Leases (Notes)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

The Company has operating and finance leases for office space, retail, data centers and certain office equipment with expiration dates ranging through 2028, with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. At June 30, 2020, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases			Financing Leases			Total
	(in thousands)
2020 (Remaining six months)	$	3,050		$	97		$	3,147
2021	4,578			190			4,768
2022	3,341			160			3,501
2023	2,866			99			2,965
2024	1,529			77			1,606
Thereafter	1,490			—			1,490
Total	16,854			623			17,477
Less: present value discount*	(2,286		)	(67		)	(2,353		)
Present value of lease liabilities	14,568			556			15,124
Less: current portion of lease liabilities	(4,739		)	(160		)	(4,899		)
Total long-term lease liabilities	$	9,829		$	396		$	10,225
* The discount rate used was the incremental borrowing rates respective to the country where the assets are located.

The Company's net assets recorded under operating and finance leases were $14.7 million and $19.5 million as of June 30, 2020, and December 31, 2019, respectively. The lease cost is recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative and is summarized as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
	(in thousands)						(in thousands)
Operating Lease Cost	$	1,770		$	2,150		$	3,849		$	4,270
Finance Lease Cost:
Amortization of Lease Assets	43			22			87			43
Interest on Lease liabilities	10			8			21			15
Finance Lease Cost	53			30			108			58
Sublease Income	(113		)	(157		)	(225		)	(422		)
Total Net Lease Cost	$	1,710		$	2,023		$	3,732		$	3,906

Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows:

	June 30, 2020
Weighted Average Lease Term - Operating Leases	3.8 years
Weighted Average Lease Term - Finance Leases	3.6 years
Weighted Average Discount Rate - Operating Leases	8.2	%
Weighted Average Discount Rate - Finance Leases	7.2	%

At June 30, 2020, our lease liability of $15.1 million does not include certain arrangements, which are primarily airport leases, that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $74.5 million as follows:

Year	Commitments
	(in thousands)
2020 (Remaining six months)	$	11,900
2021	22,315
2022	20,395
2023	19,893
Thereafter	—
Total	$	74,503

Finance leases range from three to five years and are primarily for office equipment. Rental expense for office and airport facilities and certain equipment subject to operating leases for the six months ended June 30, 2020 and 2019 was $8.4 million and $18.6 million, respectively. In the second quarter of 2020, all of these airport leases are under force majeure due to COVID-19. These rent payments are waived until the Company restarts airport operations. There is no specific date yet for the temporary rent waiver to abate.

Lessee, Finance Leases [Text Block]

Leases

The Company has operating and finance leases for office space, retail, data centers and certain office equipment with expiration dates ranging through 2028, with various renewal options. Only renewal options that were reasonably assured to be exercised are included in the lease liability. At June 30, 2020, the maturity of lease liabilities under Topic 842 "Leases" are as follows:

Year	Operating Leases			Financing Leases			Total
	(in thousands)
2020 (Remaining six months)	$	3,050		$	97		$	3,147
2021	4,578			190			4,768
2022	3,341			160			3,501
2023	2,866			99			2,965
2024	1,529			77			1,606
Thereafter	1,490			—			1,490
Total	16,854			623			17,477
Less: present value discount*	(2,286		)	(67		)	(2,353		)
Present value of lease liabilities	14,568			556			15,124
Less: current portion of lease liabilities	(4,739		)	(160		)	(4,899		)
Total long-term lease liabilities	$	9,829		$	396		$	10,225
* The discount rate used was the incremental borrowing rates respective to the country where the assets are located.

The Company's net assets recorded under operating and finance leases were $14.7 million and $19.5 million as of June 30, 2020, and December 31, 2019, respectively. The lease cost is recognized in our Condensed Consolidated Statement of Income in the category of General and Administrative and is summarized as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
	(in thousands)						(in thousands)
Operating Lease Cost	$	1,770		$	2,150		$	3,849		$	4,270
Finance Lease Cost:
Amortization of Lease Assets	43			22			87			43
Interest on Lease liabilities	10			8			21			15
Finance Lease Cost	53			30			108			58
Sublease Income	(113		)	(157		)	(225		)	(422		)
Total Net Lease Cost	$	1,710		$	2,023		$	3,732		$	3,906

Other information about lease amounts recognized in our Condensed Consolidated Statement of Income is summarized as follows:

	June 30, 2020
Weighted Average Lease Term - Operating Leases	3.8 years
Weighted Average Lease Term - Finance Leases	3.6 years
Weighted Average Discount Rate - Operating Leases	8.2	%
Weighted Average Discount Rate - Finance Leases	7.2	%

At June 30, 2020, our lease liability of $15.1 million does not include certain arrangements, which are primarily airport leases, that do not meet the definition of a lease under Topic 842. Such arrangements represent further commitments of approximately $74.5 million as follows:

Year	Commitments
	(in thousands)
2020 (Remaining six months)	$	11,900
2021	22,315
2022	20,395
2023	19,893
Thereafter	—
Total	$	74,503

Finance leases range from three to five years and are primarily for office equipment. Rental expense for office and airport facilities and certain equipment subject to operating leases for the six months ended June 30, 2020 and 2019 was $8.4 million and $18.6 million, respectively.