Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Summary of lease related assets and liabilities

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

(in thousands)
Assets	Classification on the Consolidated Balance Sheet
Operating lease right-of-use assets	Operating lease right-of-use assets	$	14,130
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation		2,054
Total right-of-use lease assets		$	16,184
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	3,817
Finance lease obligations	Current portion of finance lease obligations		1,135
Total current obligations			4,952
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities		10,456
Finance lease obligations	Finance lease obligations, net of current maturities		923
Total non-current obligations			11,379
Total lease obligations		$	16,331

Summary of lease terms and discount rates

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

Weighted-average remaining lease term - finance leases	1.89 years
Weighted-average remaining lease term - operating leases	4.54 years
Weighted-average discount rate - finance leases	2.5	%
Weighted-average discount rate - operating leases	3.8	%

Summary 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 six months ended June 30, 2019:

		Three months ended		Six months ended
(in thousands)		June 30, 2019		June 30, 2019
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	274	$	547
Interest on lease liabilities		17		37
Operating lease cost		1,472		2,929
Short-term lease cost		—		15
Variable lease costs		67		132
Total lease cost	$	1,830	$	3,660

Summary of other and supplemental cash flow information related to leases

The following is a summary of other information and supplemental cash flow information related to finance and operating leases for the six months ended June 30, 2019:

(in thousands)
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,943
Right-of-use asset obtained in exchange for new operating lease obligations	$	1,234

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 June 30, 2019 were as follows:

	Finance			Operating			Total
(In thousands)	Lease Obligations			Lease Obligations			Lease Obligations
Remainder of 2019	$	592		$	2,911		$	3,503
2020		1,185			4,481			5,666
2021		346			3,674			4,020
2022		—			2,830			2,830
2023		—			1,534			1,534
Thereafter		—			2,480			2,480
Total minimum lease payments		2,123			17,910			20,033
Financing component		(65	)		(3,637	)		(3,702	)
Net present value of minimum lease payments		2,058			14,273			16,331
Less: current portion of finance and operating lease obligations		(1,135	)		(3,817	)		(4,952	)
Long-term finance and operating lease obligations	$	923		$	10,456		$	11,379

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 June 30, 2019 were as follows:

	Finance			Operating			Total
(In thousands)	Lease Obligations			Lease Obligations			Lease Obligations
Remainder of 2019	$	592		$	2,911		$	3,503
2020		1,185			4,481			5,666
2021		346			3,674			4,020
2022		—			2,830			2,830
2023		—			1,534			1,534
Thereafter		—			2,480			2,480
Total minimum lease payments		2,123			17,910			20,033
Financing component		(65	)		(3,637	)		(3,702	)
Net present value of minimum lease payments		2,058			14,273			16,331
Less: current portion of finance and operating lease obligations		(1,135	)		(3,817	)		(4,952	)
Long-term finance and operating lease obligations	$	923		$	10,456		$	11,379