Leases

6 Months Ended

Jun. 30, 2019

Note 3. Leases

We evaluate contracts for leasing arrangements at inception. We lease office space, equipment, and vehicles that have non-cancelable lease terms. Leases with a term of 12 months or less are not recorded on our balance sheet. The table below reflects our operating lease assets and liabilities, which primarily consists of our office leases, and finance lease assets and liabilities:



	June 30,
In thousands	2019
Operating leases
Operating lease right-of-use assets	$	36,421

Operating lease liabilities - current	$	6,739
Operating lease liabilities - long-term	45,391
Total operating lease liabilities	$	52,130

Finance leases
Other property and equipment	$	1,736
Accumulated depreciation	(1,465		)
Other property and equipment, net	$	271

Current maturities of long-term debt	$	233
Long-term debt, net of current portion	59
Total finance lease liabilities	$	292

The majority of our leases contain renewal options, typically exercisable at our sole discretion. We record right-of-use assets and liabilities based on the present value of lease payments over the initial lease term, unless the option to extend the lease is

reasonably certain, and utilize our incremental borrowing rate based on information available at the lease commencement date. The following weighted average remaining lease terms and discount rates related to our outstanding leases:



	June 30,
	2019
Weighted Average Remaining Lease Term
Operating leases	6.2 years
Finance leases	1.3 years

Weighted Average Discount Rate
Operating leases	6.8	%
Finance leases	2.3	%

Lease costs for operating leases or leases with a term of 12 months or less are recognized on a straight-line basis over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset are recognized separately, with the depreciable life reflective of the expected lease term. We have subleased part of the office space included in our operating leases for which we receive rental payments. The following table summarizes the components of lease costs and sublease income:



		Three Months Ended		Six Months Ended
In thousands	Income Statement Presentation	June 30, 2019		June 30, 2019
Operating lease cost	General and administrative expenses	$	2,412	$	4,827

Finance lease cost
Amortization of right-of-use assets	Depletion, depreciation, and amortization	$	264	$	1,134
Interest on lease liabilities	Interest expense	8		38
Total finance lease cost		$	272	$	1,172

Sublease income	General and administrative expenses	$	1,331	$	2,367

Our statement of cash flows included the following activity related to our operating and finance leases:



	Six Months Ended
In thousands	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,854
Operating cash flows from interest on finance leases	38
Financing cash flows from finance leases	1,217

Right-of-use assets obtained in exchange for lease obligations
Operating leases	294
Finance leases	—

The following table summarizes by year the maturities of our lease liabilities as of June 30, 2019:



	Operating			Finance
In thousands	Leases			Leases
2019	$	5,063		$	118
2020	9,874			178
2021	10,042			—
2022	10,259			—
2023	10,300			—
Thereafter	18,537			—
Total minimum lease payments	64,075			296
Less: Amount representing interest	(11,945		)	(4		)
Present value of minimum lease payments	$	52,130		$	292

The following table summarizes by year the remaining non-cancelable future payments under our leases, as accounted for under previous accounting guidance under FASC Topic 840, Leases, as of December 31, 2018:



	Operating
In thousands	Leases
2019	$	10,690
2020	9,776
2021	10,007
2022	10,223
2023	10,262
Thereafter	18,169
Total minimum lease payments	$	69,127