v3.19.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2019
Leases [Abstract] |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. Effect of Initial Adoption of New Lease Standard - January 1, 2019 ROU Assets. Upon initial recognition, our ROU assets for operating and finance leases were comprised of the following:
(in thousands) | January 1, 2019 (initial recognition)
Railcar leases | $ | 14,255 |
Real Estate and other leases | 18 |
Total ROU assets | $ | 14,273 |
Lease Liabilities. Upon initial recognition, our lease liabilities for operating and finance leases were comprised of the following:
(in thousands) | January 1, 2019 (initial recognition)
Current liabilities: |
Operating leases | $ | 3,462 |
Long-term liabilities: |
Operating leases | 10,811 |
Total lease liabilities | $ | 14,273 |
Balance Sheet Summary for the Period Ended September 30, 2019 The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2019:
(in thousands) | September 30, 2019
Operating Leases: |
ROU asset, net |
Railcars | $ | 11,454 |
Real estate and other | 2,396 |
Lease liability |
Railcars | $ | 11,666 |
Financing Leases: |
ROU asset, net |
Real estate and other | $ | 226 |
Lease liability |
Real estate and other | $ | 229 |
Lease Expense Summary for the Three and Nine months ended September 30, 2019 We recognize lease expense on a straight-line basis over the lease term. For the three and nine months ended September 30, 2019, we recognized lease expense comprised of the following components:
(in thousands) | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Operating lease expense | $ | 1,023 |  |  | $ | 3,069 |
Financing lease expense: |  |  |
Amortization of ROU asset | $ | 25 |  |  | $ | 297 |
Interest expense on lease liability | 2 |  |  | 17 |
Short-term lease expense, recognized within direct operating expenses, was $0.2 million and $0.3 million for the three and nine months ended September 30, 2019, respectively. Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities:
| September 30, 2019 |  | January 1, 2019 (initial recognition)
Weighted-average remaining lease term (years) |  |  |
Operating Leases | 3.7 |  |  | 4.3 |
Finance Leases | 2.5 |  |  | 0.5 |
Weighted-average discount rate |  |  |
Operating Leases | 5.1 | % |  | 5.1 | %
Finance Leases | 3.9 | % |  | 8.0 | %
Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2019:
(in thousands) | Operating Leases |  | Financing Leases
Remainder of 2019 | $ | 1,023 |  |  | $ | 27 |
2020 | 3,602 |  |  | 107 |
2021 | 3,430 |  |  | 107 |
2022 | 2,990 |  |  | — |
2023 | 1,133 |  |  | — |
Thereafter | 648 |  |  | — |
Total lease payments | 12,826 |  |  | 241 |
Less: imputed interest | (1,160 | ) |  | (12 | )
Total lease liability | $ | 11,666 |  |  | $ | 229 |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. Effect of Initial Adoption of New Lease Standard - January 1, 2019 ROU Assets. Upon initial recognition, our ROU assets for operating and finance leases were comprised of the following:
(in thousands) | January 1, 2019 (initial recognition)
Railcar leases | $ | 14,255 |
Real Estate and other leases | 18 |
Total ROU assets | $ | 14,273 |
Lease Liabilities. Upon initial recognition, our lease liabilities for operating and finance leases were comprised of the following:
(in thousands) | January 1, 2019 (initial recognition)
Current liabilities: |
Operating leases | $ | 3,462 |
Long-term liabilities: |
Operating leases | 10,811 |
Total lease liabilities | $ | 14,273 |
Balance Sheet Summary for the Period Ended September 30, 2019 The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2019:
(in thousands) | September 30, 2019
Operating Leases: |
ROU asset, net |
Railcars | $ | 11,454 |
Real estate and other | 2,396 |
Lease liability |
Railcars | $ | 11,666 |
Financing Leases: |
ROU asset, net |
Real estate and other | $ | 226 |
Lease liability |
Real estate and other | $ | 229 |
Lease Expense Summary for the Three and Nine months ended September 30, 2019 We recognize lease expense on a straight-line basis over the lease term. For the three and nine months ended September 30, 2019, we recognized lease expense comprised of the following components:
(in thousands) | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Operating lease expense | $ | 1,023 |  |  | $ | 3,069 |
Financing lease expense: |  |  |
Amortization of ROU asset | $ | 25 |  |  | $ | 297 |
Interest expense on lease liability | 2 |  |  | 17 |
Short-term lease expense, recognized within direct operating expenses, was $0.2 million and $0.3 million for the three and nine months ended September 30, 2019, respectively. Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities:
| September 30, 2019 |  | January 1, 2019 (initial recognition)
Weighted-average remaining lease term (years) |  |  |
Operating Leases | 3.7 |  |  | 4.3 |
Finance Leases | 2.5 |  |  | 0.5 |
Weighted-average discount rate |  |  |
Operating Leases | 5.1 | % |  | 5.1 | %
Finance Leases | 3.9 | % |  | 8.0 | %
Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2019:
(in thousands) | Operating Leases |  | Financing Leases
Remainder of 2019 | $ | 1,023 |  |  | $ | 27 |
2020 | 3,602 |  |  | 107 |
2021 | 3,430 |  |  | 107 |
2022 | 2,990 |  |  | — |
2023 | 1,133 |  |  | — |
Thereafter | 648 |  |  | — |
Total lease payments | 12,826 |  |  | 241 |
Less: imputed interest | (1,160 | ) |  | (12 | )
Total lease liability | $ | 11,666 |  |  | $ | 229 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration