Leases |
(6) Leases
The Company’s leases include but are not limited to real estate, including terminals and general office buildings, trailers, corporate fleet vehicles and other equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.
As of March 31, 2019, approximately $113.2 million of finance leased assets, net of depreciation, were included in Property and Equipment. Accumulated depreciation for these assets totaled $28.6 million as of the same period ended.
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Three Months Ended |
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March 31, 2019 |
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Lease Cost |
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(in thousands) |
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Finance Lease Cost: |
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Amortization of right-of-use assets |
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$ |
2,770 |
|
Interest on lease liabilities |
|
|
800 |
|
Operating lease cost (includes variable and sublease costs as they are immaterial) |
|
|
5,356 |
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Short-term lease cost |
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|
932 |
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Total lease cost |
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$ |
9,858 |
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Other Information |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from finance leases |
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|
800 |
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Operating cash flows from operating leases |
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|
6,783 |
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Finance cash flows from finance leases |
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|
4,589 |
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Right-of-use assets obtained in exchange for new finance lease liabilities |
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|
— |
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Right-of-use assets obtained in exchange for new operating lease liabilities |
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|
3,017 |
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Weighted-average remaining lease term - finance leases (years) |
|
|
4.7 |
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Weighted-average remaining lease term - operating leases (years) |
|
|
6.0 |
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Weighted-average discount rate - finance leases |
|
|
3.4 |
% |
Weighted-average discount rate - operating leases |
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|
4.7 |
% |
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Maturity of Lease Liaiblities
(in thousands) |
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Operating Leases |
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Finance Leases |
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2019 |
|
$ |
17,510 |
|
|
$ |
15,984 |
|
2020 |
|
|
18,429 |
|
|
|
21,311 |
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2021 |
|
|
15,377 |
|
|
|
21,837 |
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2022 |
|
|
12,313 |
|
|
|
20,101 |
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2023 |
|
|
8,779 |
|
|
|
14,522 |
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Thereafter |
|
|
23,301 |
|
|
|
14,073 |
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Total lease payments |
|
|
95,709 |
|
|
|
107,828 |
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Less: Interest |
|
|
20,284 |
|
|
|
9,558 |
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Present value of lease liabilities |
|
$ |
75,425 |
|
|
$ |
98,270 |
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