Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows (in thousands, except for lease term and discount rate):

	March 31, 2020			December 31, 2019
Operating leases:
Operating lease right-of-use assets, net	$	3,587		3,255
Current operating lease liabilities	1,235			1,126
Noncurrent operating lease liabilities	2,709			2,482
Total operating lease liabilities	$	3,944		3,608
Finance leases:
Properties and equipment	$	7,388		6,968
Accumulated amortization	(3,934		)	(4,547	)
Properties and equipment, net	$	3,454		2,421
Current finance lease liabilities	$	3,238		3,224
Noncurrent finance lease liabilities	70,640			70,475
Total finance lease liabilities	$	73,878		73,699
Weighted average remaining lease term (in years)
Operating leases	6.2			6.5
Finance leases	16.6			17.0
Weighted average discount rate
Operating leases	4.8%			5.0%
Finance leases	5.6%			6.0%

Schedule of Supplemental Cash Flow Information and Components of Lease Expense

The components of lease expense were as follows:

	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
	(In thousands)
Operating lease costs	$	273	1,770
Finance lease costs
Amortization of assets	242		244
Interest on lease liabilities	1,037		27
Variable lease cost	49		35
Total net lease cost	$	1,601	2,076

Supplemental cash flow and other information related to leases were as follows:

	Three Months Ended March 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	282	$	1,795
Operating cash flows on finance leases	$	1,077	$	27
Financing cash flows on finance leases	$	1,096	$	252

Schedule of Operating Lease Maturities

Maturities of lease liabilities were as follows:

	March 31, 2020
	Operating			Finance
	(In thousands)
2020	$	722		$	5,430
2021	963			7,333
2022	628			7,207
2023	544			7,254
2024	494			6,774
2025 and thereafter	1,184			80,313
Total lease payments	4,535			114,311
Less: Imputed interest	(591		)	(40,433		)
Total lease obligations	3,944			73,878
Less: Current obligations	(1,235		)	(3,238		)
Long-term lease obligations	$	2,709		$	70,640

Schedule of Finance Lease Maturities

Maturities of lease liabilities were as follows:

	March 31, 2020
	Operating			Finance
	(In thousands)
2020	$	722		$	5,430
2021	963			7,333
2022	628			7,207
2023	544			7,254
2024	494			6,774
2025 and thereafter	1,184			80,313
Total lease payments	4,535			114,311
Less: Imputed interest	(591		)	(40,433		)
Total lease obligations	3,944			73,878
Less: Current obligations	(1,235		)	(3,238		)
Long-term lease obligations	$	2,709		$	70,640

Schedule of Lease Income

Lease income recognized was as follows:

	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
	(In thousands)
Operating lease revenues	$	91,388	$	94,295
Direct financing lease interest income	$	524	$	509
Sales-type lease interest income	$	1,655	$	—
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable	$	1,797	$	—

Schedule of Minimum Undiscounted Lease Payments

Annual minimum undiscounted lease payments under our leases were as follows as of March 31, 2020:

	Operating		Finance		Sales-type
Years Ending December 31,	(In thousands)
Remainder of 2020	$	233,353	$	1,586	$	7,126
2021	305,811		2,128		9,501
2022	303,468		2,145		9,501
2023	272,784		2,162		9,501
2024	235,009		2,179		9,501
Thereafter	728,110		40,787		42,754
Total	$	2,078,535	$	50,987	$	87,884

Schedule of Net Investment in Leases

Net investments in leases recorded on our balance sheet were composed of the following:

	March 31, 2020				December 31, 2019
	Sales-type Leases		Direct Financing Leases		Sales-type Leases		Direct Financing Leases
	(In thousands)				(In thousands)
Lease receivables (1)	$	67,092	$	16,499	$	68,457	$	16,511
Unguaranteed residual assets	53,577		—		52,933		—
Net investment in leases	$	120,669	$	16,499	$	121,390	$	16,511

(1)

Current portion of lease receivables included in prepaid and other current assets on the balance sheet.