Leasing Arrangements (Tables)

3 Months Ended

Mar. 31, 2020

The following table sets forth the Company’s weighted-average lease terms and discount rates (lease term in years):


	March 31, 2020		March 31, 2019
Weighted-average remaining lease terms:
Operating leases	8.2 years		8.9 years
Finance leases	2.3 years		3.3 years

Weighted-average discount rates:
Operating leases	10.0	%	10.0	%
Finance leases	5.5	%	5.5	%

Assets And Liabilities, Lease

The following table sets forth the Company’s supplemental balance sheet information related to leases (in thousands):


	March 31, 2020		December 31, 2019
Right-of-use assets, net:
Operating leases, gross	$	24,570	$	24,564
Accumulated reduction	(2,588)		(2,119)
Operating leases, net	$	21,982	$	22,445
Finance leases (included in “Other non-current assets”), gross	72		72
Accumulated depreciation	(26)		(21)
Finance leases (included in “Other non-current assets”), net	$	46	$	51
Total Right-of-use assets, net	$	22,028	$	22,496

Lease liabilities:
Current portion of Operating lease liability	$	2,401	$	2,290
Long-term Operating lease liability	21,427		22,021
Total Operating lease liability	$	23,828	$	24,311
Current portion of Finance lease (included in “Accrued expenses and other liabilities”) liability	$	20	$	20
Long-term Finance lease (included in “Pension obligations and other liabilities”) liability	29		34
Total Finance lease liability	$	49	$	54
Total Lease liabilities	$	23,877	$	24,365

Maturities of Finance Leases

The following table sets forth the Company’s scheduled maturities of lease liabilities as of March 31, 2020, (in thousands):


Year ending December 31,	Operating leases		Finance leases
2020	$	3,451	$	17
2021	4,817		23
2022	4,536		13
2023	3,878		—
2024	3,560		—
2025 and beyond	15,345		—
Total lease payments⁽¹⁾	$	35,587	$	53
Less: Imputed interest	$	(11,759)	$	(4)
Total lease liabilities	$	23,828	$	49

(1) Under ASC 842, the Company is required to take into consideration contractual lease renewal options that are reasonably assured to be exercised when determining the lease liability. As of March 31, 2020, the Company has approximately $11.4 million of reasonably assured renewal option payments included in the total lease payments.

Maturities of Operating Leases

The following table sets forth the Company’s scheduled maturities of lease liabilities as of March 31, 2020, (in thousands):


Year ending December 31,	Operating leases		Finance leases
2020	$	3,451	$	17
2021	4,817		23
2022	4,536		13
2023	3,878		—
2024	3,560		—
2025 and beyond	15,345		—
Total lease payments⁽¹⁾	$	35,587	$	53
Less: Imputed interest	$	(11,759)	$	(4)
Total lease liabilities	$	23,828	$	49