Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Lease Assets and Liabilities
The following table presents the lease balances within the Condensed Consolidated Balance Sheet as of March 31, 2020:
(in thousands)
 
Classification on the Balance Sheet
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
 
 
 
Operating lease assets
 
Operating lease right-of-use assets
 
$
39,793

 
$
39,380

Finance lease assets
 
Property, plant and equipment, net
 
6,087

 
6,789

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Current
 
 
 
 
 
 
Operating lease liabilities
 
Current maturities of operating leases
 
11,480

 
12,038

Accrued expenses
 
Current maturities of finance leases
 
2,598

 
2,743

Long-term
 
 
 
 
 
 
Operating lease liabilities
 
Operating lease liabilities
 
28,669

 
27,665

Other long-term liabilities
 
Finance lease liabilities
 
$
3,489

 
$
4,046

 
 
 
 
 
 
 
Weighted average remaining lease term
 
 
 
 
 
 
Operating leases
 
 
 
5.6 years

 
5.6 years

Finance leases
 
 
 
2.4 years

 
2.6 years

Weighted average discount rate
 
 
 
 
 
 
Operating leases
 
 
 
6.3
%
 
6.3
%
Finance leases
 
 
 
3.6
%
 
3.0
%

Lease Liability Maturity
The following table reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on our Condensed Consolidated Balance Sheet as of March 31, 2020:
(in thousands)
Operating
 
Finance
April 1, 2020 through December 31, 2020
$
9,601

 
$
2,122

2021
7,079

 
2,186

2022
6,108

 
1,171

2023
5,457

 
586

2024
4,297

 
242

Thereafter
17,189

 

Total undiscounted future minimum lease payments
49,731

 
6,307

Less: Difference between lease payments and discounted lease liabilities
9,582

 
220

Total lease liabilities
$
40,149

 
$
6,087


Lease Liability Maturity
The following table reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on our Condensed Consolidated Balance Sheet as of March 31, 2020:
(in thousands)
Operating
 
Finance
April 1, 2020 through December 31, 2020
$
9,601

 
$
2,122

2021
7,079

 
2,186

2022
6,108

 
1,171

2023
5,457

 
586

2024
4,297

 
242

Thereafter
17,189

 

Total undiscounted future minimum lease payments
49,731

 
6,307

Less: Difference between lease payments and discounted lease liabilities
9,582

 
220

Total lease liabilities
$
40,149

 
$
6,087


Lease Cash Flows
Supplemental cash flow information is as follows:
(in thousands)
For the three months ended March 31,
 
2020
 
2019
Operating cash out flows from operating leases
$
4,698

 
$
5,742

Operating cash out flows from finance leases
45

 
191

Financing cash out flows from finance leases
493

 
660

Total
$
5,236

 
$
6,593