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Lease Obligations | 3 Months Ended
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Mar. 31, 2020
Lease Obligations |
Lease Obligations | 4. Lease Obligations From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from one to seven years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At March 31, 2020, the Company had several leases with residual value guarantees, due to the acquisition of CSI. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is on-going and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease. The following is a summary of the lease-related assets and liabilities recorded:
|  |  |  | March 31, |  | December 31,
(in thousands) |  | Classification on the Consolidated Balance Sheet |  | 2020 |  | 2019
Assets |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 23,911 |  |  | 22,958
Finance lease right-of-use assets |  | Property and equipment, net of accumulated depreciation |  |  | 1,204 |  |  | 1,478
Total right-of-use lease assets |  |  |  | $ | 25,115 |  | $ | 24,436
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating lease obligations |  | Current portion of operating lease obligations |  | $ | 6,603 |  | $ | 6,205
Finance lease obligations |  | Current portion of finance lease obligations |  |  | 1,137 |  |  | 1,135
Total current obligations |  |  |  |  | 7,740 |  |  | 7,340
Non-current |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations, net of current maturities |  |  | 17,427 |  |  | 16,884
Finance lease obligations |  | Finance lease obligations, net of current maturities |  |  | 48 |  |  | 338
Total non-current obligations |  |  |  |  | 17,475 |  |  | 17,222
Total lease obligations |  |  |  | $ | 25,215 |  | $ | 24,562
The following is a summary of the lease terms and discount rates:
|  | March 31, |  | December 31,
|  | 2020 |  | 2019
Weighted-average remaining lease term - finance leases |  | 1.1 years |  | 1.4 years
Weighted-average remaining lease term - operating leases |  | 3.8 years |  | 3.9 years
Weighted-average discount rate - finance leases |  | 2.5% |  | 2.5%
Weighted-average discount rate - operating leases |  | 3.8% |  | 3.8%
The following is a summary of certain information related to the lease costs for finance and operating leases:
|  | Three months ended |  | Three months ended
(in thousands) |  | March 31, 2020 |  | March 31, 2019
Lease cost: |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 249 |  | $ | 273
Interest on lease liabilities |  |  | 11 |  |  | 20
Operating lease cost |  |  | 2,231 |  |  | 1,594
Short-term lease cost |  |  | — |  |  | 15
Variable lease costs |  |  | 71 |  |  | 65
Total lease cost |  | $ | 2,562 |  | $ | 1,967
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
|  | Three months ended |  | Three months ended
(in thousands) |  | March 31, 2020 |  | March 31, 2019
Other information: |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,069 |  | $ | 1,679
Right-of-use asset obtained in exchange for new operating lease obligations |  | $ | 3,024 |  | $ | 869
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of March 31, 2020 were as follows:
|  | Finance |  | Operating |  | Total
|  | Lease |  | Lease |  | Lease
(in thousands) |  | Obligations |  | Obligations |  | Obligations
Remainder of 2020 |  | $ | 870 |  | $ | 6,695 |  | $ | 7,565
2021 |  |  | 339 |  |  | 7,816 |  |  | 8,155
2022 |  |  | — |  |  | 6,484 |  |  | 6,484
2023 |  |  | — |  |  | 4,647 |  |  | 4,647
2024 |  |  | — |  |  | 2,329 |  |  | 2,329
2025 |  |  | — |  |  | 961 |  |  | 961
Thereafter |  |  | — |  |  | 795 |  |  | 795
Total minimum lease payments |  |  | 1,209 |  |  | 29,727 |  |  | 30,936
Financing component |  |  | (24) |  |  | (5,697) |  |  | (5,721)
Net present value of minimum lease payments |  |  | 1,185 |  |  | 24,030 |  |  | 25,215
Less: current portion of finance and operating lease obligations |  |  | (1,137) |  |  | (6,603) |  |  | (7,740)
Long-term finance and operating lease obligations |  | $ | 48 |  | $ | 17,427 |  | $ | 17,475
The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value. Certain subsidiaries of the Company have operating leases for facilities from third party companies that are owned, in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at market rental rates. As of March 31, 2020, the minimum lease payments required under these leases totaled $4.2 million, which are due over the next 4.3 years.

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- References No definition available. + Details
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