XML 34 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Lease Obligations (Tables)
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
September 30,
2020
December 31,
2019
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$22,620 $22,958 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation664 1,478 
Total right-of-use lease assets$23,284 $24,436 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$6,468 $6,205 
Finance lease obligationsCurrent portion of finance lease obligations607 1,135 
Total current obligations7,075 7,340 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities16,230 16,884 
Finance lease obligationsFinance lease obligations, net of current maturities— 338 
Total non-current obligations16,230 17,222 
Total lease obligations$23,305 $24,562 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
September 30,
2020
December 31,
2019
Weighted-average remaining lease term - finance leases0.6 years1.4 years
Weighted-average remaining lease term - operating leases3.5 years3.9 years
Weighted-average discount rate - finance leases2.5 %2.5 %
Weighted-average discount rate - operating leases3.9 %3.8 %
Schedule of lease costs
The following is a summary of certain information related to the lease costs for finance and operating leases:
(in thousands)Three months ended
September 30,
Nine months ended
September 30,
2020201920202019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$240 $273 $737 $820 
Interest on lease liabilities16 27 53 
Operating lease cost2,327 2,055 6,875 5,016 
Short-term lease cost— — — 
Variable lease costs106 67 259 198 
Total lease cost$2,680 $2,411 $7,898 $6,095 
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:
Nine months ended September 30,
(in thousands)20202019
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$6,676 $5,064 
Right-of-use asset obtained in exchange for new operating lease obligations$5,592 $11,374 
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 September 30, 2020 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2020
$289 $2,394 $2,683 
2021326 8,449 8,775 
2022— 6,988 6,988 
2023— 5,048 5,048 
2024— 2,491 2,491 
2025— 976 976 
Thereafter— 795 795 
Total minimum lease payments615 27,141 27,756 
Financing component(8)(4,443)(4,451)
Net present value of minimum lease payments607 22,698 23,305 
Less: current portion of finance and operating lease obligations(607)(6,468)(7,075)
Long-term finance and operating lease obligations$— $16,230 $16,230 
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 September 30, 2020 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2020
$289 $2,394 $2,683 
2021326 8,449 8,775 
2022— 6,988 6,988 
2023— 5,048 5,048 
2024— 2,491 2,491 
2025— 976 976 
Thereafter— 795 795 
Total minimum lease payments615 27,141 27,756 
Financing component(8)(4,443)(4,451)
Net present value of minimum lease payments607 22,698 23,305 
Less: current portion of finance and operating lease obligations(607)(6,468)(7,075)
Long-term finance and operating lease obligations$— $16,230 $16,230