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Lease Obligations (Tables)
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Summary of the lease-related assets and liabilities
The following is a summary of the lease-related assets and liabilities recorded:
June 30,
2021
December 31,
2020
(in thousands)Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$22,413 $22,291 
Finance lease right-of-use assetsProperty and equipment, net of accumulated depreciation390 
Total right-of-use lease assets$22,422 $22,681 
Liabilities
Current
Operating lease obligationsCurrent portion of operating lease obligations$7,191 $6,612 
Finance lease obligationsCurrent portion of finance lease obligations— 318 
Total current obligations7,191 6,930 
Non-current
Operating lease obligationsOperating lease obligations, net of current maturities15,211 15,730 
Total non-current obligations15,211 15,730 
Total lease obligations$22,402 $22,660 
Summary of the lease terms and discount rates
The following is a summary of the lease terms and discount rates:
June 30,
2021
December 31,
2020
Weighted-average remaining lease term - finance leases0.1 years0.4 years
Weighted-average remaining lease term - operating leases3.2 years3.4 years
Weighted-average discount rate - finance leases3.1 %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
June 30,
Six months ended
June 30,
2021202020212020
Lease cost:
Finance lease cost:
Amortization of right-of-use assets$186 $247 $375 $497 
Interest on lease liabilities20 
Operating lease cost2,469 2,296 4,955 4,563 
Variable lease costs78 76 156 153 
Total lease cost$2,734 $2,628 $5,489 $5,233 
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)20212020
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$5,069 $4,335 
Right-of-use asset obtained in exchange for new operating lease obligations$4,387 $5,111 
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 operating leases, less imputed interest, as of June 30, 2021 were as follows:
(in thousands)Operating Lease
Obligations
Remainder of 2021
$5,052 
20228,819 
20236,482 
20243,601 
20251,634 
2026962 
Thereafter— 
Total minimum lease payments26,550 
Financing component(4,148)
Net present value of minimum lease payments22,402 
Less: current portion of finance and operating lease obligations(7,191)
Long-term finance and operating lease obligations$15,211