Leases (Tables)
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12 Months Ended |
Dec. 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 December 31, 2019 are as follows (in thousands):
| | | | | | | | | | | | | | Third Party Leases | | Seabrook Lease | | All Leases | 2020 | $ | 18,607 |
| | $ | 13,735 |
| | $ | 32,342 |
| 2021 | 18,993 |
| | 12,280 |
| | 31,273 |
| 2022 | 18,869 |
| | 9,919 |
| | 28,788 |
| 2023 | 18,348 |
| | 9,919 |
| | 28,267 |
| 2024 | 14,341 |
| | 9,643 |
| | 23,984 |
| Thereafter | 19,748 |
| | 30,858 |
| | 50,606 |
| Total future minimum rental payments | 108,906 |
| | 86,354 |
| | 195,260 |
| Present value discount | 12,262 |
| | $ | 12,754 |
| | $ | 25,016 |
| Total operating lease liability | $ | 96,644 |
| | $ | 73,600 |
| | $ | 170,244 |
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| Lessee, Operating Lease, Disclosure |
The following tables provide further information about our operating leases (dollars in thousands):
| | | | | | | | | | | | | | | | Year Ended December 31, 2019 | | | Third Party Leases | | Seabrook Lease | | All Leases | Fixed lease cost | | $ | 19,171 |
| | $ | 10,834 |
| | $ | 30,005 |
| Short-term lease cost | | 1,603 |
| | — |
| | 1,603 |
| Variable lease cost | | 3,058 |
| | 15,017 |
| | 18,075 |
| Total lease cost | | $ | 23,832 |
| | $ | 25,851 |
| | $ | 49,683 |
| | | | | | | |
| | | | | | | | | | | | | | | | As of and for the Year Ended December 31, 2019 | | | Third Party Leases | | Seabrook Lease | | All Leases | Current lease liability | | $ | 15,136 |
| | $ | 11,085 |
| | $ | 26,221 |
| Long-term lease liability | | $ | 81,508 |
| | $ | 62,515 |
| | $ | 144,023 |
| Right-of-use asset | | $ | 98,268 |
| | $ | 73,600 |
| | $ | 171,868 |
| | | | | | | | Operating cash flows for operating leases | | $ | 23,253 |
| | 25,870 |
| | $ | 49,123 |
| Weighted average remaining lease term (years) | | 6 |
| | 8 |
| | 7 |
| Weighted-average discount rate | | 3.9% | | 4.0% | | 4.0% | | | | | | | |
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| Lessor, Future Minimum Payments Receivable |
Future minimum payments receivable under operating leases with initial terms greater than one year as of December 31, 2019 are estimated as follows (in thousands): | | | | | 2020 | $ | 47,687 |
| 2021 | 48,497 |
| 2022 | 35,569 |
| 2023 | 18,557 |
| 2024 | 18,296 |
| Thereafter | 54,472 |
| Total | $ | 223,078 |
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| Leases, Investment in Direct Financing Lease |
The net investment under this arrangement as of December 31, 2018 and 2019 was as follows (in thousands): | | | | | | | | | | | | December 31, 2018 | | December 31, 2019 | Total minimum lease payments receivable | | $ | 17,468 |
| | $ | 15,721 |
| Less: Unearned income | | 3,422 |
| | 2,814 |
| Recorded net investment in direct financing lease | | $ | 14,046 |
| | $ | 12,907 |
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The net investment in direct financing leases was classified in the consolidated balance sheets as follows (in millions): | | | | | | | | | | | | December 31, 2018 | | December 31, 2019 | Other accounts receivable | | $ | 1,138 |
| | $ | 1,190 |
| Long-term receivables | | 12,908 |
| | 11,717 |
| Total | | $ | 14,046 |
| | $ | 12,907 |
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Future minimum payments receivable under this direct financing lease for the next five years are $1.7 million each year
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