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Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2020

Lease Obligations

Summary of the lease-related assets and liabilities

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

Summary of the lease terms and discount rates

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%

Schedule of lease costs

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

Summary of supplemental cash flow information

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

Schedule of future minimum finance lease payments

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

Schedule of future minimum operating lease payments

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

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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