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Lease Obligations (Tables)
 3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Summary of lease related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded as of March 31, 2019:
 
(in thousands)
 
 
 
 
 
Assets
 
Classification on the Consolidated Balance Sheet
 
 
 
Operating lease right-of-use assets
 
Operating lease right-of-use assets
 
$
16,266
 
Finance lease right-of-use assets
 
Property and equipment, net of accumulated depreciation
 
 
2,327
 
Total right-of-use lease assets
 
 
 
$
18,593
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Current
 
 
 
 
 
 
Operating lease obligations
 
Current portion of operating lease obligations
 
$
4,401
 
Finance lease obligations
 
Current portion of finance lease obligations
 
 
1,127
 
Total current obligations
 
 
 
 
5,528
 
Non-current
 
 
 
 
 
 
Operating lease obligations
 
Operating lease obligations, net of current maturities
 
 
11,600
 
Finance lease obligations
 
Finance lease obligations, net of current maturities
 
 
1,275
 
Total non-current obligations
 
 
 
 
12,875
 
Total lease obligations
 
 
 
$
18,403
 
Summary of lease terms and discount rates
The following is a summary of the lease terms and discount rates as of March 31, 2019:
 
Weighted-average remaining lease term - finance leases
 
2.14
years
 
Weighted-average remaining lease term - operating leases
 
4.31
years
 
Weighted-average discount rate - finance leases
 
 
2.5
%
Weighted-average discount rate - operating leases
 
 
3.8
%
Summary of lease costs
The following is a summary of certain information related to the lease costs for finance and operating leases for the three months ended March 31, 2019:
 
(in thousands)
 
 
 
Lease cost:
 
 
 
Finance lease cost:
 
 
 
 
Amortization of right-of-use assets
 
$
273
 
Interest on lease liabilities
 
 
20
 
Operating lease cost
 
 
1,594
 
Short-term lease cost
 
 
15
 
Variable lease costs
 
 
65
 
Total lease cost
 
$
1,967
 
Summary of other and supplemental cash flow information related to leases
The following is a summary of other information and supplemental cash flow information related to finance and operating leases for three months ended March 31, 2019:
 
(in thousands)
 
 
 
Other information:
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
Operating cash flows from operating leases
 
$
1,679
 
Right-of-use asset obtained in exchange for new operating lease obligations
 
$
17,200
 
Schedule of future minimum operating lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less interest, as of March 31, 2019 were as follows:
 
 
 
Finance
 
 
Operating
 
 
Total
 
(In thousands)
 
Lease
Obligations
 
 
Lease
Obligations
 
 
Lease
Obligations
 
 
 
 
 
 
 
 
 
 
 
Remainder of 2019
 
$
889
 
 
$
4,693
 
 
$
5,582
 
2020
 
 
1,185
 
 
 
4,859
 
 
 
6,044
 
2021
 
 
410
 
 
 
3,752
 
 
 
4,162
 
2022
 
 
—
 
 
 
2,822
 
 
 
2,822
 
2023
 
 
—
 
 
 
1,533
 
 
 
1,533
 
Thereafter
 
 
—
 
 
 
2,481
 
 
 
2,481
 
Total minimum lease payments
 
 
2,484
 
 
 
20,140
 
 
 
22,624
 
Financing component
 
 
(82
)
 
 
(4,139
)
 
 
(4,221
)
Net present value of minimum lease payments
 
 
2,402
 
 
 
16,001
 
 
 
18,403
 
Less: Current portion of financing and operating lease obligations
 
 
(1,127
)
 
 
(4,401
)
 
 
(5,528
)
Long-term financing and operating lease obligations
 
$
1,275
 
 
$
11,600
 
 
$
12,875
 
Schedule of future minimum finance lease payments
The future undiscounted minimum lease payments, as reconciled to the discounted minimum indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less interest, as of March 31, 2019 were as follows:
 
 
 
Finance
 
 
Operating
 
 
Total
 
(In thousands)
 
Lease
Obligations
 
 
Lease
Obligations
 
 
Lease
Obligations
 
 
 
 
 
 
 
 
 
 
 
Remainder of 2019
 
$
889
 
 
$
4,693
 
 
$
5,582
 
2020
 
 
1,185
 
 
 
4,859
 
 
 
6,044
 
2021
 
 
410
 
 
 
3,752
 
 
 
4,162
 
2022
 
 
—
 
 
 
2,822
 
 
 
2,822
 
2023
 
 
—
 
 
 
1,533
 
 
 
1,533
 
Thereafter
 
 
—
 
 
 
2,481
 
 
 
2,481
 
Total minimum lease payments
 
 
2,484
 
 
 
20,140
 
 
 
22,624
 
Financing component
 
 
(82
)
 
 
(4,139
)
 
 
(4,221
)
Net present value of minimum lease payments
 
 
2,402
 
 
 
16,001
 
 
 
18,403
 
Less: Current portion of financing and operating lease obligations
 
 
(1,127
)
 
 
(4,401
)
 
 
(5,528
)
Long-term financing and operating lease obligations
 
$
1,275
 
 
$
11,600
 
 
$
12,875