Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 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):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Finance lease cost:
 
 
 
 
 
 
 
 
Amortization of right-of-use assets
 
$
3,647

 
$
3,126

 
$
10,879

 
$
8,483

Interest on lease liabilities
 
600

 
167

 
1,272

 
414

Operating lease cost
 
3,438

 
2,616

 
9,937

 
7,749

Short-term lease cost
 
115

 
228

 
1,260

 
583

Variable lease cost
 
854

 
947

 
2,750

 
2,454

Sublease income
 
(99
)
 
(156
)
 
(448
)
 
(381
)
Total lease cost
 
$
8,555

 
$
6,928

 
$
25,650

 
$
19,302

Other information related to leases was as follows (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
 
 
 
 
Operating cash flows from operating leases
 
$
8,564

 
$
2,771

 
$
14,099

 
$
8,026

Operating cash flows from finance leases
 
732

 
123

 
1,171

 
327

Financing cash flows from finance leases
 
4,004

 
2,308

 
10,449

 
6,390

Right-of-use assets obtained in exchange for lease obligations:
 
 
 
 
 
 
 
 
Operating leases
 
6,000

 
1,322

 
26,150

 
1,414

Finance leases
 
4,453

 
4,997

 
17,390

 
9,139

Weighted average remaining lease term (years):
 
 
 
 
 
 
 
 
Operating leases
 
5.26

 
3.51

 
5.26

 
3.51

Finance leases
 
3.08

 
2.59

 
3.08

 
2.59

Weighted average discount rate:
 
 
 
 
 
 
 
 
Operating leases
 
5.2
%
 
4.2
%
 
5.2
%
 
4.2
%
Finance leases
 
4.2
%
 
4.0
%
 
4.2
%
 
4.0
%

Future minimum lease payments under non-cancellable leases
Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows (in thousands):
 
 
Operating Leases
 
Sublease Income
 
Net Operating Leases
 
Finance Leases
2019
 
$
12,220

 
$
784

 
$
11,436

 
$
11,938

2020
 
11,828

 
712

 
11,116

 
8,163

2021
 
9,825

 
125

 
9,700

 
5,410

2022
 
8,826

 

 
8,826

 
1,834

2023
 
5,816

 

 
5,816

 
51

Thereafter
 
8,667

 

 
8,667

 
12

Total future lease payments
 
57,182

 
1,621

 
55,561

 
27,408

Less: Amount representing interest
 
6,854

 

 
6,854

 
1,434

Present value of future payments
 
50,328

 
1,621

 
48,707

 
25,974

Less: Short term leases not recorded as a liability
 
3,692

 

 
3,692

 

Less: Tenant incentives
 
662

 

 
662

 

Net present value of future payments
 
45,974

 
1,621

 
44,353

 
25,974

Less: Current portion
 
10,105

 

 
10,105

 
11,152

Long-term portion
 
$
35,869

 
$
1,621

 
$
34,248

 
$
14,822


Future minimum lease payments under non-cancellable leases
Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows (in thousands):
 
 
Operating Leases
 
Sublease Income
 
Net Operating Leases
 
Finance Leases
2019
 
$
12,220

 
$
784

 
$
11,436

 
$
11,938

2020
 
11,828

 
712

 
11,116

 
8,163

2021
 
9,825

 
125

 
9,700

 
5,410

2022
 
8,826

 

 
8,826

 
1,834

2023
 
5,816

 

 
5,816

 
51

Thereafter
 
8,667

 

 
8,667

 
12

Total future lease payments
 
57,182

 
1,621

 
55,561

 
27,408

Less: Amount representing interest
 
6,854

 

 
6,854

 
1,434

Present value of future payments
 
50,328

 
1,621

 
48,707

 
25,974

Less: Short term leases not recorded as a liability
 
3,692

 

 
3,692

 

Less: Tenant incentives
 
662

 

 
662

 

Net present value of future payments
 
45,974

 
1,621

 
44,353

 
25,974

Less: Current portion
 
10,105

 

 
10,105

 
11,152

Long-term portion
 
$
35,869

 
$
1,621

 
$
34,248

 
$
14,822