Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases of Lessee Disclosure Leases
Operating Leases

Operating lease arrangements primarily consist of office leases expiring in various years through 2027. These leases have original terms of approximately 2 to 7 years and some contain options to extend the lease up to 5 years or terminate the lease, which are included in right-of-use assets and lease liabilities when the Company is reasonably certain it will renew the underlying leases. Since the implicit rate of such leases is unknown and the Company is not reasonably certain to renew its leases, the Company has elected to apply a collateralized incremental borrowing rate to facility leases on the original lease term in calculating the present value of future lease payments. As of September 30, 2020 and December 31, 2019, the weighted average discount rate for operating leases was 4.5% and 5.0%, respectively, and the weighted average remaining lease term for operating leases was 3.1 years and 2.9 years, respectively.
The table below presents aggregate future minimum payments due under leases, reconciled to total lease liabilities included in the consolidated balance sheet as of September 30, 2020:
Operating Leases
(in thousands)
2020 (3 months) $ 1,668 
2021 6,640 
2022 4,536 
2023 1,772 
2024 625 
Thereafter 1,622 
Total minimum payments 16,863 
Less: imputed interest (1,080)
Less: unrealized translation loss (152)
Total lease liabilities 15,631 
Less: short-term lease liabilities (6,225)
Long-term lease liabilities $ 9,406 

Operating lease cost was $1.4 million and $0.8 million for the three months ended September 30, 2020 and 2019, respectively. Operating lease cost was $3.2 million and $2.6 million for the nine months ended September 30, 2020 and 2019, respectively.

Short-term lease costs for the three and nine months ended September 30, 2020 and 2019 were not material. There were $5.2 million right-of-use assets obtained in exchange for new lease liabilities for each of the three and nine months ended September 30, 2020. There were $0 and $0.5 million right-of-use assets obtained in exchange for new lease liabilities for the three and nine months ended September 30, 2019, respectively.

Subleases

The Company has subleased a facility that it ceased using in connection with a restructuring plan (Note 4). Such sublease expires in 2021.

As of September 30, 2020, future minimum rental income under non-cancelable subleases is as follows:
Amount
(in thousands)
2020 (3 months) $ 36 
2021 72 
Total minimum rental income $ 108 
Total sublease income related to leased facilities the Company ceased using in connection with a restructuring plan for the three months ended September 30, 2020 and 2019 was approximately $0.1 million and $1.1 million, respectively. Total sublease income related to leased facilities the Company ceased using in connection with a restructuring plan for the nine months ended September 30, 2020 and 2019 was approximately $0.4 million and $2.4 million, respectively (Note 4).