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Leases (Tables)

6 Months Ended

Jun. 30, 2020

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



	June 30, 2020			December 31, 2019

Operating leases:
Operating lease right-of-use assets, net	$	3,377		3,255

Current operating lease liabilities	1,213			1,126
Noncurrent operating lease liabilities	2,530			2,482
Total operating lease liabilities	$	3,743		3,608

Finance leases:
Properties and equipment	$	6,851		6,968
Accumulated amortization	(3,358		)	(4,547	)
Properties and equipment, net	$	3,493		2,421

Current finance lease liabilities	$	3,293		3,224
Noncurrent finance lease liabilities	70,039			70,475
Total finance lease liabilities	$	73,332		73,699

Weighted average remaining lease term (in years)
Operating leases	6.1			6.5
Finance leases	16.3			17.0

Weighted average discount rate
Operating leases	4.8%			5.0%
Finance leases	5.6%			6.0%

The components of lease expense were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease costs	$	230	$	1,798	$	503	$	3,568
Finance lease costs
Amortization of assets	273		254		515		498
Interest on lease liabilities	1,040		24		2,077		51
Variable lease cost	46		35		95		71
Total net lease cost	$	1,589	$	2,111	$	3,190	$	4,188

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



	Six Months Ended June 30,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	518	$	3,589
Operating cash flows on finance leases	$	2,157	$	51
Financing cash flows on finance leases	$	1,972	$	503

Therefore, we recognized a gain on sales-type leases during the three months ending June 30, 2020 composed of the following:



	(In thousands)

Net investment in leases	$	35,319
Properties and equipment, net	(1,485		)
Gain on sales-type leases	$	33,834

Maturities of lease liabilities were as follows:



	June 30, 2020
	Operating			Finance
	(In thousands)
2020	$	491		$	3,865
2021	906			7,411
2022	627			7,285
2023	607			7,332
2024	494			6,856
2025 and thereafter	1,179			80,313
Total lease payments	4,304			113,062
Less: Imputed interest	(561		)	(39,730		)
Total lease obligations	3,743			73,332
Less: Current lease liabilities	(1,213		)	(3,293		)
Noncurrent lease liabilities	$	2,530		$	70,039

Maturities of lease liabilities were as follows:



	June 30, 2020
	Operating			Finance
	(In thousands)
2020	$	491		$	3,865
2021	906			7,411
2022	627			7,285
2023	607			7,332
2024	494			6,856
2025 and thereafter	1,179			80,313
Total lease payments	4,304			113,062
Less: Imputed interest	(561		)	(39,730		)
Total lease obligations	3,743			73,332
Less: Current lease liabilities	(1,213		)	(3,293		)
Noncurrent lease liabilities	$	2,530		$	70,039

Lease income recognized was as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease revenues	$	84,872	$	94,783	$	175,671	$	188,287
Direct financing lease interest income	524		509		1,048		1,019
Gain on sales-type leases	33,834		—		33,834		—
Sales-type lease interest income	2,286		—		3,940		—
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable	1,474		—		3,822		—

Annual minimum undiscounted lease payments under our leases were as follows as of June 30, 2020:

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



	June 30, 2020				December 31, 2019
	Sales-type Leases		Direct Financing Leases		Sales-type Leases		Direct Financing Leases
	(In thousands)				(In thousands)
Lease receivables⁽¹⁾	$	92,041	$	16,486	$	68,457	$	16,511
Unguaranteed residual assets	63,134		—		52,933		—
Net investment in leases	$	155,175	$	16,486	$	121,390	$	16,511

(1)

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