v3.20.1

Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | 14. Leases Real estate leases and equipment leases We lease our office properties and equipment under operating leases expiring on various dates through 2024. Certain operating lease agreements include provisions for scheduled rent increases over their lease terms. We recognize the effects of these scheduled rent increases on a straight-line basis over the lease term. One of our leased office properties is sub-leased to third parties. The sub-lease is an operating lease and the rental income received is recorded net of rental expense in the condensed consolidated statements of operations. On January 1, 2019, we implemented FASB ASU No. 2016-02, Leases (Topic 842). To calculate lease liabilities on the implementation date, we utilized an incremental borrowing rate of 3.75%, which was our minimum all-in rate on the Term Loan Facility for the non-swapped portion of the remaining principal amount. The following table presents the components of lease expense.
|  | Three Months Ended March 31,
|  | 2020
Lease cost: (1) |  |  |
Operating lease cost |  | $ | 0.5
Sublease income |  |  | (0.3)
Total lease cost |  | $ | 0.2
| (1) |  | Short-term lease costs and finance lease costs are immaterial to the Company.
The following table presents operating and finance lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities.
|  | Lease |  | Income from |  | Net lease |
|  | Payments |  | subleasing |  | payments |
2020 |  | $ | 1.7 |  | $ | (0.8) |  | $ | 0.9 |
2021 |  |  | 1.9 |  |  | (1.1) |  |  | 0.8 |
2022 |  |  | 1.7 |  |  | (1.1) |  |  | 0.6 |
2023 |  |  | 1.2 |  |  | (0.7) |  |  | 0.5 |
2024 |  |  | 0.1 |  |  | — |  |  | 0.1 |
Thereafter |  |  | — |  |  | — |  |  | — |
Total operating lease payments |  | $ | 6.6 |  | $ | (3.7) |  | $ | 2.9 |
Less: present value discount |  |  | (0.3) |  |  |  |  |  |  |
Total operating lease liabilities |  | $ | 6.3 |  |  |  |  |  |  |
|  | Lease |  |  |  |  |  |  |
|  | Payments |  |  |  |  |  |  |
2020 |  | $ | 0.1 |  |  |  |  |  |  |
2021 |  |  | 0.1 |  |  |  |  |  |  |
2022 |  |  | 0.1 |  |  |  |  |  |  |
Thereafter |  |  | — |  |  |  |  |  |  |
Total finance lease payments |  | $ | 0.3 |  |  |  |  |  |  |
Less: amount representing interest |  |  | (0.1) |  |  |  |  |  |  |
Total finance lease liabilities |  | $ | 0.2 |  |  |  |  |  |  |
Other Information: |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities (1): |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 0.3 |  |  |  |  |  |  |
Weighted average remaining lease term (in years): |
Operating leases |  |  | 2.5 |  |  |  |  |  |  |
Finance leases |  |  | 1.4 |  |  |  |  |  |  |
Weighted average discount rate - operating leases |  |  | 3.91 | % |  |  |  |  |  |
Weighted average discount rate - finance leases |  |  | 4.08 | % |  |  |  |  |  |
(1) Cash flows from finance leases are immaterial to the Company We have no lease transactions with related parties. PPA Leases We have entered into PPAs to sell power at predetermined rates. PPAs were assessed as to whether they contain leases, which convey to the counterparty the right to control the use of the project’s property, plant and equipment in return for future payments. Such arrangements are classified as either operating or finance leases. We recognize lease income consistent with the recognition of energy sales and capacity revenue. When energy is delivered and capacity is provided, we recognize lease income as a component of energy sales and capacity revenue. Finance income related to leases or arrangements accounted for as finance leases is recognized in a manner that produces a constant rate of return on the net investment in the lease. The net investment is comprised of net minimum lease payments and unearned finance income. Unearned finance income is the difference between the total minimum lease payments and the carrying value of the leased property. Unearned finance income is deferred and recognized in net income (loss) over the lease term. We elected the practical expedient that permits us to retain our existing lease assessment and classification. As of March 31, 2020, we have eleven PPAs accounted for as operating leases and one PPA accounted as a direct financing lease among our twenty-one projects in operation. No extension terms exist for our PPAs accounted for as leases and the remaining lease term varies from two months to twenty-four years. At March 31, 2020, a net investment in lease of $0.4 million is recorded in current assets on the consolidated balance sheets for our direct financing lease. The following table provides lease income recorded as energy and capacity sales by segment from PPAs accounted for as operating leases:
|  | Rental Income from operating leases |
|  | Three Months Ended |
|  | March 31, |
|  | 2020 |  | 2019 |
Solid Fuel |  | $ | 16.6 |  | $ | 19.7 |
Natural Gas |  |  | 5.9 |  |  | 6.3 |
Hydroelectric |  |  | 18.3 |  |  | 18.4 |
|  | $ | 40.8 |  | $ | 44.4 |
For certain of our PPAs accounted for as leases, the lessee has the option to purchase the plant. In May 2019, we entered into an agreement to sell Manchief to Public Service Company of Colorado (“PSCo”) following the expiration of the PPA in April 2022 for $45.2 million subject to working capital and other customary adjustments. BC Hydro has an option to purchase Mamquam that is exercisable in November 2021 and every five-year anniversary thereafter.

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