Leases (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 2019 are as follows (in thousands): | | | | | | | | | | | | | | Third Party Leases | | Seabrook Lease | | All Leases | 2019 | $ | 12,961 |
| | $ | 5,214 |
| | $ | 18,175 |
| 2020 | 18,510 |
| | 10,429 |
| | 28,939 |
| 2021 | 18,875 |
| | 8,973 |
| | 27,848 |
| 2022 | 18,748 |
| | 6,612 |
| | 25,360 |
| 2023 | 18,225 |
| | 6,612 |
| | 24,837 |
| Thereafter | 33,676 |
| | 37,473 |
| | 71,149 |
| Total future minimum rental payments | 120,995 |
| | 75,313 |
| | 196,308 |
| Present value discount | 14,105 |
| | 13,000 |
| | 27,105 |
| Total operating lease liability | $ | 106,890 |
| | $ | 62,313 |
| | $ | 169,203 |
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| Lessee, Operating Lease, Disclosure |
The following tables provide further information about our operating leases (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2019 | | Six Months Ended June 30, 2019 | | | Third Party Leases | | Seabrook Lease | | All Leases | | Third Party Leases | | Seabrook Lease | | All Leases | Fixed lease cost | | $ | 4,762 |
| | $ | 2,588 |
| | $ | 7,350 |
| | $ | 9,583 |
| | $ | 5,343 |
| | $ | 14,926 |
| Short-term lease cost | | 353 |
| | — |
| | 353 |
| | 810 |
| | — |
| | 810 |
| Variable lease cost | | 661 |
| | — |
| | 661 |
| | 1,032 |
| | — |
| | 1,032 |
| Total lease cost | | $ | 5,776 |
| | $ | 2,588 |
| | $ | 8,364 |
| | $ | 11,425 |
| | $ | 5,343 |
| | $ | 16,768 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2019 | | | Third Party Leases | | Seabrook Lease | | All Leases | Current lease liability | | $ | 14,480 |
| | $ | 7,997 |
| | $ | 22,477 |
| Long-term lease liability | | $ | 92,411 |
| | $ | 54,315 |
| | $ | 146,726 |
| Right-of-use asset | | $ | 105,143 |
| | $ | 62,313 |
| | $ | 167,456 |
| | | | | | | | Operating cash flows from operating leases | | $ | 6,663 |
| | 5,363 |
| | $ | 12,026 |
| Weighted average remaining lease term (years) | | 7 |
| | 9 |
| | 8 |
| Weighted-average discount rate | | 4.0% | | 4.2% | | 4.1% | | | | | | | |
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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 June 30, 2019 are estimated as follows (in thousands): | | | | | 2019 | $ | 19,744 |
| 2020 | 33,584 |
| 2021 | 33,253 |
| 2022 | 23,544 |
| 2023 | 7,652 |
| Thereafter | 15,740 |
| Total | $ | 133,517 |
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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 June 30, 2019 was as follows (in thousands): | | | | | | | | | | | | December 31, 2018 | | June 30,
2019 | Total minimum lease payments receivable | | $ | 17,468 |
| | $ | 16,594 |
| Less: Unearned income | | 3,422 |
| | 3,112 |
| Recorded net investment in sales-type lease | | $ | 14,046 |
| | $ | 13,482 |
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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 | | June 30,
2019 | Other accounts receivable | | $ | 1,138 |
| | $ | 1,164 |
| Long-term receivables | | 12,908 |
| | 12,318 |
| Total | | $ | 14,046 |
| | $ | 13,482 |
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Future minimum payments receivable under this lease are $0.9 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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