Leases (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2020		December 31, 2019
Operating leases:
Operating lease right-of-use assets, net	$	3,164	$	3,255
Current operating lease liabilities	1,199		1,126
Noncurrent operating lease liabilities	2,333		2,482
Total operating lease liabilities	$	3,532	$	3,608
Finance leases:
Properties and equipment	$	6,554	$	6,968
Accumulated amortization	(3,354)		(4,547)
Properties and equipment, net	$	3,200	$	2,421
Current finance lease liabilities	$	3,459	$	3,224
Noncurrent finance lease liabilities	69,180		70,475
Total finance lease liabilities	$	72,639	$	73,699
Weighted average remaining lease term (in years)
Operating leases	6.0		6.5
Finance leases	16.2		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

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

	Nine Months Ended September 30,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	773	$	5,467
Operating cash flows on finance leases	$	3,241	$	75
Financing cash flows on finance leases	$	2,666	$	780

The components of lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease costs	$	242	$	1,852	$	745	$	5,420
Finance lease costs
Amortization of assets	251		213		766		711
Interest on lease liabilities	1,032		24		3,108		75
Variable lease cost	64		41		159		112
Total net lease cost	$	1,589	$	2,130	$	4,778	$	6,318

Schedule of Operating Lease Maturities

Maturities of lease liabilities were as follows:

	September 30, 2020
	Operating		Finance
	(In thousands)
2020	$	257	$	1,931
2021	906		7,403
2022	627		7,277
2023	607		7,320
2024	494		6,856
2025 and thereafter	1,179		80,313
Total lease payments	4,070		111,100
Less: Imputed interest	(538)		(38,461)
Total lease obligations	3,532		72,639
Less: Current lease liabilities	(1,199)		(3,459)
Noncurrent lease liabilities	$	2,333	$	69,180

Schedule of Finance Lease Maturities

Maturities of lease liabilities were as follows:

	September 30, 2020
	Operating		Finance
	(In thousands)
2020	$	257	$	1,931
2021	906		7,403
2022	627		7,277
2023	607		7,320
2024	494		6,856
2025 and thereafter	1,179		80,313
Total lease payments	4,070		111,100
Less: Imputed interest	(538)		(38,461)
Total lease obligations	3,532		72,639
Less: Current lease liabilities	(1,199)		(3,459)
Noncurrent lease liabilities	$	2,333	$	69,180

Sales-Type Lease, Gain Recognized

Therefore, we recognized a gain on sales-type leases during the nine months ended September 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

Schedule of Lease Income

Lease income recognized was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease revenues	$	87,125	$	94,459	$	262,518	$	282,747
Direct financing lease interest income	525		539		1,572		1,558
Gain on sales-type leases	—		35,166		33,834		35,166
Sales-type lease interest income	2,278		1,675		6,218		1,675
Lease revenues relating to variable lease payments not included in measurement of the sales-type lease receivable	2,952		3,075		7,413		3,075

Schedule of Minimum Undiscounted Lease Payments

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

	Operating		Finance		Sales-type
Years Ending December 31,	(In thousands)
Remainder of 2020	$	77,568	$	530	$	3,114
2021	306,771		2,128		12,456
2022	304,315		2,145		12,456
2023	273,362		2,162		12,456
2024	235,280		2,179		12,456
2025 and thereafter	739,158		40,787		73,044
Total	$	1,936,454	$	49,931	$	125,982

Schedule of Net Investment in Leases

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

	September 30, 2020				December 31, 2019
	Sales-type Leases		Direct Financing Leases		Sales-type Leases		Direct Financing Leases
	(In thousands)				(In thousands)
Lease receivables (1)	$	90,606	$	16,469	$	68,457	$	16,511
Unguaranteed residual assets	63,718		—		52,933		—
Net investment in leases	$	154,324	$	16,469	$	121,390	$	16,511

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