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Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

18.Leases

The Company has operating and finance leases for office space, equipment and vehicles.

Leases recorded on the balance sheet consists of the following:

    

March 31,

December 31,

Leases

2021

2020

Assets

Operating lease right-of-use assets, net (1)

$

17,480

$

18,874

Financing lease right-of-use assets, net (2)

 

12,097

 

12,858

Total assets

$

29,577

$

31,732

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

4,777

$

4,989

Financing

 

2,878

 

3,901

Total current

 

7,655

 

8,890

Noncurrent

 

  

 

  

Operating

 

13,512

 

14,537

Financing

 

8,680

 

8,376

Total noncurrent

 

22,192

 

22,913

Total liabilities

$

29,847

$

31,803

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $10.0 million and $9.0 million as of March 31, 2021 and December 31, 2020, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $5.1 million and $6.4 million as of March 31, 2021 and December 31, 2020, respectively.

Other information related to lease term and discount rate is as follows:

March 31,

 

December 31,

 

2021

 

2020

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

5.22

5.25

Financing leases

5.17

4.96

Weighted Average Discount Rate

  

Operating leases (1)

4.74

%

4.73

%

Financing leases

4.39

%

4.46

%

(1)Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.

The components of lease expense are as follows:

Three Months Ended March 31,

    

2021

    

2020

Operating lease costs:

 

  

 

  

Operating lease cost

$

1,654

$

1,614

Short-term lease cost (1)

 

690

 

1,161

Financing lease costs:

 

  

 

  

Interest on lease liabilities

 

126

 

106

Amortization of right-of-use assets

 

781

 

700

Total lease cost

$

3,251

$

3,581

(1)Includes expenses related to leases with a lease term of more than one month but less than one year.

Supplemental cash flow information related to leases is as follows:

Three Months Ended March 31,

2021

2020

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

$

1,498

$

1,585

Operating cash flows for finance leases

$

126

$

106

Financing cash flows for finance leases

$

732

$

942

Non-cash activity:

 

  

 

  

ROU assets obtained in exchange for new operating lease liabilities

$

165

$

2,076

ROU assets obtained in exchange for new financing lease liabilities

$

752

$

8,412

Maturities of lease liabilities are summarized as follows:

Operating Leases

    

Finance Leases

Year ending December 31,

2021 (excluding the three months ended March 31, 2021)

$

4,184

$

3,553

2022

 

4,313

 

1,530

2023

 

3,239

 

2,123

2024

 

2,530

 

1,563

2025

 

2,354

 

1,174

Thereafter

 

4,146

 

3,161

Total future minimum lease payments

 

20,766

 

13,104

Less - amount representing interest

 

2,477

 

1,546

Present value of future minimum lease payments

 

18,289

 

11,558

Less - current lease obligations

 

4,777

 

2,878

Long-term lease obligations

$

13,512

$

8,680