Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

 Leases

Effective January 1, 2019, as described more fully in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements, the Company adopted ASC 842 and recognized lease obligations and associated ROU assets for its existing non-cancelable operating leases. The Company has non-cancelable operating leases primarily associated with office space, related office equipment and other facilities.

The leases expire in various years and generally provide for renewal options. In the normal course of business, management expects that these leases will be renewed or replaced by leases on other properties.

Certain operating leases provide for increases in future minimum annual rental payments based on defined increases in the Consumer Price Index, subject to certain minimum increases. Several of these lease agreements contain provisions for periods in which rent payments are reduced. The total amount of rental payments due over the lease term is recorded as rent expense on a straight-line basis over the term of the lease.

A summary of all lease classifications in our condensed consolidated balance sheet is as follows:

Leases	Classification	June 30, 2019
Assets
Operating lease assets	Operating lease ROU assets	$	19,354
Finance lease assets	Property and equipment, net (1)	483
Total leased assets		$	19,837
Liabilities
Current:
Operating	Current portion of operating lease liabilities	$	6,892
Finance	Current portion of long-term obligations	308
Long-term:
Operating	Operating lease liabilities, less current portion	13,810
Finance	Long-term obligations, less current portion	199
Total lease liabilities		$	21,209

⁽¹⁾ Finance leased assets are recorded net of accumulated amortization of $208.

As of June 30, 2019, maturities of lease liabilities are as follows:

	Operating Leases			Finance Leases			Total
Remainder of 2019	$	5,468		$	161		$	5,629
2020	8,328			322			8,650
2021	5,733			45			5,778
2022	4,742			—			4,742
2023	2,704			—			2,704
Thereafter	2,118			—			2,118
Total lease payments	29,093			528			29,621
Less: interest and accretion	(8,391		)	(21		)	(8,412		)
Present value of minimum lease payments	20,702			507			21,209
Less: current portion	(6,892		)	(308		)	(7,200		)
Long-term portion	$	13,810		$	199		$	14,009

As of December 31, 2018, maturities of lease liabilities are as follows:

	Operating Leases		Finance Leases		Total
2019	$	8,825	$	718	$	9,543
2020	6,452		308		6,760
2021	4,594		45		4,639
2022	3,801		—		3,801
2023	1,767		—		1,767
Thereafter	1,600		—		1,600
Total lease payments	$	27,039	$	1,071	$	28,110

Lease terms and discount rates are as follows:

	June 30, 2019
Weighted-average remaining lease term (years):
Operating lease costs	3.9
Finance lease cost	1.8
Weighted-average discount rate:
Operating lease costs	5.3	%
Finance lease cost	3.3	%

For the three and six months ended June 30, 2019, our operating lease costs were $2,602 and $5,200 and are included in "General and administrative expense” on our accompanying condensed consolidated statements of operations. A summary of other lease information is as follows:

	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Financing cash flows from finance leases	$	(421	)	$	(566	)
Operating cash flows from operating leases	(2,707		)	(5,393		)
Amortization of operating leased ROU assets to the operating lease liability	3,131			5,463
ROU assets obtained through operating lease liabilities	1,039			1,282

Leases

Leases

Effective January 1, 2019, as described more fully in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements, the Company adopted ASC 842 and recognized lease obligations and associated ROU assets for its existing non-cancelable operating leases. The Company has non-cancelable operating leases primarily associated with office space, related office equipment and other facilities.

The leases expire in various years and generally provide for renewal options. In the normal course of business, management expects that these leases will be renewed or replaced by leases on other properties.

Certain operating leases provide for increases in future minimum annual rental payments based on defined increases in the Consumer Price Index, subject to certain minimum increases. Several of these lease agreements contain provisions for periods in which rent payments are reduced. The total amount of rental payments due over the lease term is recorded as rent expense on a straight-line basis over the term of the lease.

A summary of all lease classifications in our condensed consolidated balance sheet is as follows:

Leases	Classification	June 30, 2019
Assets
Operating lease assets	Operating lease ROU assets	$	19,354
Finance lease assets	Property and equipment, net (1)	483
Total leased assets		$	19,837
Liabilities
Current:
Operating	Current portion of operating lease liabilities	$	6,892
Finance	Current portion of long-term obligations	308
Long-term:
Operating	Operating lease liabilities, less current portion	13,810
Finance	Long-term obligations, less current portion	199
Total lease liabilities		$	21,209

⁽¹⁾ Finance leased assets are recorded net of accumulated amortization of $208.

As of June 30, 2019, maturities of lease liabilities are as follows:

	Operating Leases			Finance Leases			Total
Remainder of 2019	$	5,468		$	161		$	5,629
2020	8,328			322			8,650
2021	5,733			45			5,778
2022	4,742			—			4,742
2023	2,704			—			2,704
Thereafter	2,118			—			2,118
Total lease payments	29,093			528			29,621
Less: interest and accretion	(8,391		)	(21		)	(8,412		)
Present value of minimum lease payments	20,702			507			21,209
Less: current portion	(6,892		)	(308		)	(7,200		)
Long-term portion	$	13,810		$	199		$	14,009

As of December 31, 2018, maturities of lease liabilities are as follows:

	Operating Leases		Finance Leases		Total
2019	$	8,825	$	718	$	9,543
2020	6,452		308		6,760
2021	4,594		45		4,639
2022	3,801		—		3,801
2023	1,767		—		1,767
Thereafter	1,600		—		1,600
Total lease payments	$	27,039	$	1,071	$	28,110

Lease terms and discount rates are as follows:

	June 30, 2019
Weighted-average remaining lease term (years):
Operating lease costs	3.9
Finance lease cost	1.8
Weighted-average discount rate:
Operating lease costs	5.3	%
Finance lease cost	3.3	%

For the three and six months ended June 30, 2019, our operating lease costs were $2,602 and $5,200 and are included in "General and administrative expense” on our accompanying condensed consolidated statements of operations. A summary of other lease information is as follows:

	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Financing cash flows from finance leases	$	(421	)	$	(566	)
Operating cash flows from operating leases	(2,707		)	(5,393		)
Amortization of operating leased ROU assets to the operating lease liability	3,131			5,463
ROU assets obtained through operating lease liabilities	1,039			1,282