Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

NOTE 18 — Leases

We lease certain land, buildings and equipment under non-cancellable operating leases used in our operations. Operating lease assets represent our right to use an underlying asset for the lease term. Operating lease liabilities represent the present value of lease payments over the lease term, discounted using an estimate of our secured incremental borrowing rate because none of our leases contain a rate implicit in the lease arrangement.

In accordance with FASB Staff Q&A - Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Staff Q&A") issued in April 2020, we have elected to account for any lease concessions resulting directly from COVID-19 as if the enforceable rights and obligations for the concessions existed in the respective contracts at lease inception and as such we will not account for any concession as a lease modification. Guidance from the FASB Staff Q&A provided methods to account for rent deferrals which include the option to treat the lease as if no changes to the lease contract were made or to treat deferred payments as variable lease payments. The FASB Staff Q&A allows entities to select the most practical approach and does not require the same approach be applied consistently to all leases. As a result, we have accounted for lease deferrals as if no changes to the lease contract were made and will continue to recognize lease expense, on a straight-line basis, during the deferral periods. During the three and nine months ended September 30, 2020, these rent concessions related to COVID-19 were not material.

Components of lease expense for the three and nine months ended September 30, 2020 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2020		2019		2020		2019
Operating lease cost	$	1,189	$	1,128	$	3,578	$	3,197
Short-term lease cost		471		43		808		292
Total lease cost	$	1,660	$	1,171	$	4,386	$	3,489

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
	September 30,		September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease    liabilities	$	3,476	$	2,887
Leased assets obtained in exchange for new operating lease    liabilities	$	1,299	$	2,961

Supplemental balance sheet information related to leases was as follows:

	As of
	September 30,			December 31,
	2020			2019
Balance Sheet Classification:
Operating lease obligations	$	3,149		$	2,787
Long-term operating lease obligations		23,747			24,926
Total lease liabilities	$	26,896		$	27,713
Weighted-average remaining lease terms (years)		8.16			9.04
Weighted-average discount rate		6.45	%		6.54	%

Remaining maturity of our existing lease liabilities as of September 30, 2020 is as follows:

	Operating Leases(1)
2020	$	1,183
2021		4,728
2022		4,589
2023		4,213
2024		4,075
Thereafter		16,950
Total	$	35,738
Less: interest		(8,842	)
Present value of lease liabilities	$	26,896

^{(1) Operating lease payments include $3,822 of payments related to options to extend lease terms that are reasonably expected to be exercised.}