Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	22	$	33	$	70	$	98
Interest on lease liabilities	1		3		5		8
Operating lease cost	1,216		1,095		3,624		3,207
Short-term lease cost	150		79		608		311
Variable lease cost	120		120		364		347
Total lease cost	$	1,509	$	1,330	$	4,671	$	3,971

Rent expense for the three and nine months ending September 30, 2020 and 2019 was immaterial.

Maturities of lease liabilities were as follows:

Future Minimum Lease Payments
	September 30, 2020						December 31, 2019
(in thousands)	Operating Leases			Finance Leases			Operating Leases		Finance Leases
2020	$	1,092	(a)	$	46	(a)	$	4,305	$	97
2021	3,198			72			2,718		83
2022	2,240			34			2,051		45
2023	1,557			11			1,459		22
2024	1,054			9			941		19
Thereafter	2,657			8			2,587		14
Total minimum lease payments	$	11,798		$	180		$	14,061	$	280
Less imputed interest	(926)			(7)			(1,100)		(16)
Total lease liabilities	$	10,872		$	173		$	12,961	$	264
(a) Amounts represent remaining three months of payments due for 2019.

Future Lease Commencements

As of September 30, 2020, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $4.3 million. These operating leases will commence in fiscal year 2020 with lease terms of 2 to 10 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	September 30, 2020			December 31, 2019
Other non-current assets	$	10,770		$	12,858
Accrued liabilities	3,309			3,972
Other long-term liabilities	7,563			8,989
Total operating lease liabilities	$	10,872		$	12,961
Finance Leases
(in thousands)	September 30, 2020			December 31, 2019
Property, plant and equipment, gross	$	420		$	524
Accumulated Depreciation	(283)			(265)
Property, plant and equipment, net	$	137		$	259
Current maturities of long-term debt and finance lease obligations	$	68		$	90
Long-term debt and finance lease obligations, net of current maturities	105			174
Total finance lease liabilities	$	173		$	264
Weighted Average Remaining Lease Term
Operating leases	4.84 years			5.10 years
Finance leases	2.72 years			3.47 years
Weighted Average Discount Rate
Operating leases	3.19		%	3.29		%
Finance leases	3.34		%	3.39		%

Supplemental Cash Flow information related to leases was as follows:

	Nine Months Ended September 30,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	5	$	11
Operating cash flows from operating leases	3,362		3,146
Financing cash flows from finance leases	69		97

Leases

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	22	$	33	$	70	$	98
Interest on lease liabilities	1		3		5		8
Operating lease cost	1,216		1,095		3,624		3,207
Short-term lease cost	150		79		608		311
Variable lease cost	120		120		364		347
Total lease cost	$	1,509	$	1,330	$	4,671	$	3,971

Rent expense for the three and nine months ending September 30, 2020 and 2019 was immaterial.

Maturities of lease liabilities were as follows:

Future Minimum Lease Payments
	September 30, 2020						December 31, 2019
(in thousands)	Operating Leases			Finance Leases			Operating Leases		Finance Leases
2020	$	1,092	(a)	$	46	(a)	$	4,305	$	97
2021	3,198			72			2,718		83
2022	2,240			34			2,051		45
2023	1,557			11			1,459		22
2024	1,054			9			941		19
Thereafter	2,657			8			2,587		14
Total minimum lease payments	$	11,798		$	180		$	14,061	$	280
Less imputed interest	(926)			(7)			(1,100)		(16)
Total lease liabilities	$	10,872		$	173		$	12,961	$	264
(a) Amounts represent remaining three months of payments due for 2019.

Future Lease Commencements

As of September 30, 2020, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $4.3 million. These operating leases will commence in fiscal year 2020 with lease terms of 2 to 10 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	September 30, 2020			December 31, 2019
Other non-current assets	$	10,770		$	12,858
Accrued liabilities	3,309			3,972
Other long-term liabilities	7,563			8,989
Total operating lease liabilities	$	10,872		$	12,961
Finance Leases
(in thousands)	September 30, 2020			December 31, 2019
Property, plant and equipment, gross	$	420		$	524
Accumulated Depreciation	(283)			(265)
Property, plant and equipment, net	$	137		$	259
Current maturities of long-term debt and finance lease obligations	$	68		$	90
Long-term debt and finance lease obligations, net of current maturities	105			174
Total finance lease liabilities	$	173		$	264
Weighted Average Remaining Lease Term
Operating leases	4.84 years			5.10 years
Finance leases	2.72 years			3.47 years
Weighted Average Discount Rate
Operating leases	3.19		%	3.29		%
Finance leases	3.34		%	3.39		%

Supplemental Cash Flow information related to leases was as follows:

	Nine Months Ended September 30,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	5	$	11
Operating cash flows from operating leases	3,362		3,146
Financing cash flows from finance leases	69		97