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Leases (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of balance sheet impact of leases

For lease agreements entered into or reassessed after the adoption of the new leases standard, we combine lease and nonlease components.


Classification	March 31, 2020		December 31, 2019
	(dollars in thousands)
Right-of-Use Assets—Finance leases
Right-of-use assets	$	302,732	$	302,732
Less: Accumulated provision for depreciation	(258,821)		(257,504)
Total finance lease assets	$	43,911	$	45,228
Lease liabilities—Finance leases
Obligations under finance leases	$	75,649	$	75,649
Long-term debt and finance leases due within one year	6,081		6,081
Total finance lease liabilities	$	81,730	$	81,730


Classification	March 31, 2020		December 31, 2019
	(dollars in thousands)
Right-of-Use Assets—Operating leases
Electric plant in service	$	4,033	$	3,237
Total operating lease assets	$	4,033	$	3,237
Lease liabilities—Operating leases
Capitalization—Other	$	3,056	$	2,293
Other current liabilities	991		1,252
Total operating lease liabilities	$	4,047	$	3,545

Schedule of lease cost


		Three months ended
Lease Cost	Classification	March 31, 2020		March 31, 2019
		(dollars in thousands)
Finance lease cost:
Amortization of leased assets	Depreciation and amortization	$	1,344	$	1,189
Interest on lease liabilities	Interest expense	2,217		2,372
Operating lease cost	Inventory⁽¹⁾ & production expense	523		883
Total lease cost		$	4,084	$	4,444

(1)The majority of our operating lease costs relates to our railcar leases and such costs are added to the cost of our fossil-fuel inventories and are recognized in fuel expense as the inventories are consumed.

Summary of lease terms and discount rates


	March 31, 2020		December 31, 2019
Lease Term and Discount Rate:
Weighted-average remaining lease term (in years):
Finance leases	8.59		8.84
Operating leases	7.34		7.39
Weighted-average discount rate:
Finance leases	11.05	%	11.05	%
Operating leases	4.62	%	5.12	%

Schedule of cash paid for amounts included in the measurement of lease liabilities


	Three months ended
	March 31, 2020		March 31, 2019
	(dollars in thousands)
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	761	$	772
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,227	$	6,983

Schedule of maturities of finance and operating lease liabilities

Maturity analysis of our finance and operating lease liabilities as of March 31, 2020 is a follows:


	(dollars in thousands)
Year Ending December 31,	Finance Leases		Operating Leases		Total
2020	$	14,949	$	800	$	15,749
2021	14,949		1,121		16,070
2022	14,949		930		15,879
2023	14,949		709		15,658
2024	14,949		235		15,184
Thereafter	55,532		1,085		56,617
Total lease payments	$	130,277	$	4,880	$	135,157
Less: imputed interest	(48,547)		(833)		(49,380)
Present value of lease liabilities	$	81,730	$	4,047	$	85,777

Schedule of lessor's income from leases

Lease income recognized during the three months ended March 31, 2020 and March 31, 2019 was as follows:


	Three months ended March 31,
	2020		2019
	(dollars in thousands)
Lease income	$	1,548	$	1,518