Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block]

The following table summarizes the Company's leased assets and lease liabilities recorded in the consolidated balance sheet as of June 30, 2019 (dollars in thousands):

	Balance Sheet Location	June 30, 2019
Leased right-of-use assets:
Operating leased assets	Other assets	$	494,803
Finance leased assets, net	Property and equipment, net(a)	90,716
Total leased assets		$	585,519
Lease liabilities:
Current
Operating lease liabilities	Accrued expenses	$	65,004
Finance lease liabilities	Current portion of long-term debt	11,477
Non-current
Operating lease liabilities	Other long-term liabilities	428,087
Finance lease liabilities	Long-term debt, less current portion	72,500
Total lease liabilities		$	577,068

(a)

Net of $29.2 million of accumulated amortization as of June 30, 2019, which was recognized in depreciation and amortization expense within the Company's consolidated statement of operations.

Lease, Cost [Table Text Block]

The following table summarizes the components of lease expense for the three and six months ended June 30, 2019 (dollars in thousands):

	Location of Amount Recognized in Earnings	Three Months Ended			Six Months Ended
		June 30, 2019			June 30, 2019
Finance leases:
Amortization of right-of-use assets	Depreciation and amortization	$	1,888		$	3,761
Interest on lease liability	Interest expense	847			1,673
Total finance lease cost		$	2,735		$	5,434
Operating leases:
Operating lease cost	Equipment rents/Trackage rights	$	22,533		$	44,684
Short-term lease cost	Equipment rents/Trackage rights	2,566			4,993
Variable lease cost	Equipment rents/Trackage rights	2,995			4,907
Sublease income (gross basis)	Operating revenues	(1,527		)	(2,250		)
Total operating lease cost		$	26,567		$	52,334
Total lease cost		$	29,302		$	57,768

Finance Lease, Liability, Maturity [Table Text Block]

The maturities of lease liabilities under the New Standard based on the Company's reasonably certain holding period for each lease were as follows as of June 30, 2019 (dollars in thousands):

	Finance Leases		Operating Leases
Maturity of lease liabilities:
2019 (remainder)	$	7,789	$	45,446
2020	19,586		74,453
2021	10,807		64,080
2022	15,097		52,091
2023	10,862		43,242
Thereafter	35,671		564,700
Total lease payments	99,812		844,012
Less: Imputed interest	15,835		350,921
Total lease liabilities	$	83,977	$	493,091

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The maturities of lease liabilities under the New Standard based on the Company's reasonably certain holding period for each lease were as follows as of June 30, 2019 (dollars in thousands):

	Finance Leases		Operating Leases
Maturity of lease liabilities:
2019 (remainder)	$	7,789	$	45,446
2020	19,586		74,453
2021	10,807		64,080
2022	15,097		52,091
2023	10,862		43,242
Thereafter	35,671		564,700
Total lease payments	99,812		844,012
Less: Imputed interest	15,835		350,921
Total lease liabilities	$	83,977	$	493,091

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

The following is a summary of future minimum lease payments based on the minimum non-cancelable lease term as required under previous guidance for capital and operating leases as of December 31, 2018 (dollars in thousands):

	Capital		Operating
2019	$	11,405	$	82,191
2020	17,261		63,062
2021	8,668		54,305
2022	9,625		44,739
2023	10,780		35,919
Thereafter	13,988		383,739
Total minimum payments	$	71,727	$	663,955

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following is a summary of future minimum lease payments based on the minimum non-cancelable lease term as required under previous guidance for capital and operating leases as of December 31, 2018 (dollars in thousands):

	Capital		Operating
2019	$	11,405	$	82,191
2020	17,261		63,062
2021	8,668		54,305
2022	9,625		44,739
2023	10,780		35,919
Thereafter	13,988		383,739
Total minimum payments	$	71,727	$	663,955

Other Supplemental Lease Information

The following table presents supplemental cash flow and other information for the Company's leases as of and for the six months ended June 30, 2019 (dollars in thousands):

	Six Months Ended
	June 30, 2019
Cash flow information:
Cash paid for operating leases included in operating activities	$	45,571
Cash paid for finance leases included in operating activities	$	1,387
Cash paid for finance leases included in financing activities	$	4,688
Weighted average remaining lease term (in years):
Operating leases	26.5
Finance leases	8.2
Weighted average discount rate:
Operating leases	3.8		%
Finance leases	4.4		%
New leases:
Right-of-use assets obtained in exchange for operating lease liabilities	$	31,445
Right-of-use assets obtained in exchange for finance lease liabilities	$	27,335