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Leases Leases | 3 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases | 10. Leases Operating Lease and Finance Obligations The Company has operating leases for certain facilities, equipment and autos. The existing operating leases expire at various dates through 2024, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use assets ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. Finance Lease Obligations The Company has finance leases for data centers and certain office equipment, which was recorded in fixed assets as capital lease obligations. These finance lease obligations are included in current liabilities and other long-term liabilities in the accompanying consolidated balance sheets. The interest rates for these two capital leases are 2.89% and 3.50%, respectively, and the two leases will mature in May 2021 and July 2021, respectively. The following table provides a summary of leases included on the condensed consolidated balance sheets June 30, 2020, 2019 and December 31, 2019, condensed consolidated statements of earnings, and condensed consolidated statements of cash flows as of three month and six month ended June 30, 2020 and 2019:
| Condensed Consolidated Balance Sheets Line Item | June 30, | June 30, | December 31,
(in thousands) |  | 2020 | 2019 | 2019
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 36,930 |  | $ | 35,111 |  | $ | 35,436 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | $ | 8,099 |  | $ | 6,647 |  | $ | 7,392 |
Operating - noncurrent | Operating lease liabilities | 28,893 |  | 28,164 |  | 27,930 |
Total operating lease liabilities |  | $ | 36,992 |  | $ | 34,811 |  | $ | 35,322 |
Finance leases |  |  |  |
Assets |  |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (2,953 | ) | (2,417 | ) | (2,739 | )
Property and equipment, net | Property, plant and equipment, net | $ | 616 |  | $ | 1,152 |  | $ | 830 |
Liabilities |  |  |  |
Other current liabilities | Accrued expenses and other current liabilities | $ | 998 |  | $ | 1,107 |  | $ | 1,125 |
Other long-term liabilities | Deferred income tax and other long-term liabilities | — |  | 1,047 |  | 386 |
Total finance lease liabilities |  | $ | 998 |  | $ | 2,154 |  | $ | 1,511 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Operations Line Item | Three Months Ended June 30, | Six Months Ended June 30,
(in thousands) |  | 2020 |  | 2019 | 2020 |  | 2019
Operating lease cost | General administrative expenses and cost of sales | $ | 2,625 |  |  | $ | 2,272 |  | $ | 5,051 |  |  | $ | 4,426 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | 218 |  |  | $ | 218 |  | $ | 436 |  |  | $ | 436 |
Interest on lease liabilities | Interest expense, net | 9 |  |  | 18 |  | 21 |  |  | 38 |
Total finance lease |  | $ | 227 |  |  | $ | 236 |  | $ | 457 |  |  | $ | 474 |
Other information Supplemental cash flow information related to leases as follows:
| Three Months Ended June 30, | Six Months Ended June 30,
(in thousands) | 2020 |  | 2019 | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases | $ | 2,506 |  |  | $ | 2,214 |  | $ | 4,857 |  |  | $ | 4,305 |
Finance cash flows for finance leases | 290 |  |  | 290 |  | 580 |  |  | 580 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period | 4,510 |  |  | 1,718 |  | 7,112 |  |  | 2,211 |
The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2020:
(in thousands) | Finance Leases |  | Operating Leases
Remaining six months of 2020 | $ | 580 |  |  | $ | 5,112 |
2021 | 433 |  |  | 9,191 |
2022 | — |  |  | 7,108 |
2023 | — |  |  | 5,088 |
2024 | — |  |  | 3,956 |
Thereafter | — |  |  | 13,740 |
Total lease payments | 1,013 |  |  | 44,195 |
Less: Present value discount | 15 |  |  | 7,203 |
Total lease liabilities | $ | 998 |  |  | $ | 36,992 |
The following table summarizes the Company's lease terms and discount rates as of June 30, 2020 and 2019:
Weighted-average remaining lease terms (in years): | 2020 |  | 2019
Operating leases | 6.59 |  |  | 6.92 |
Finance leases | 0.95 |  |  | 1.93 |
Weighted-average discount rate: |  |  |
Operating leases | 5.36 | % |  | 5.37 | %
Finance leases | 3.25 | % |  | 3.22 | %
Leases | Leases Operating Lease and Finance Obligations The Company has operating leases for certain facilities, equipment and autos. The existing operating leases expire at various dates through 2024, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use assets ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. Finance Lease Obligations The Company has finance leases for data centers and certain office equipment, which was recorded in fixed assets as capital lease obligations. These finance lease obligations are included in current liabilities and other long-term liabilities in the accompanying consolidated balance sheets. The interest rates for these two capital leases are 2.89% and 3.50%, respectively, and the two leases will mature in May 2021 and July 2021, respectively. The following table provides a summary of leases included on the condensed consolidated balance sheets June 30, 2020, 2019 and December 31, 2019, condensed consolidated statements of earnings, and condensed consolidated statements of cash flows as of three month and six month ended June 30, 2020 and 2019:
| Condensed Consolidated Balance Sheets Line Item | June 30, | June 30, | December 31,
(in thousands) |  | 2020 | 2019 | 2019
Operating leases |  |  |  |
Assets |  |  |  |
Operating leases | Operating lease right-of-use assets | $ | 36,930 |  | $ | 35,111 |  | $ | 35,436 |
Liabilities |  |  |  |
Operating - current | Accrued expenses and other current liabilities | $ | 8,099 |  | $ | 6,647 |  | $ | 7,392 |
Operating - noncurrent | Operating lease liabilities | 28,893 |  | 28,164 |  | 27,930 |
Total operating lease liabilities |  | $ | 36,992 |  | $ | 34,811 |  | $ | 35,322 |
Finance leases |  |  |  |
Assets |  |  |  |
Property and equipment, gross | Property, plant and equipment, net | $ | 3,569 |  | $ | 3,569 |  | $ | 3,569 |
Accumulated amortization | Property, plant and equipment, net | (2,953 | ) | (2,417 | ) | (2,739 | )
Property and equipment, net | Property, plant and equipment, net | $ | 616 |  | $ | 1,152 |  | $ | 830 |
Liabilities |  |  |  |
Other current liabilities | Accrued expenses and other current liabilities | $ | 998 |  | $ | 1,107 |  | $ | 1,125 |
Other long-term liabilities | Deferred income tax and other long-term liabilities | — |  | 1,047 |  | 386 |
Total finance lease liabilities |  | $ | 998 |  | $ | 2,154 |  | $ | 1,511 |
The components of lease expense were as follows:
| Condensed Consolidated Statements of Operations Line Item | Three Months Ended June 30, | Six Months Ended June 30,
(in thousands) |  | 2020 |  | 2019 | 2020 |  | 2019
Operating lease cost | General administrative expenses and cost of sales | $ | 2,625 |  |  | $ | 2,272 |  | $ | 5,051 |  |  | $ | 4,426 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | General administrative expenses | $ | 218 |  |  | $ | 218 |  | $ | 436 |  |  | $ | 436 |
Interest on lease liabilities | Interest expense, net | 9 |  |  | 18 |  | 21 |  |  | 38 |
Total finance lease |  | $ | 227 |  |  | $ | 236 |  | $ | 457 |  |  | $ | 474 |
Other information Supplemental cash flow information related to leases as follows:
| Three Months Ended June 30, | Six Months Ended June 30,
(in thousands) | 2020 |  | 2019 | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases | $ | 2,506 |  |  | $ | 2,214 |  | $ | 4,857 |  |  | $ | 4,305 |
Finance cash flows for finance leases | 290 |  |  | 290 |  | 580 |  |  | 580 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period | 4,510 |  |  | 1,718 |  | 7,112 |  |  | 2,211 |
The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2020:
(in thousands) | Finance Leases |  | Operating Leases
Remaining six months of 2020 | $ | 580 |  |  | $ | 5,112 |
2021 | 433 |  |  | 9,191 |
2022 | — |  |  | 7,108 |
2023 | — |  |  | 5,088 |
2024 | — |  |  | 3,956 |
Thereafter | — |  |  | 13,740 |
Total lease payments | 1,013 |  |  | 44,195 |
Less: Present value discount | 15 |  |  | 7,203 |
Total lease liabilities | $ | 998 |  |  | $ | 36,992 |
The following table summarizes the Company's lease terms and discount rates as of June 30, 2020 and 2019:
Weighted-average remaining lease terms (in years): | 2020 |  | 2019
Operating leases | 6.59 |  |  | 6.92 |
Finance leases | 0.95 |  |  | 1.93 |
Weighted-average discount rate: |  |  |
Operating leases | 5.36 | % |  | 5.37 | %
Finance leases | 3.25 | % |  | 3.22 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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