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Lease Obligations (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
March 31,
2021
December 31,
2020
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$21,724 $22,291 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation140 390 
Total right-of-use lease assets$21,864 $22,681 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$6,986 $6,612 
Finance lease obligationsCurrent portion of finance lease obligations53 318 
Total current obligations7,039 6,930 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities14,787 15,730 
Total non-current obligations14,787 15,730 
Total lease obligations$21,826 $22,660 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
March 31,
2021
December 31,
2020
Weighted-average remaining lease term - finance leases0.2 years0.4 years
Weighted-average remaining lease term - operating leases3.2 years3.4 years
Weighted-average discount rate - finance leases2.6 %2.6 %
Weighted-average discount rate - operating leases3.9 %3.9 %
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
March 31,
20212020
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$189 $249 
Interest on lease liabilities11 
Operating lease cost2,486 2,231 
Variable lease costs76 71 
Total lease cost$2,754 $2,562 
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 March 31,
(in thousands)20212020
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$2,540 $2,069 
Right-of-use asset obtained in exchange for new operating lease obligations$1,502 $3,024 
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, 2021 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2021
$53 $7,083 $7,136 
2022— 8,036 8,036 
2023— 5,736 5,736 
2024— 2,968 2,968 
2025— 1,132 1,132 
2026— 796 796 
Thereafter— — — 
Total minimum lease payments53 25,751 25,804 
Financing component— (3,978)(3,978)
Net present value of minimum lease payments53 21,773 21,826 
Less: current portion of finance and operating lease obligations(53)(6,986)(7,039)
Long-term finance and operating lease obligations$— $14,787 $14,787 
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, 2021 were as follows:
(in thousands)Finance
Lease Obligations
Operating Lease
Obligations
Total
Lease
Obligations
Remainder of 2021
$53 $7,083 $7,136 
2022— 8,036 8,036 
2023— 5,736 5,736 
2024— 2,968 2,968 
2025— 1,132 1,132 
2026— 796 796 
Thereafter— — — 
Total minimum lease payments53 25,751 25,804 
Financing component— (3,978)(3,978)
Net present value of minimum lease payments53 21,773 21,826 
Less: current portion of finance and operating lease obligations(53)(6,986)(7,039)
Long-term finance and operating lease obligations$— $14,787 $14,787