Leases

12 Months Ended

Dec. 31, 2020

LEASES

The Company's leases are classified as operating leases and consist of manufacturing facilities, distribution centers, office space, vehicles and equipment.

Most of the Company's leases include one or more options to renew, with renewal terms that can extend the respective lease term from one month to fifteen years. The exercise of lease renewal options is at the Company's sole discretion. As of December 31, 2020, the Company's renewal options are not part of the Company's operating lease assets and operating lease liabilities. Certain leases also include options to purchase at fair value the underlying leased asset at the Company's sole discretion.

Amounts recognized in the Company's consolidated balance sheet at December 31 were as follows (in thousands):


		2020		2019
Assets	Operating lease assets	$	25,229	$	21,201

Liabilities
Current	Accrued expenses	$	8,034	$	6,487
Non-current	Non-current operating lease liabilities	17,730		14,943
		$	25,764	$	21,430

Lease costs and other lease information for the year ended December 31 were as follows (in thousands):


	2020		2019
Operating lease cost	$	11,001	$	10,441
Cash paid for amounts included in the measurement of operating liabilities	$	9,502	$	9,238
Right-of-use assets obtained in exchange for new lease liabilities	$	12,745	$	6,364


Lease Term and Discount Rate	December 31, 2020			December 31, 2019
Weighted-average remaining lease term - operating leases	3.6		years	3.8		years
Weighted-average discount rate - operating leases	5.2	%		5.7	%


Maturity of lease liabilities	(In thousands)
2021	$	9,139
2022	7,635
2023	6,483
2024	3,298
2025	1,043
After 2025	673
Total lease payments	28,271
Less: present value discount	(2,507)
Present value of lease liabilities	$	25,764

The Company uses the its incremental borrowing rate based on information available at the commencement date of a lease in determining the present value of lease payments as the rates implicit in most of the Company's leases are not readily determinable.

Upon adoption of ASU 2016-02 on January 1, 2019, an unrecognized deferred gain of $1.6 million related to sale-leaseback transactions was recorded as a cumulative-effect adjustment to increase retained earnings, net of related income tax effects.

Rent expense under operating leases aggregated to $9.7 million for the year ended December 31, 2018.