Leases (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Leases [Abstract] |
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| Lease Assets and Liabilities |
The following table presents the lease balances within the Condensed Consolidated Balance Sheet as of June 30, 2020:
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| (in thousands) |
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Classification on the Balance Sheet |
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June 30, 2020 |
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December 31, 2019 |
| Assets |
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| Operating lease assets |
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Operating lease right-of-use assets |
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$ |
38,469 |
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$ |
39,380 |
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| Finance lease assets |
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Property, plant and equipment, net |
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5,395 |
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6,789 |
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| Liabilities |
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| Current |
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| Operating lease liabilities |
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Current maturities of operating leases |
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10,298 |
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|
12,038 |
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| Accrued expenses |
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Current maturities of finance leases |
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2,435 |
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2,743 |
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| Long-term |
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| Operating lease liabilities |
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Operating lease liabilities |
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28,759 |
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27,665 |
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| Other long-term liabilities |
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Finance lease liabilities |
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$ |
2,960 |
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$ |
4,046 |
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| Weighted average remaining lease term |
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| Operating leases |
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5.7 years |
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5.6 years |
| Finance leases |
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2.5 years |
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2.6 years |
| Weighted average discount rate |
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| Operating leases |
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6.4 |
% |
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6.3 |
% |
| Finance leases |
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3.9 |
% |
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3.0 |
% |
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| 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 June 30, 2020:
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| (in thousands) |
Operating |
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Finance |
| July 1, 2020 through December 31, 2020 |
$ |
6,604 |
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$ |
1,404 |
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| 2021 |
7,479 |
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|
2,186 |
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| 2022 |
6,506 |
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|
1,175 |
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| 2023 |
5,845 |
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|
590 |
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| 2024 |
4,671 |
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|
249 |
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| Thereafter |
17,374 |
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— |
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| Total undiscounted future minimum lease payments |
48,479 |
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|
5,604 |
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| Less: Difference between lease payments and discounted lease liabilities |
9,422 |
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|
209 |
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| Total lease liabilities |
$ |
39,057 |
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$ |
5,395 |
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| 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 June 30, 2020:
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| (in thousands) |
Operating |
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Finance |
| July 1, 2020 through December 31, 2020 |
$ |
6,604 |
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$ |
1,404 |
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| 2021 |
7,479 |
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|
2,186 |
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| 2022 |
6,506 |
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|
1,175 |
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| 2023 |
5,845 |
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|
590 |
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| 2024 |
4,671 |
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|
249 |
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| Thereafter |
17,374 |
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— |
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| Total undiscounted future minimum lease payments |
48,479 |
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|
5,604 |
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| Less: Difference between lease payments and discounted lease liabilities |
9,422 |
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|
209 |
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| Total lease liabilities |
$ |
39,057 |
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$ |
5,395 |
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| Lease Cash Flows |
Supplemental cash flow information is as follows:
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| (in thousands) |
For the six months ended June 30, |
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2020 |
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2019 |
| Operating cash out flows from operating leases |
$ |
9,804 |
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$ |
10,804 |
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| Operating cash out flows from finance leases |
86 |
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|
234 |
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| Financing cash out flows from finance leases |
1,026 |
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|
1,590 |
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| Total |
$ |
10,916 |
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$ |
12,628 |
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