Leases

3 Months Ended

Mar. 31, 2021

Note 6 – Leases

The following table details the components of net lease cost for the periods presented ($ in thousands):

	Three Months Ended March 31,
	2021			2020
Finance leases:
Amortization of right-of-use assets	$	384		$	497
Interest on lease liabilities		57			67
Operating lease cost		1,305			1,290
Short-term lease cost		119			109
Variable lease cost		307			347
Sublease income		(76	)		(99	)
Net lease cost	$	2,096		$	2,211

The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):

	Three Months Ended March 31,
	2021		2020
Finance leases:
Operating cash flows included in operating activities	$	57	$	67
Financing cash flows included in payments under finance lease obligations		354		459
Operating leases:
Operating cash flows (fixed payments) included in other operating activities, net		1,009		1,246
Operating cash flows (liability reduction) included in other operating activities, net		967		970

The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at March 31, 2021 and December 31, 2020 ($ in thousands):

	March 31, 2021			December 31, 2020
Finance lease right-of-use assets, net of accumulated depreciation	$	7,179		$	7,471
Finance lease liabilities		7,544			7,805
Operating lease right-of-use assets		33,704			30,901
Operating lease liabilities		35,389			32,290

Weighted-average lease term:
Finance leases	8.41 years			8.53 years
Operating leases	9.20 years			8.65 years

Weighted-average discount rate:
Finance leases		3.11	%		3.10	%
Operating leases		3.25	%		3.41	%

At March 31, 2021, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):

	Finance Leases			Operating Leases
2021 (excluding the three months ended March 31, 2021)	$	1,242		$	3,826
2022		1,597			4,727
2023		885			4,619
2024		572			4,731
2025		584			4,752
Thereafter		3,868			18,305
Total minimum lease payments		8,748			40,960
Less imputed interest		(1,204	)		(5,571	)
Lease liabilities	$	7,544		$	35,389