Leases (Tables)
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9 Months Ended |
Sep. 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 September 30, 2019 are as follows (in thousands): | | | | | | | | | | | | | | Third Party Leases | | Seabrook Lease | | All Leases | 2019 | $ | 2,643 |
| | $ | 2,607 |
| | $ | 5,250 |
| 2020 | 18,607 |
| | 10,429 |
| | 29,036 |
| 2021 | 18,994 |
| | 8,973 |
| | 27,967 |
| 2022 | 18,870 |
| | 6,612 |
| | 25,482 |
| 2023 | 18,349 |
| | 6,612 |
| | 24,961 |
| Thereafter | 34,086 |
| | 37,473 |
| | 71,559 |
| Total future minimum rental payments | 111,549 |
| | 72,706 |
| | 184,255 |
| Present value discount | 13,207 |
| | 12,362 |
| | 25,569 |
| Total operating lease liability | $ | 98,342 |
| | $ | 60,344 |
| | $ | 158,686 |
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| Lessee, Operating Lease, Disclosure |
The following tables provide further information about our operating leases (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2019 | | Nine Months Ended September 30, 2019 | | | Third Party Leases | | Seabrook Lease | | All Leases | | Third Party Leases | | Seabrook Lease | | All Leases | Fixed lease cost | | $ | 4,792 |
| | $ | 2,608 |
| | $ | 7,400 |
| | $ | 14,375 |
| | $ | 7,951 |
| | $ | 22,326 |
| Short-term lease cost | | 405 |
| | — |
| | 405 |
| | 1,215 |
| | — |
| | 1,215 |
| Variable lease cost | | 1,009 |
| | — |
| | 1,009 |
| | 2,041 |
| | — |
| | 2,041 |
| Total lease cost | | $ | 6,206 |
| | $ | 2,608 |
| | $ | 8,814 |
| | $ | 17,631 |
| | $ | 7,951 |
| | $ | 25,582 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | As of and for the Nine Months Ended September 30, 2019 | | | Third Party Leases | | Seabrook Lease | | All Leases | Current lease liability | | $ | 14,925 |
| | $ | 8,072 |
| | $ | 22,997 |
| Long-term lease liability | | $ | 83,417 |
| | $ | 52,272 |
| | $ | 135,689 |
| Right-of-use asset | | $ | 102,119 |
| | $ | 60,344 |
| | $ | 162,463 |
| | | | | | | | Operating cash flows for operating leases | | $ | 17,990 |
| | 7,969 |
| | $ | 25,959 |
| Weighted average remaining lease term (years) | | 6 |
| | 9 |
| | 7 |
| Weighted-average discount rate | | 3.9% | | 4.3% | | 4.1% | | | | | | | |
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| Schedule of Future Minimum Rental Payments for Operating Leases |
Future minimum payments receivable under operating leases with initial terms greater than one year as of September 30, 2019 are estimated as follows (in thousands): | | | | | 2019 | $ | 9,624 |
| 2020 | 36,614 |
| 2021 | 36,560 |
| 2022 | 23,855 |
| 2023 | 7,663 |
| Thereafter | 15,631 |
| Total | $ | 129,947 |
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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 September 30, 2019 was as follows (in thousands): | | | | | | | | | | | | December 31, 2018 | | September 30,
2019 | Total minimum lease payments receivable | | $ | 17,468 |
| | $ | 16,158 |
| Less: Unearned income | | 3,422 |
| | 2,961 |
| Recorded net investment in sales-type lease | | $ | 14,046 |
| | $ | 13,197 |
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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 | | September 30,
2019 | Other accounts receivable | | $ | 1,138 |
| | $ | 1,177 |
| Long-term receivables | | 12,908 |
| | 12,020 |
| Total | | $ | 14,046 |
| | $ | 13,197 |
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Future minimum payments receivable under this lease are $0.4 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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