Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows (in thousands):

	June 30, 2020			December 31, 2019
Finance lease right-of-use assets, net(1)	$	39,040		$	40,227
Finance lease liabilities
Current	7,726			10,146
Noncurrent	24,731			25,528
Total finance lease liabilities	$	32,457		$	35,674
Weighted average remaining lease term - finance leases (in months)	43.0			44.7
Weighted average discount rate - finance leases(2)	5.81		%	6.02		%

⁽¹⁾ Finance lease right-of-use assets are recorded net of accumulated amortization of $9.0 million and $4.8 million and are included in property, plant and equipment, net in the Condensed Balance Sheet as of June 30, 2020 and the Balance Sheet as of December 31, 2019, respectively.

(2) When an implicit discount rate is not readily available in a lease, the Company uses its incremental borrowing rate based on information available at the commencement date when determining the present value of lease payments.

Components of Lease Expense, Finance Leases

The components of lease expense were as follows (in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2020		2019		2020		2019
Operating lease cost(1):	$	501	$	63	$	793	$	207
Finance lease cost:
Amortization of leased assets	2,918		3,421		5,916		5,828
Interest on lease liabilities	542		395		1,088		408
Net lease cost	$	3,961	$	3,879	$	7,797	$	6,443

(1) Includes leases that are for periods of 12 months or less.

Components of Lease Expense, Operating Leases

The components of lease expense were as follows (in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2020		2019		2020		2019
Operating lease cost(1):	$	501	$	63	$	793	$	207
Finance lease cost:
Amortization of leased assets	2,918		3,421		5,916		5,828
Interest on lease liabilities	542		395		1,088		408
Net lease cost	$	3,961	$	3,879	$	7,797	$	6,443

(1) Includes leases that are for periods of 12 months or less.

Maturities of Lease Liabilities

Maturities of lease liabilities were as follows (in thousands):

	Finance Leases(1)
2020	$	5,050
2021	13,359
2022	8,558
2023	8,558
2024	842
Thereafter	—
Total	36,367
Less: amount representing interest	(3,910)
Present value of lease liabilities	$	32,457

(1) Finance lease payments include $4.9 million of future payments required under signed lease agreements that have not yet commenced.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):

	For the six months ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	1,088	$	408
Financing cash flows from finance leases	$	7,985	$	7,654
Non-cash right-of-use assets obtained in exchange for lease obligations:
Finance leases	$	4,394	$	40,302