Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.3
Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Summary of Lease Costs

Information related to the Company's total lease costs were as follows (in thousands):

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2019

 

 

September 30, 2019

 

Operating lease cost

$

2,438

 

 

$

6,040

 

Variable lease cost

 

500

 

 

 

750

 

Short-term lease cost

 

198

 

 

 

442

 

Total lease cost

$

3,136

 

 

$

7,232

 

Summary of Information Related to ROU Assets and Related Lease Liabilities

Information related to the Company's ROU assets and related lease liabilities were as follows (in thousands):

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2019

 

 

Cash paid for operating lease liabilities

$

1,916

 

 

$

5,561

 

 

Right-of-use assets obtained in exchange for new operating lease obligations (1)

 

513

 

 

 

29,028

 

 

 

 

 

 

 

 

 

 

 

(1) Nine-months ended balance includes $25.8 million for operating leases existing on January 1, 2019 and $3.2 million for operating leases that commenced in the first nine months of 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2019

 

 

Weighted-average remaining lease term

 

 

 

 

4.0 years

 

 

Weighted-average discount rate

 

 

 

 

4.4

 

%

 

Reconciliation of Undiscounted Future Minimum Lease Payments Under Noncancellable Operating Leases

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancellable operating leases with terms of more than one year to the total operating lease liabilities recognized on the condensed consolidated balance sheets as of September 30, 2019 (in thousands):

 

October 1, 2019 through December 31, 2019

$

1,910

 

2020

 

7,227

 

2021

 

6,606

 

2022

 

5,089

 

2023

 

3,720

 

Thereafter

 

2,116

 

Total undiscounted future minimum lease payments

 

26,668

 

Less: Difference between undiscounted lease payments and discounted operating lease liabilities

 

2,314

 

Total operating lease liabilities

$

24,354

 

Current operating lease liabilities

$

6,448

 

Long-term operating lease liabilities

 

17,906

 

Total operating lease liabilities

$

24,354

 

Summary of Future Minimum Lease Payments for Operating Leases

As previously disclosed in our 2018 Annual Report on Form 10-K, under the previous lease accounting standard, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year would have been as follows (in thousands):

 

Year Ending

 

 

 

December 31,

 

 

 

2019

$

7,135

 

2020

 

6,198

 

2021

 

5,673

 

2022

 

4,125

 

2023

 

2,642

 

Thereafter

 

1,474

 

 

$

27,247