Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of lease expense and supplemental information

The following table summarizes the components of the Company's lease expense recognized for the three and nine months ending September 30, 2019, excluding variable lease and prepaid rent costs (in thousands):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease expense:
Short-term operating lease expense	$	1,118	$	4,630
Long-term operating lease expense	2,178		6,533
Total operating lease expense	$	3,296	$	11,163
Finance lease expense:
Amortization of right-of-use assets	$	4,052	$	13,388
Interest on lease liabilities	1,239		3,957
Total finance lease expense	$	5,291	$	17,345

Supplemental information related to leases was as follows:

	September 30, 2019
Operating leases
Weighted average remaining lease term	3.0 years
Weighted average discount rate	15.2%
Finance leases
Weighted average remaining lease term	2.2 years
Weighted average discount rate	8.1%

Supplemental cash flow information related to leases was as follows for the nine months ended September 30, 2019 (in thousands):

	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	11,163
Operating cash outflows from finance leases	3,957
Financing cash outflows from finance leases	23,209
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	1,597
Finance leases	$	7,943

Supplemental balance sheet information

Supplemental balance sheet information related to leases was as follows as of September 30, 2019, and December 31, 2018 (in thousands):

	September 30, 2019		December 31, 2018
Right-of-Use Assets under Operating Leases
Operating lease right-of-use assets	$	17,248	$	20,819
Operating lease right-of-use liabilities, current portion	5,459		5,649
Operating lease right-of-use liabilities, long-term portion	11,789		15,170
Total operating lease liabilities	$	17,248	$	20,819
Right-of-Use Assets under Finance Leases
Property and equipment, at cost	$	81,929	$	102,852
Less accumulated depreciation	30,000		31,954
Property and equipment, net	$	51,929	$	70,898
Current portion of long-term debt	$	22,747	$	27,519
Long-term debt	22,896		33,390
Total finance lease liabilities	$	45,643	$	60,909

Schedule of future minimum rental payments for operating leases

The Company adopted ASU 2016-02 on January 1, 2019 and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments and capital lease commitments as of December 31, 2018 and September 30, 2019 were as follows (in thousands):

	December 31, 2018
	Operating Leases		Finance Leases
2019	$	8,179	$	27,519
2020	6,323		19,322
2021	5,438		10,697
2022	4,696		3,233
2023	1,248		83
Thereafter	1,215		55
Total lease payments	$	27,099	$	60,909

Schedule of future minimum lease payments for capital leases

The Company adopted ASU 2016-02 on January 1, 2019 and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments and capital lease commitments as of December 31, 2018 and September 30, 2019 were as follows (in thousands):

	December 31, 2018
	Operating Leases		Finance Leases
2019	$	8,179	$	27,519
2020	6,323		19,322
2021	5,438		10,697
2022	4,696		3,233
2023	1,248		83
Thereafter	1,215		55
Total lease payments	$	27,099	$	60,909

Maturities of finance lease liabilities

	September 30, 2019
	Operating Leases		Finance Leases
2019	$	2,060	$	6,241
2020	7,075		20,840
2021	5,712		12,567
2022	4,807		5,250
2023	1,257		810
Thereafter	1,091		55
Total lease payments	$	22,002	$	45,763
Impact of discounting	(4,754)		(120)
Discounted value of operating lease obligations	$	17,248	$	45,643

Maturities of operating lease liabilities

	September 30, 2019
	Operating Leases		Finance Leases
2019	$	2,060	$	6,241
2020	7,075		20,840
2021	5,712		12,567
2022	4,807		5,250
2023	1,257		810
Thereafter	1,091		55
Total lease payments	$	22,002	$	45,763
Impact of discounting	(4,754)		(120)
Discounted value of operating lease obligations	$	17,248	$	45,643