted Average Remaining Lease Term
Operating leases	59	months	67	months
Weighted Average Discount Rate
Operating leases	5.06%		5.16%

Lease Maturities

Maturities of leases were as follows:

Year ending December 31,	Operating Leases
2021 (excluding the nine months ended September 30, 2021)	$ 1,405
2022	5,266
2023	4,634
2024	3,875
2025	3,113
Thereafter	3,619
Total Lease Payments	21,912
Less: imputed interest	(2,449)
Total	$ 19,463