| Operating Leases |
The Company has operating leases for all of its facilities and autos. As of June 30, 2019, operating lease ROU assets were $103.3 million and the related accumulated amortization was $10.2 million. The operating lease cost consisted of the following (in thousands):
(1) |
Includes short-term lease cost and ROU asset amortization. |
(2) |
Primarily relates to common area maintenance, property taxes, insurance, utilities and parking. |
Maturities of lease liabilities by fiscal year consisted of the following (in thousands):
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Total future minimum lease payments |
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Present value of operating lease liabilities |
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| Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
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Operating cash flow information: |
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Cash paid for amounts included in the measurement of operating lease liabilities |
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$ |
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ROU assets obtained in exchange for operating lease liabilities
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$ |
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Tenant improvements owned by lessor related to ROU assets (1)
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$ |
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(1) |
Reclassification from other assets current. | Additional noncash activity in connection with the adoption of the new lease standard on January 1, 2019 included recording of $76.7 million of ROU assets and operating lease liabilities, and reclassifying $7.8 million in prepaid rent and deferred rent to ROU assets. Other information related to the operating leases consisted of the following:
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Weighted average remaining operating lease term |
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Weighted average discount rate |
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% | Prior to the adoption of the new leases standard (as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018), future minimum lease payments under non-cancelable operating leases for office facilities and autos with terms in excess of one year consisted of the following (in thousands):
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