XML 33 R22.htm IDEA: XBRL DOCUMENT

Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2020

Lease Obligations

Summary of the lease-related assets and liabilities

The following is a summary of the lease-related assets and liabilities recorded:


(in thousands)				June 30,			December 31,
Assets		Classification on the Consolidated Balance Sheet		2020			2019
Operating lease right-of-use assets		Operating lease right-of-use assets		$	24,555		$	22,958
Finance lease right-of-use assets		Property and equipment, net of accumulated depreciation			934			1,478
Total right-of-use lease assets				$	25,489		$	24,436

Liabilities
Current
Operating lease obligations		Current portion of operating lease obligations		$	6,864		$	6,205
Finance lease obligations		Current portion of finance lease obligations			893			1,135
Total current obligations					7,757			7,340
Non-current
Operating lease obligations		Operating lease obligations, net of current maturities			17,788			16,884
Finance lease obligations		Finance lease obligations, net of current maturities			—			338
Total non-current obligations					17,788			17,222
Total lease obligations				$	25,545		$	24,562

Summary of the lease terms and discount rates

The following is a summary of the lease terms and discount rates:


		June 30,		December 31,
		2020		2019
Weighted-average remaining lease term - finance leases		0.9 years		1.4 years
Weighted-average remaining lease term - operating leases		3.73 years		3.9 years
Weighted-average discount rate - finance leases		2.5%		2.5%
Weighted-average discount rate - operating leases		3.9%		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						Six months ended
(in thousands)		June 30,						June 30,
		2020			2019			2020			2019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets		$	247		$	274		$	497		$	547
Interest on lease liabilities			9			17			20			37
Operating lease cost			2,296			1,472			4,563			2,929
Short-term lease cost			—			—			—			15
Variable lease costs			76			67			153			132
Total lease cost		$	2,628		$	1,830		$	5,233		$	3,660

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:


		Six months ended June 30,
(in thousands)		2020			2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	4,335		$	2,943
Right-of-use asset obtained in exchange for new operating lease obligations		$	5,111		$	1,234

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 June 30, 2020 were as follows:


		Finance			Operating			Total
		Lease			Lease			Lease
(in thousands)		Obligations			Obligations			Obligations

Remainder of 2020		$	578		$	4,661		$	5,239
2021			330			8,256			8,586
2022			—			6,909			6,909
2023			—			5,003			5,003
2024			—			2,471			2,471
2025			—			973			973
Thereafter			—			795			795
Total minimum lease payments			908			29,068			29,976
Financing component			(15)			(4,416)			(4,431)
Net present value of minimum lease payments			893			24,652			25,545
Less: current portion of finance and operating lease obligations			(893)			(6,864)			(7,757)
Long-term finance and operating lease obligations		$	—		$	17,788		$	17,788

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 June 30, 2020 were as follows:


		Finance			Operating			Total
		Lease			Lease			Lease
(in thousands)		Obligations			Obligations			Obligations

Remainder of 2020		$	578		$	4,661		$	5,239
2021			330			8,256			8,586
2022			—			6,909			6,909
2023			—			5,003			5,003
2024			—			2,471			2,471
2025			—			973			973
Thereafter			—			795			795
Total minimum lease payments			908			29,068			29,976
Financing component			(15)			(4,416)			(4,431)
Net present value of minimum lease payments			893			24,652			25,545
Less: current portion of finance and operating lease obligations			(893)			(6,864)			(7,757)
Long-term finance and operating lease obligations		$	—		$	17,788		$	17,788