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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Lease cost | The following tables provide other additional information related to operating lease liabilities:
| June 30, 2019
Weighted average remaining lease term | 8 years |
Weighted average discount rate (a) | 3.84 | %
(a) Most of our lease agreements do not contain an implicit rate that is readily determinable. For these agreements we use our incremental borrowing rate to measure the present value of lease liabilities. We determine our incremental borrowing rate at lease commencement based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We use the implicit rate when it is readily determinable.
| Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows (dollars in thousands): | $ | 11,987 |
The following tables provide information related to our lease costs for the three and six months ended June 30, 2019 (dollars in thousands):
|  | Three Months Ended June 30, 2019
|  | Purchased Power Lease Contracts |  | Land, Property & Equipment Leases |  | Total
Operating lease cost |  | $ | 14,063 |  |  | $ | 4,414 |  |  | $ | 18,477 |
Variable lease cost |  | 41,529 |  |  | 360 |  |  | 41,889 |
Short-term lease cost |  | — |  |  | 1,812 |  |  | 1,812 |
Total lease cost |  | $ | 55,592 |  |  | $ | 6,586 |  |  | $ | 62,178 |
|  | Six Months Ended June 30, 2019
|  | Purchased Power Lease Contracts |  | Land, Property & Equipment Leases |  | Total
Operating lease cost |  | $ | 14,063 |  |  | $ | 8,762 |  |  | $ | 22,825 |
Variable lease cost |  | 58,820 |  |  | 360 |  |  | 59,180 |
Short-term lease cost |  | — |  |  | 2,665 |  |  | 2,665 |
Total lease cost |  | $ | 72,883 |  |  | $ | 11,787 |  |  | $ | 84,670 |
Schedule of future minimum payments | The following table provides information related to the maturity of our operating lease liabilities at June 30, 2019 (dollars in thousands):
|  | June 30, 2019
Year |  | Purchased Power Lease Contracts |  | Land, Property & Equipment Leases |  | Total
2019 (remaining six months of 2019) |  | $ | 49,051 |  |  | $ | 7,335 |  |  | $ | 56,386 |
2020 |  | — |  |  | 12,868 |  |  | 12,868 |
2021 |  | — |  |  | 10,029 |  |  | 10,029 |
2022 |  | — |  |  | 6,988 |  |  | 6,988 |
2023 |  | — |  |  | 5,838 |  |  | 5,838 |
2024 |  | — |  |  | 3,691 |  |  | 3,691 |
Thereafter |  | — |  |  | 38,506 |  |  | 38,506 |
Total lease commitments |  | 49,051 |  |  | 85,255 |  |  | 134,306 |
Less imputed interest |  | 294 |  |  | 20,411 |  |  | 20,705 |
Total lease liabilities |  | $ | 48,757 |  |  | $ | 64,844 |  |  | $ | 113,601 |
We recognize lease assets and liabilities upon lease commencement. At June 30, 2019, we have additional lease arrangements that have been executed, but have not yet commenced. These arrangements primarily relate to purchased power lease contracts. These leases have commencement dates beginning in June 2020 with terms ending through October 2027. We expect the total fixed consideration paid for these arrangements, which includes both lease and nonlease payments, will approximate $705 million over the term of the arrangements. The following table provides information related to estimated future minimum operating lease payments at December 31, 2018 (dollars in thousands):
|  | December 31, 2018
Year |  | Purchased Power Lease Contracts |  | Land, Property & Equipment Leases |  | Total
2019 |  | $ | 54,499 |  |  | $ | 13,747 |  |  | $ | 68,246 |
2020 |  | — |  |  | 12,428 |  |  | 12,428 |
2021 |  | — |  |  | 9,478 |  |  | 9,478 |
2022 |  | — |  |  | 6,513 |  |  | 6,513 |
2023 |  | — |  |  | 5,359 |  |  | 5,359 |
Thereafter |  | — |  |  | 42,236 |  |  | 42,236 |
Total future lease commitments |  | $ | 54,499 |  |  | $ | 89,761 |  |  | $ | 144,260 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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