Leases (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Leases [Abstract] |
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| Lessee, Operating Lease, Liability, Maturity |
Future minimum rental payments under operating leases with initial terms greater than one year as of March 31, 2019, are as follows (in thousands): | | | | | | | | | | | | | | Third Party Leases | | Seabrook Lease | | All Leases | 2019 | $ | 15,889 |
| | $ | 8,266 |
| | $ | 24,155 |
| 2020 | 18,948 |
| | 11,021 |
| | 29,969 |
| 2021 | 18,994 |
| | 9,368 |
| | 28,362 |
| 2022 | 18,868 |
| | 6,612 |
| | 25,480 |
| 2023 | 18,419 |
| | 6,612 |
| | 25,031 |
| Thereafter | 29,867 |
| | 37,471 |
| | 67,338 |
| Total future minimum rental payments | 120,985 |
| | 79,350 |
| | 200,335 |
| Present value discount | 14,691 |
| | 13,777 |
| | 28,468 |
| Total operating lease liability | $ | 106,294 |
| | $ | 65,573 |
| | $ | 171,867 |
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|
| Lessee, Operating Lease, Disclosure |
The following table provides further information about our operating leases as of and for the three months ended March 31, 2019 (dollars in thousands): | | | | | | | | | | | | | | | | Third Party Leases | | Seabrook Lease | | All Leases | Current lease liability | | $ | 14,828 |
| | $ | 8,436 |
| | $ | 23,264 |
| Long-term lease liability | | $ | 91,466 |
| | $ | 57,137 |
| | $ | 148,603 |
| Right-of-use asset | | $ | 106,532 |
| | $ | 65,573 |
| | $ | 172,105 |
| | | | | | | | Fixed lease cost | | $ | 4,821 |
| | $ | 2,755 |
| | $ | 7,576 |
| Short-term lease cost | | 457 |
| | — |
| | 457 |
| Variable lease cost | | 371 |
| | — |
| | 371 |
| Total lease cost | | $ | 5,649 |
| | $ | 2,755 |
| | $ | 8,404 |
| | | | | | | | Operating cash flows from operating leases | | $ | 3,226 |
| | 2,755 |
| | $ | 5,981 |
| Weighted average remaining lease term (years) | | 7 |
| | 9 |
| | 8 |
| Weighted-average discount rate | | 4.1% | | 4.3% | | 4.2% | | | | | | | |
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| Schedule of Future Minimum Rental Payments for Operating Leases |
Future minimum payments receivable under operating leases with terms greater than one year as of March 31, 2019 are estimated as follows (in thousands): | | | | | 2019 | $ | 30,892 |
| 2020 | 33,770 |
| 2021 | 33,583 |
| 2022 | 23,486 |
| 2023 | 7,699 |
| Thereafter | 16,019 |
| Total | $ | 145,449 |
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|
| Sales-type and Direct Financing Leases, Lease Receivable, Maturity |
The net investment under this arrangement as of December 31, 2018 and March 31, 2019 was as follows (in thousands): | | | | | | | | | | | | December 31, 2018 | | March 31, 2019 | Total minimum lease payments receivable | | $ | 17,468 |
| | $ | 17,031 |
| Less: Unearned income | | 3,422 |
| | 3,265 |
| Recorded net investment in sales-type lease | | $ | 14,046 |
| | $ | 13,766 |
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The net investment in sales-type leases was classified in the consolidated balance sheets as follows (in thousands): | | | | | | | | | | | | December 31, 2018 | | March 31, 2019 | Other accounts receivable | | $ | 1,138 |
| | $ | 1,151 |
| Long-term receivables | | 12,908 |
| | 12,615 |
| Total | | $ | 14,046 |
| | $ | 13,766 |
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Future minimum payments receivable under this lease are $1.3 million in 2019, $1.7 million in 2020, $1.7 million in 2021, $1.7 million in 2022, $1.7 million in 2023 and $8.7 million thereafter.
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