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v3.20.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2020
Leases [Abstract] |
Leases | Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The components of lease cost were as follows:
Components of Lease Cost |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  |  |  |  |
(in thousands) |  | 2020 |  | 2019 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 24 |  |  | $ | 31 |  |  |  |  |
Interest on lease liabilities |  | 2 |  |  | 2 |  |  |  |  |
Operating lease cost |  | 1,225 |  |  | 1,024 |  |  |  |  |
Short-term lease cost |  | 235 |  |  | 52 |  |  |  |  |
Variable lease cost |  | 118 |  |  | 105 |  |  |  |  |
Total lease cost |  | $ | 1,604 |  |  | $ | 1,214 |  |  |  |  |
Rent expense for the three months ending March 31, 2020 and 2019 was immaterial. Maturities of lease liabilities were as follows:
Future Minimum Lease Payments |  |  |  |  |  |  |  |
|  | March 31, 2020 |  |  |  | December 31, 2019 |  |
(in thousands) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2020 |  | $ | 3,143 |  | (a) | $ | 69 |  | (a) | $ | 4,305 |  |  | $ | 97 |
2021 |  | 2,813 |  |  | 79 |  |  | 2,718 |  |  | 83 |
2022 |  | 2,094 |  |  | 41 |  |  | 2,051 |  |  | 45 |
2023 |  | 1,536 |  |  | 17 |  |  | 1,459 |  |  | 22 |
2024 |  | 993 |  |  | 17 |  |  | 941 |  |  | 19 |
Thereafter |  | 2,603 |  |  | 12 |  |  | 2,587 |  |  | 14 |
Total minimum lease payments |  | $ | 13,182 |  |  | $ | 235 |  |  | $ | 14,061 |  |  | $ | 280 |
Less imputed interest |  | (1,079) |  |  | (14) |  |  | (1,100) |  |  | (16) |
Total lease liabilities |  | $ | 12,103 |  |  | $ | 221 |  |  | $ | 12,961 |  |  | $ | 264 |
(a) Amounts represent remaining three months of payments due for 2019. |  |  |  |  |  |  |  |
Future Lease Commencements As of March 31, 2020, we have no additional operating leases that have not yet commenced. Supplemental balance sheet information related to leases was as follows:
Operating Leases |  |  |  |
(in thousands) |  | March 31, 2020 |  | December 31, 2019
Other non-current assets |  | $ | 12,018 |  |  | $ | 12,858 |
Accrued liabilities |  | 3,634 |  |  | 3,972 |
Other long-term liabilities |  | 8,469 |  |  | 8,989 |
Total operating lease liabilities |  | $ | 12,103 |  |  | $ | 12,961 |
Finance Leases |  |  |  |
(in thousands) |  | March 31, 2020 |  | December 31, 2019
Property, plant and equipment, gross |  | $ | 471 |  |  | $ | 524 |
Accumulated Depreciation |  | (242) |  |  | (265) |
Property, plant and equipment, net |  | $ | 229 |  |  | $ | 259 |
Current maturities of long-term debt and finance lease obligations |  | $ | 76 |  |  | $ | 90 |
Long-term debt and finance lease obligations, net of current maturities |  | 145 |  |  | 174 |
Total finance lease liabilities |  | $ | 221 |  |  | $ | 264 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 5.05 |  | 5.10
Finance leases |  | 3.42 |  | 3.47
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 3.31 | % |  | 3.29 | %
Finance leases |  | 3.43 | % |  | 3.39 | %
Supplemental Cash Flow information related to leases was as follows:
|  | Three Months Ended March 31, |  |
(in thousands) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 2 |  |  | $ | 10 |
Operating cash flows from operating leases |  | 1,122 |  |  | 4,507 |
Financing cash flows from finance leases |  | 23 |  |  | 122 |
Leases | Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The components of lease cost were as follows:
Components of Lease Cost |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  |  |  |  |
(in thousands) |  | 2020 |  | 2019 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 24 |  |  | $ | 31 |  |  |  |  |
Interest on lease liabilities |  | 2 |  |  | 2 |  |  |  |  |
Operating lease cost |  | 1,225 |  |  | 1,024 |  |  |  |  |
Short-term lease cost |  | 235 |  |  | 52 |  |  |  |  |
Variable lease cost |  | 118 |  |  | 105 |  |  |  |  |
Total lease cost |  | $ | 1,604 |  |  | $ | 1,214 |  |  |  |  |
Rent expense for the three months ending March 31, 2020 and 2019 was immaterial. Maturities of lease liabilities were as follows:
Future Minimum Lease Payments |  |  |  |  |  |  |  |
|  | March 31, 2020 |  |  |  | December 31, 2019 |  |
(in thousands) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2020 |  | $ | 3,143 |  | (a) | $ | 69 |  | (a) | $ | 4,305 |  |  | $ | 97 |
2021 |  | 2,813 |  |  | 79 |  |  | 2,718 |  |  | 83 |
2022 |  | 2,094 |  |  | 41 |  |  | 2,051 |  |  | 45 |
2023 |  | 1,536 |  |  | 17 |  |  | 1,459 |  |  | 22 |
2024 |  | 993 |  |  | 17 |  |  | 941 |  |  | 19 |
Thereafter |  | 2,603 |  |  | 12 |  |  | 2,587 |  |  | 14 |
Total minimum lease payments |  | $ | 13,182 |  |  | $ | 235 |  |  | $ | 14,061 |  |  | $ | 280 |
Less imputed interest |  | (1,079) |  |  | (14) |  |  | (1,100) |  |  | (16) |
Total lease liabilities |  | $ | 12,103 |  |  | $ | 221 |  |  | $ | 12,961 |  |  | $ | 264 |
(a) Amounts represent remaining three months of payments due for 2019. |  |  |  |  |  |  |  |
Future Lease Commencements As of March 31, 2020, we have no additional operating leases that have not yet commenced. Supplemental balance sheet information related to leases was as follows:
Operating Leases |  |  |  |
(in thousands) |  | March 31, 2020 |  | December 31, 2019
Other non-current assets |  | $ | 12,018 |  |  | $ | 12,858 |
Accrued liabilities |  | 3,634 |  |  | 3,972 |
Other long-term liabilities |  | 8,469 |  |  | 8,989 |
Total operating lease liabilities |  | $ | 12,103 |  |  | $ | 12,961 |
Finance Leases |  |  |  |
(in thousands) |  | March 31, 2020 |  | December 31, 2019
Property, plant and equipment, gross |  | $ | 471 |  |  | $ | 524 |
Accumulated Depreciation |  | (242) |  |  | (265) |
Property, plant and equipment, net |  | $ | 229 |  |  | $ | 259 |
Current maturities of long-term debt and finance lease obligations |  | $ | 76 |  |  | $ | 90 |
Long-term debt and finance lease obligations, net of current maturities |  | 145 |  |  | 174 |
Total finance lease liabilities |  | $ | 221 |  |  | $ | 264 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 5.05 |  | 5.10
Finance leases |  | 3.42 |  | 3.47
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 3.31 | % |  | 3.29 | %
Finance leases |  | 3.43 | % |  | 3.39 | %
Supplemental Cash Flow information related to leases was as follows:
|  | Three Months Ended March 31, |  |
(in thousands) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 2 |  |  | $ | 10 |
Operating cash flows from operating leases |  | 1,122 |  |  | 4,507 |
Financing cash flows from finance leases |  | 23 |  |  | 122 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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