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Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Leases

The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, France, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining lease terms ranging from less than one year up to ten years. Certain leases include one or more options to renew. In addition, we sublease real estate to a third party. All of our leases qualify as operating leases.

The following table summarizes the components of lease expense for the three and nine months ended September 30, 2020 and 2019 (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2020						2019						2020						2019
Operating lease cost			$	1,011					$	995					$	3,423					$	3,337
Short-term lease cost			6						45						19						771
Variable lease cost			227						329						779						925
Sublease income			(84)						(84)						(252)						(252)
Total lease cost			$	1,160					$	1,285					$	3,969					$	4,781

For the nine months ended September 30, 2020 and 2019, cash payments against the operating lease liabilities totaled $3.1 million and $4.1 million, respectively. ROU assets obtained in exchange for lease obligations was $3.2 million and $7.6 million for nine months ended September 30, 2020 and 2019, respectively.

The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands):

									September 30, 2020						December 31, 2019
Assets:
			Operating lease right-of-use assets						$	9,076					$	8,140
Liabilities:
			Operating lease liabilities						$	3,988					$	4,847
			Long-term operating lease liabilities						11,425						7,920
			Total operating lease liabilities						$	15,413					$	12,767
Weighted average remaining lease term (years)									7.21						4.50
Weighted average discount rate									3.7		%				3.4		%

Maturities of lease liabilities were as follows (in thousands):

Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)			$	1,216
2021			3,642
2022			2,282
2023			1,875
2024			1,423
Thereafter			6,975
Total lease payments			17,413
Less interest			(2,000)
Present value of operating lease liabilities			$	15,413

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- References

No definition available.

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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

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