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Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

(3) Leases

The Company has various lease agreements for its facilities, equipment and vehicles with remaining lease terms ranging from one to seventeen years. The Company determines if an arrangement contains a lease at inception. Some leases include the options to purchase, terminate or extend for one or more years; these options are included in the ROU asset and liability lease term when it is reasonably certain an option will be exercised. The Company's leases do not contain any material residual value guarantees or material restrictive covenants.

Most of the Company's leases do not provide an implicit rate, therefore the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments.

Certain of the Company’s leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.

Components of lease cost were as follows:

(in thousands)		Quarter ended June 30, 2019				Six Months Ended June 30, 2019
Operating lease cost		$	3,675			$	7,464
Finance lease cost - amortization expense		212				418
Finance lease cost - interest expense		115				230
Short-term lease cost		26				50
Variable lease cost		94				35
Total		$	4,122			$	8,197

Balance sheet classifications at June 30, 2019 are summarized below:

		June 30, 2019
(in thousands)		Right of use assets				Current right of use liabilities				Long-term right of use liabilities
Operating Leases		$	33,305			$	10,732			$	29,012
Finance Leases		4,321				719				6,261
Total		$	37,626			$	11,451			$	35,273

The Company’s future minimum lease payments as of June 30, 2019 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows:

		June 30, 2019
(in thousands)		Operating Leases				Finance Leases
Years ending June 30:
2020		$	7,070			$	583
2021		9,895				1,098
2022		7,498				811
2023		6,977				813
2024		5,833				804
Thereafter		10,602				6,009
Total lease payments		47,875				10,118
Less: imputed interest		(8,144		)		(3,125		)
Present value of lease liabilities		$	39,731			$	6,993

Supplemental cash flow information related to our operating leases for the period ending June 30, 2019, was as follows:

(in thousands)		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		$	7,610
Operating cash outflow from finance leases		$	229
Financing cash outflow from finance leases		$	338

Weighted-average remaining lease terms and discount rate for our operating leases for the period ending June 30, 2019, were as follows:

		June 30, 2019
		Operating			Financing
Weighted-average remaining lease term		5.3 years			11.1 years
Weighted-average discount rate		6.51	%		6.74	%

Leases

(3) Leases

The Company has various lease agreements for its facilities, equipment and vehicles with remaining lease terms ranging from one to seventeen years. The Company determines if an arrangement contains a lease at inception. Some leases include the options to purchase, terminate or extend for one or more years; these options are included in the ROU asset and liability lease term when it is reasonably certain an option will be exercised. The Company's leases do not contain any material residual value guarantees or material restrictive covenants.

Most of the Company's leases do not provide an implicit rate, therefore the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments.

Certain of the Company’s leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.

Components of lease cost were as follows:

(in thousands)		Quarter ended June 30, 2019				Six Months Ended June 30, 2019
Operating lease cost		$	3,675			$	7,464
Finance lease cost - amortization expense		212				418
Finance lease cost - interest expense		115				230
Short-term lease cost		26				50
Variable lease cost		94				35
Total		$	4,122			$	8,197

Balance sheet classifications at June 30, 2019 are summarized below:

		June 30, 2019
(in thousands)		Right of use assets				Current right of use liabilities				Long-term right of use liabilities
Operating Leases		$	33,305			$	10,732			$	29,012
Finance Leases		4,321				719				6,261
Total		$	37,626			$	11,451			$	35,273

The Company’s future minimum lease payments as of June 30, 2019 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows:

		June 30, 2019
(in thousands)		Operating Leases				Finance Leases
Years ending June 30:
2020		$	7,070			$	583
2021		9,895				1,098
2022		7,498				811
2023		6,977				813
2024		5,833				804
Thereafter		10,602				6,009
Total lease payments		47,875				10,118
Less: imputed interest		(8,144		)		(3,125		)
Present value of lease liabilities		$	39,731			$	6,993

Supplemental cash flow information related to our operating leases for the period ending June 30, 2019, was as follows:

(in thousands)		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		$	7,610
Operating cash outflow from finance leases		$	229
Financing cash outflow from finance leases		$	338

Weighted-average remaining lease terms and discount rate for our operating leases for the period ending June 30, 2019, were as follows:

		June 30, 2019
		Operating			Financing
Weighted-average remaining lease term		5.3 years			11.1 years
Weighted-average discount rate		6.51	%		6.74	%

X

- References

No definition available.

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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

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X

- 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

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