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Lease Obligations
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease Obligations 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 six 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 the 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 December 31, 2020, the Company had several leases with residual value guarantees. 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:
December 31,
2020		December 31,
2019
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets
Operating lease right-of-use assets$22,291 $22,958 
Finance lease right-of-use assets
Property and equipment, net of accumulated depreciation390 1,478 
Total right-of-use lease assets
$22,681 $24,436 
Liabilities
Current
Operating lease obligations
Current portion of operating lease obligations$6,612 $6,205 
Finance lease obligations
Current portion of finance lease obligations318 1,135 
Total current obligations
6,930 7,340 
Non-current
Operating lease obligations
Operating lease obligations, net of current maturities15,730 16,884 
Finance lease obligations
Finance lease obligations, net of current maturities— 338 
Total non-current obligations
15,730 17,222 
Total lease obligations
$22,660 $24,562 
The following is a summary of the lease terms and discount rates:
December 31,
2020		December 31,
2019
Weighted-average remaining lease term – finance leases0.4 years1.4 years
Weighted-average remaining lease term – operating leases3.4 years3.9 years
Weighted-average discount rate – finance leases2.6 %2.5 %
Weighted-average discount rate – operating leases3.91 %3.8 %
The following is a summary of certain information related to the lease costs for finance and operating leases:
Year ended December 31,
(in thousands)20202019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$883 $820 
Interest on lease liabilities31 66 
Operating lease cost9,378 7,282 
Short-term lease cost— 8 
Variable lease costs335 284 
Total lease cost$10,627 $8,460 
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Year ended December 31,
(in thousands)20202019
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$9,237 $7,337 
Right-of-use asset obtained in exchange for new operating lease obligations$6,764 $13,301 
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations, current portion of finance lease obligations, and operating lease obligations, net of current maturities, as of December 31, 2020 were as follows:
(in thousands)Finance
Lease
Obligations		Operating
Lease
Obligations		Total
Lease
Obligations
2021$321 $9,111 $9,432 
2022— 7,496 7,496 
2023— 5,502 5,502 
2024— 2,772 2,772 
2025— 1,127 1,127 
Thereafter— 795 795 
Total minimum lease payments321 26,803 27,124 
Financing component(3)(4,461)(4,464)
Net present value of minimum lease payments318 22,342 22,660 
Less: current portion of finance and operating lease obligations(318)(6,612)(6,930)
Long-term finance and operating lease obligations$— $15,730 $15,730 
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 December 31, 2020, the minimum lease payments required under these leases totaled $3.3 million, which are due over the next 3.5 years.
Lease Obligations 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 six 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 the 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 December 31, 2020, the Company had several leases with residual value guarantees. 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:
December 31,
2020		December 31,
2019
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets
Operating lease right-of-use assets$22,291 $22,958 
Finance lease right-of-use assets
Property and equipment, net of accumulated depreciation390 1,478 
Total right-of-use lease assets
$22,681 $24,436 
Liabilities
Current
Operating lease obligations
Current portion of operating lease obligations$6,612 $6,205 
Finance lease obligations
Current portion of finance lease obligations318 1,135 
Total current obligations
6,930 7,340 
Non-current
Operating lease obligations
Operating lease obligations, net of current maturities15,730 16,884 
Finance lease obligations
Finance lease obligations, net of current maturities— 338 
Total non-current obligations
15,730 17,222 
Total lease obligations
$22,660 $24,562 
The following is a summary of the lease terms and discount rates:
December 31,
2020		December 31,
2019
Weighted-average remaining lease term – finance leases0.4 years1.4 years
Weighted-average remaining lease term – operating leases3.4 years3.9 years
Weighted-average discount rate – finance leases2.6 %2.5 %
Weighted-average discount rate – operating leases3.91 %3.8 %
The following is a summary of certain information related to the lease costs for finance and operating leases:
Year ended December 31,
(in thousands)20202019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$883 $820 
Interest on lease liabilities31 66 
Operating lease cost9,378 7,282 
Short-term lease cost— 8 
Variable lease costs335 284 
Total lease cost$10,627 $8,460 
The following is a summary of other information and supplemental cash flow information related to finance and operating leases:
Year ended December 31,
(in thousands)20202019
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$9,237 $7,337 
Right-of-use asset obtained in exchange for new operating lease obligations$6,764 $13,301 
The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations, current portion of finance lease obligations, and operating lease obligations, net of current maturities, as of December 31, 2020 were as follows:
(in thousands)Finance
Lease
Obligations		Operating
Lease
Obligations		Total
Lease
Obligations
2021$321 $9,111 $9,432 
2022— 7,496 7,496 
2023— 5,502 5,502 
2024— 2,772 2,772 
2025— 1,127 1,127 
Thereafter— 795 795 
Total minimum lease payments321 26,803 27,124 
Financing component(3)(4,461)(4,464)
Net present value of minimum lease payments318 22,342 22,660 
Less: current portion of finance and operating lease obligations(318)(6,612)(6,930)
Long-term finance and operating lease obligations$— $15,730 $15,730 
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 December 31, 2020, the minimum lease payments required under these leases totaled $3.3 million, which are due over the next 3.5 years.