Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2019

Lease Obligations

Summary of the lease-related assets and liabilities

The following is a summary of the lease-related assets and liabilities recorded as of September 30, 2019:

(in thousands)
Assets	Classification on the Consolidated Balance Sheet
Operating lease right-of-use assets	Operating lease right-of-use assets	$	22,968
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation		1,781
Total right-of-use lease assets		$	24,749
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	6,068
Finance lease obligations	Current portion of finance lease obligations		1,144
Total current obligations			7,212
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities		17,084
Finance lease obligations	Finance lease obligations, net of current maturities		633
Total non-current obligations			17,717
Total lease obligations		$	24,929

Summary of the lease terms and discount rates

The following is a summary of the lease terms and discount rates as of September 30, 2019:

Weighted-average remaining lease term - finance leases	1.6 years
Weighted-average remaining lease term - operating leases	4.1 years
Weighted-average discount rate - finance leases	2.5%
Weighted-average discount rate - operating leases	3.8%

Schedule of lease costs

The following is a summary of certain information related to the lease costs for finance and operating leases for the three and nine months ended September 30, 2019:

	Three months ended		Nine months ended
(in thousands)	September 30, 2019		September 30, 2019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	273	$	820
Interest on lease liabilities		16		53
Operating lease cost		2,055		5,016
Short-term lease cost		—		8
Variable lease costs		67		198
Total lease cost	$	2,411	$	6,095

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 for the nine months ended September 30, 2019:

(in thousands)
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,064
Right-of-use asset obtained in exchange for new operating lease obligations	$	11,374

Schedule of future minimum operating 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 financial leases, less interest, and under operating leases, less imputed  interest, as of September 30, 2019 were as follows:

	Finance		Operating		Total
	Lease		Lease		Lease
(in thousands)	Obligations		Obligations		Obligations
Remainder of 2019	$	296	$	2,202	$	2,498
2020		1,185		7,407		8,592
2021		345		6,407		6,752
2022		—		5,051		5,051
2023		—		3,296		3,296
Thereafter		—		3,138		3,138
Total minimum lease payments		1,826		27,501		29,327
Financing component		(49)		(4,349)		(4,398)
Net present value of minimum lease payments		1,777		23,152		24,929
Less: current portion of finance and operating lease obligations		(1,144)		(6,068)		(7,212)
Long-term finance and operating lease obligations	$	633	$	17,084	$	17,717

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 financial leases, less interest, and under operating leases, less imputed  interest, as of September 30, 2019 were as follows:

	Finance		Operating		Total
	Lease		Lease		Lease
(in thousands)	Obligations		Obligations		Obligations
Remainder of 2019	$	296	$	2,202	$	2,498
2020		1,185		7,407		8,592
2021		345		6,407		6,752
2022		—		5,051		5,051
2023		—		3,296		3,296
Thereafter		—		3,138		3,138
Total minimum lease payments		1,826		27,501		29,327
Financing component		(49)		(4,349)		(4,398)
Net present value of minimum lease payments		1,777		23,152		24,929
Less: current portion of finance and operating lease obligations		(1,144)		(6,068)		(7,212)
Long-term finance and operating lease obligations	$	633	$	17,084	$	17,717