Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Summary of The Lease-Related Assets and Liabilities

The following is a summary of the lease-related assets and liabilities recorded:


		December 31, 2020		December 31, 2019
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	22,291	$	22,958
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	390		1,478
Total right-of-use lease assets		$	22,681	$	24,436
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	6,612	$	6,205
Finance lease obligations	Current portion of finance lease obligations	318		1,135
Total current obligations		6,930		7,340
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	15,730		16,884
Finance lease obligations	Finance lease obligations, net of current maturities	—		338
Total non-current obligations		15,730		17,222
Total lease obligations		$	22,660	$	24,562

Summary of The Lease Terms and Discount Rates

The following is a summary of the lease terms and discount rates:


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term – finance leases	0.4 years		1.4 years
Weighted-average remaining lease term – operating leases	3.4 years		3.9 years
Weighted-average discount rate – finance leases	2.6	%	2.5	%
Weighted-average discount rate – operating leases	3.91	%	3.8	%

Schedule of Lease Costs

The following is a summary of certain information related to the lease costs for finance and operating leases:


	Year ended December 31,
(in thousands)	2020		2019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	883	$	820
Interest on lease liabilities	31		66
Operating lease cost	9,378		7,282
Short-term lease cost	—		8
Variable lease costs	335		284
Total lease cost	$	10,627	$	8,460

Summary of Supplemental Cash Flow Information

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:


	Year ended December 31,
(in thousands)	2020		2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	9,237	$	7,337
Right-of-use asset obtained in exchange for new operating lease obligations	$	6,764	$	13,301

Schedule of Future Minimum Finance Lease Payments

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations, current portion of finance lease obligations, and operating lease obligations, net of current maturities, as of December 31, 2020 were as follows:


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2021	$	321	$	9,111	$	9,432
2022	—		7,496		7,496
2023	—		5,502		5,502
2024	—		2,772		2,772
2025	—		1,127		1,127
Thereafter	—		795		795
Total minimum lease payments	321		26,803		27,124
Financing component	(3)		(4,461)		(4,464)
Net present value of minimum lease payments	318		22,342		22,660
Less: current portion of finance and operating lease obligations	(318)		(6,612)		(6,930)
Long-term finance and operating lease obligations	$	—	$	15,730	$	15,730

Schedule of Future Minimum Operating Lease Payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2021	$	321	$	9,111	$	9,432
2022	—		7,496		7,496
2023	—		5,502		5,502
2024	—		2,772		2,772
2025	—		1,127		1,127
Thereafter	—		795		795
Total minimum lease payments	321		26,803		27,124
Financing component	(3)		(4,461)		(4,464)
Net present value of minimum lease payments	318		22,342		22,660
Less: current portion of finance and operating lease obligations	(318)		(6,612)		(6,930)
Long-term finance and operating lease obligations	$	—	$	15,730	$	15,730