Leases (Tables)
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9 Months Ended |
Sep. 30, 2019 |
Leases [Abstract] |
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Schedule of Lease Expense, Weighted Averages and Supplemental Cash Flow Information |
The elements of lease expense were as follows (in thousands): | | | | | | | | | | Three Months Ended September 30, 2019 | | Nine Months Ended September 30, 2019 | Operating lease cost | $ | 1,383 |
| | $ | 3,932 |
| Finance lease cost: | | | | Amortization of right-of-use assets | 3,252 |
| | 9,942 |
| Interest on lease liabilities | 778 |
| | 2,470 |
| Total finance lease cost | 4,030 |
| | 12,412 |
| Other lease cost, net (1) | 126 |
| | 193 |
| Total lease cost | $ | 5,539 |
| | $ | 16,537 |
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| | (1) | Other lease cost, net includes short-term sublease income, short-term lease costs, and variable lease costs, which are immaterial. |
The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheet (in thousands): | | | | | | As of September 30, 2019 | Operating leases: | | Other assets | $ | 25,278 |
| Other current liabilities | $ | 4,491 |
| Other liabilities | 22,951 |
| Total operating lease liabilities | $ | 27,442 |
| | | Finance leases: | | Property and equipment, net | $ | 62,687 |
| Finance lease obligations—current | $ | 8,770 |
| Finance lease obligations—net of current portion | 55,576 |
| Total finance lease liabilities | $ | 64,346 |
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The following table summarizes the weighted average remaining lease term and weighted average discount rate as of September 30, 2019: | | | | | As of September 30, 2019 | Weighted average remaining lease term: | | Operating leases | 6.13 years |
| Finance leases | 6.56 years |
| Weighted average discount rate: | | Operating leases | 4.26 | % | Finance leases | 4.35 | % |
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Schedule of Cash Flow Activities, Lessee |
Supplemental cash flow information related to leases was as follows (in thousands): | | | | | | Nine Months Ended September 30, 2019 | Cash paid for amounts included in the measurement of lease liabilities: | | Operating cash flows used in operating leases | $ | (3,811 | ) | Operating cash flows used in finance leases | (2,452 | ) | Finance cash flows used in finance leases | (8,177 | ) |
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Schedule of Future Minimum Operating Lease Payments |
Future minimum lease payments under non-cancelable leases for the three months ending December 31, 2019 and years ending December 31, 2020, 2021, 2022, 2023, and thereafter are as follows (in thousands): | | | | | | | | | | Operating Leases | | Finance Leases | 2019 | $ | 1,143 |
| | $ | 2,579 |
| 2020 | 5,483 |
| | 11,521 |
| 2021 | 4,884 |
| | 11,080 |
| 2022 | 4,890 |
| | 10,613 |
| 2023 | 4,929 |
| | 10,599 |
| Thereafter | 9,913 |
| | 27,720 |
| Total future minimum lease payments | 31,242 |
| | 74,112 |
| Less imputed interest | 3,800 |
| | 9,766 |
| Total | $ | 27,442 |
| | $ | 64,346 |
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Schedule of Future Minimum Finance Lease Payments |
Future minimum lease payments under non-cancelable leases for the three months ending December 31, 2019 and years ending December 31, 2020, 2021, 2022, 2023, and thereafter are as follows (in thousands): | | | | | | | | | | Operating Leases | | Finance Leases | 2019 | $ | 1,143 |
| | $ | 2,579 |
| 2020 | 5,483 |
| | 11,521 |
| 2021 | 4,884 |
| | 11,080 |
| 2022 | 4,890 |
| | 10,613 |
| 2023 | 4,929 |
| | 10,599 |
| Thereafter | 9,913 |
| | 27,720 |
| Total future minimum lease payments | 31,242 |
| | 74,112 |
| Less imputed interest | 3,800 |
| | 9,766 |
| Total | $ | 27,442 |
| | $ | 64,346 |
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Schedule of Commitments Under Previous Presentation |
The following table represents the Company’s commitments under its previous presentation of its capital, operating, and build-to-suit lease agreements as of December 31, 2018 (in thousands): | | | | | | | | | | | | | | Capital Lease Obligations | | Operating Leases | | Build-to-Suit Lease | Periods ending | | | | | | 2019 | $ | 4,392 |
| | $ | 4,904 |
| | $ | 9,451 |
| 2020 | 1,754 |
| | 4,783 |
| | 9,522 |
| 2021 | 481 |
| | 4,185 |
| | 10,354 |
| 2022 | — |
| | 4,180 |
| | 10,520 |
| 2023 | — |
| | 4,205 |
| | 10,599 |
| Thereafter | — |
| | 9,760 |
| | 27,715 |
| Total minimum payments required | $ | 6,627 |
| | $ | 32,017 |
| | $ | 78,161 |
| Amounts representing interest | 648 |
| | | | | Present value of net minimum payments | 5,979 |
| | | | | Current maturities | 3,884 |
| | | | | Long-term payment obligations | $ | 2,095 |
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