XML 46 R34.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2020

The following table provides the components of lease expense for the periods indicated (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Finance lease cost:
Amortization of ROU assets	$	553	$	456	$	1,106	$	701
Interest on lease liabilities	68		81		142		127
Operating lease cost	678		717		1,357		1,579
Short-term lease cost	2,169		2,863		4,671		4,828
Total lease expense	$	3,468	$	4,117	$	7,276	$	7,235

The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):


	Six Months Ended
	June 30,
	2020		2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	1,354	$	1,274
Operating cash flows from finance leases	201		94
Financing cash flows from finance leases	1,070		651

ROU assets obtained in exchange for new lease liabilities:
Finance leases ⁽²⁾	1,656		4,148
Operating leases	162		11,111

______________

(1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows.

(2)2020 amount consists of a finance lease agreement for 40 trailers with a six year term that we entered into in connection with the CTL acquisition. See Note 6 for further information.

The following table provides the lease terms and discount rates for the periods indicated:


	Six Months Ended
	June 30,
	2020		2019
Weighted-average remaining lease term (years):
Finance leases	4.4		3.52
Operating leases	4.38		5.24

Weighted-average discount rate:
Finance leases	4.2	%	4.9	%
Operating leases	5.0	%	5.0	%

Assets and Liabilities, Lessee

The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):


	June 30,		December 31,
	2020		2019
Assets
Finance lease ROU assets ⁽¹⁾	$	6,934	$	6,384
Operating lease ROU assets	8,599		9,576

Liabilities
Current
Finance lease liabilities	2,482		2,167
Operating lease liabilities	2,159		2,252
Noncurrent
Finance lease liabilities	4,647		4,376
Operating lease liabilities	6,442		7,323

______________

(1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.

Lessee, Operating Lease, Liability, Maturity

The following table provides maturities of undiscounted lease liabilities at June 30, 2020 (in thousands):


	Finance		Operating
	Lease		Lease

Remainder of 2020	$	1,361	$	1,350
2021	2,723		2,311
2022	1,789		1,968
2023	939		1,789
2024	336		1,671
Thereafter	446		444
Total lease payments	7,594		9,533
Less: Interest	(465)		(932)
Present value of lease liabilities	7,129		8,601
Less: Current portion of lease obligation	(2,482)		(2,159)
Total long-term lease obligation	$	4,647	$	6,442

The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):


	Finance		Operating
	Lease		Lease

2020	$	2,426	$	2,660
2021	2,426		2,256
2022	1,492		1,914
2023	642		1,776
2024	37		1,668
Thereafter	—		443
Total lease payments	7,023		10,717
Less: Interest	(480)		(1,142)
Present value of lease liabilities	6,543		9,575
Less: Current portion of lease obligation	(2,167)		(2,252)
Total long-term lease obligation	$	4,376	$	7,323

Finance Lease, Liability, Maturity

The following table provides maturities of undiscounted lease liabilities at June 30, 2020 (in thousands):


	Finance		Operating
	Lease		Lease

Remainder of 2020	$	1,361	$	1,350
2021	2,723		2,311
2022	1,789		1,968
2023	939		1,789
2024	336		1,671
Thereafter	446		444
Total lease payments	7,594		9,533
Less: Interest	(465)		(932)
Present value of lease liabilities	7,129		8,601
Less: Current portion of lease obligation	(2,482)		(2,159)
Total long-term lease obligation	$	4,647	$	6,442

The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):


	Finance		Operating
	Lease		Lease

2020	$	2,426	$	2,660
2021	2,426		2,256
2022	1,492		1,914
2023	642		1,776
2024	37		1,668
Thereafter	—		443
Total lease payments	7,023		10,717
Less: Interest	(480)		(1,142)
Present value of lease liabilities	6,543		9,575
Less: Current portion of lease obligation	(2,167)		(2,252)
Total long-term lease obligation	$	4,376	$	7,323