Leases (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Leases [Abstract] |
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| Right-of-use assets for operating and finance leases |
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 |
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| Lease liabilities for operating and finance leases |
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 |
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| Summary of right of use asset and lease liability balances for operating and finance leases |
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 |
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| Lease expense, terms, and discount rates |
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 |
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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 | % |
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| Summary of remaining minimum lease payments for operating leases |
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 |
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| Summary of remaining minimum lease payments for finance leases |
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 |
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