Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
Commitments and Contingencies Disclosure [Abstract] |
|
Lease expense and other information related to leases |
The components of lease expense were as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
2019 |
|
2018 |
|
2019 |
|
2018 |
Finance lease cost: |
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|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
3,748 |
|
|
$ |
2,723 |
|
|
$ |
7,232 |
|
|
$ |
5,357 |
|
Interest on lease liabilities |
|
433 |
|
|
128 |
|
|
672 |
|
|
247 |
|
Operating lease cost |
|
3,620 |
|
|
2,505 |
|
|
6,499 |
|
|
5,134 |
|
Short-term lease cost |
|
621 |
|
|
154 |
|
|
1,145 |
|
|
355 |
|
Variable lease cost |
|
1,019 |
|
|
730 |
|
|
1,896 |
|
|
1,507 |
|
Sublease income |
|
(193 |
) |
|
(119 |
) |
|
(349 |
) |
|
(225 |
) |
Total lease cost |
|
$ |
9,248 |
|
|
$ |
6,121 |
|
|
$ |
17,095 |
|
|
$ |
12,375 |
|
Other information related to leases was as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
2019 |
|
2018 |
|
2019 |
|
2018 |
Cash paid for amounts included in the measurement of lease liabilities |
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|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
2,968 |
|
|
$ |
2,655 |
|
|
$ |
5,535 |
|
|
$ |
5,255 |
|
Operating cash flows from finance leases |
|
238 |
|
|
95 |
|
|
439 |
|
|
204 |
|
Financing cash flows from finance leases |
|
3,440 |
|
|
1,968 |
|
|
6,445 |
|
|
4,081 |
|
Right-of-use assets obtained in exchange for lease obligations: |
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|
|
|
|
|
|
|
Operating leases |
|
(245 |
) |
|
(1,026 |
) |
|
20,150 |
|
|
91 |
|
Finance leases |
|
9,371 |
|
|
4,043 |
|
|
12,937 |
|
|
4,142 |
|
Weighted average remaining lease term (years): |
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|
|
|
|
|
|
|
Operating leases |
|
5.3 |
|
|
3.7 |
|
|
5.3 |
|
|
3.7 |
|
Finance leases |
|
3.1 |
|
|
2.2 |
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|
3.1 |
|
|
2.2 |
|
Weighted average discount rate: |
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|
|
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|
|
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Operating leases |
|
5.2 |
% |
|
4.1 |
% |
|
5.2 |
% |
|
4.1 |
% |
Finance leases |
|
4.2 |
% |
|
3.7 |
% |
|
4.2 |
% |
|
3.7 |
% |
|
Future minimum lease payments under non-cancellable leases |
Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
Sublease Income |
|
Net Operating Leases |
|
Finance Leases |
2019 |
|
$ |
11,953 |
|
|
$ |
781 |
|
|
$ |
11,172 |
|
|
$ |
11,912 |
|
2020 |
|
11,739 |
|
|
757 |
|
|
10,982 |
|
|
7,541 |
|
2021 |
|
10,327 |
|
|
276 |
|
|
10,051 |
|
|
5,063 |
|
2022 |
|
8,920 |
|
|
— |
|
|
8,920 |
|
|
2,250 |
|
2023 |
|
7,321 |
|
|
— |
|
|
7,321 |
|
|
60 |
|
Thereafter |
|
9,737 |
|
|
— |
|
|
9,737 |
|
|
21 |
|
Total future lease payments |
|
59,997 |
|
|
1,814 |
|
|
58,183 |
|
|
26,847 |
|
Less: Amount representing interest |
|
5,693 |
|
|
— |
|
|
5,693 |
|
|
1,278 |
|
Present value of future payments |
|
54,304 |
|
|
1,814 |
|
|
52,490 |
|
|
25,569 |
|
Less: Short term leases not recorded as a liability |
|
11,386 |
|
|
— |
|
|
11,386 |
|
|
— |
|
Less: Tenant incentives |
|
204 |
|
|
— |
|
|
204 |
|
|
— |
|
Revised Present value of future payments |
|
42,714 |
|
|
1,814 |
|
|
40,900 |
|
|
25,569 |
|
Less: Current portion |
|
10,072 |
|
|
— |
|
|
10,072 |
|
|
11,206 |
|
Long-term portion |
|
$ |
32,642 |
|
|
$ |
1,814 |
|
|
$ |
30,828 |
|
|
$ |
14,363 |
|
|
Future minimum lease payments under non-cancellable leases |
Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
Sublease Income |
|
Net Operating Leases |
|
Finance Leases |
2019 |
|
$ |
11,953 |
|
|
$ |
781 |
|
|
$ |
11,172 |
|
|
$ |
11,912 |
|
2020 |
|
11,739 |
|
|
757 |
|
|
10,982 |
|
|
7,541 |
|
2021 |
|
10,327 |
|
|
276 |
|
|
10,051 |
|
|
5,063 |
|
2022 |
|
8,920 |
|
|
— |
|
|
8,920 |
|
|
2,250 |
|
2023 |
|
7,321 |
|
|
— |
|
|
7,321 |
|
|
60 |
|
Thereafter |
|
9,737 |
|
|
— |
|
|
9,737 |
|
|
21 |
|
Total future lease payments |
|
59,997 |
|
|
1,814 |
|
|
58,183 |
|
|
26,847 |
|
Less: Amount representing interest |
|
5,693 |
|
|
— |
|
|
5,693 |
|
|
1,278 |
|
Present value of future payments |
|
54,304 |
|
|
1,814 |
|
|
52,490 |
|
|
25,569 |
|
Less: Short term leases not recorded as a liability |
|
11,386 |
|
|
— |
|
|
11,386 |
|
|
— |
|
Less: Tenant incentives |
|
204 |
|
|
— |
|
|
204 |
|
|
— |
|
Revised Present value of future payments |
|
42,714 |
|
|
1,814 |
|
|
40,900 |
|
|
25,569 |
|
Less: Current portion |
|
10,072 |
|
|
— |
|
|
10,072 |
|
|
11,206 |
|
Long-term portion |
|
$ |
32,642 |
|
|
$ |
1,814 |
|
|
$ |
30,828 |
|
|
$ |
14,363 |
|
|