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Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases  
Schedule of balance sheet impact of leases

 

 

 

 

 

 

 

 

    

 

September 30, 

    

December 31, 

Classification

 

2019

 

2018

 

 

(dollars in thousands)

Right-of-Use Assets - Finance leases

 

 

 

 

 

 

Right-of-use assets

 

$

302,732

 

$

302,732

Less: Accumulated provision for depreciation

 

 

(256,186)

 

 

(252,233)

Total finance lease assets

 

$

46,546

 

$

50,499

 

 

 

 

 

 

 

Lease liabilities - Finance leases

 

 

 

 

 

 

Obligations under finance leases

 

$

78,771

 

$

81,730

Long-term debt and finance leases due within one year

 

 

5,763

 

 

5,462

Total finance lease liabilities

 

$

84,534

 

$

87,192

 

 

 

 

 

 

 

 

 

    

September 30, 

    

December 31, 

Classification

 

2019

 

2018

 

 

(dollars in thousands)

Right-of-Use Assets - Operating leases

 

 

 

 

 

 

Electric plant in service

 

$

4,068

 

$

 —

Total operating lease assets

 

$

4,068

 

$

 —

 

 

 

 

 

 

 

Lease liabilities - Operating leases

 

 

 

 

 

  

Capitalization - Other

 

$

2,448

 

$

 —

Other current liabilities

 

 

2,115

 

 

 —

Total operating lease liabilities

 

$

4,563

 

$

 —

 

Schedule of lease cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

 

September 30, 

 

September 30, 

 

September 30, 

 

September 30, 

Lease Cost

    

Classification

    

2019

    

2018

    

2019

    

2018

 

 

 

 

(dollars in thousands)

Finance lease cost:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Amortization of leased assets

 

Depreciation and amortization

 

$

1,189

 

$

1,050

 

$

3,567

 

$

3,149

Interest on lease liabilities

 

Interest expense

 

 

2,372

 

 

2,512

 

 

7,116

 

 

7,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost:

 

Inventory(1) & production expense

 

 

542

 

 

1,229

 

 

2,308

 

 

3,689

Total leased cost

 

  

 

$

4,103

 

$

4,791

 

$

12,991

 

$

14,372


(1)

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

Summary of lease terms and discount rates

 

 

 

 

 

 

 

    

September 30, 

    

December 31, 

 

 

 

2019

 

2018

 

Lease Term and Discount Rate:

 

 

 

 

 

Weighted-average remaining lease term (in years)

 

  

 

  

 

Finance leases

 

9.08

 

9.82

 

Operating leases

 

5.72

 

N/A

 

 

 

 

 

 

 

Weighted-average discount rate

 

  

 

  

 

Finance leases

 

11.05

%  

11.05

%

Operating leases

 

4.94

%  

N/A

 

 

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

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

September 30, 

 

September 30, 

 

 

2019

 

2018

 

 

(dollars in thousands)

Other Information:

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities

    

 

  

    

 

  

Operating cash flows from finance leases

 

$

4,817

 

$

10,302

Operating cash flows from operating leases

 

$

2,602

 

$

 —

Financing cash flows from finance leases

 

$

2,658

 

$

4,647

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

6,983

 

$

 —

 

Schedule of maturities of finance and operating lease liabilities

Maturity analysis of our finance and operating lease liabilities as of September 30, 2019 is a follows:

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

Year Ending December 31,

 

Finance Leases

 

Operating Leases

 

Total

2019

 

$

7,475

 

$

1,109

 

$

8,584

2020

 

 

14,949

 

 

1,402

 

 

16,351

2021

 

 

14,949

 

 

798

 

 

15,747

2022

 

 

14,949

 

 

608

 

 

15,557

2023

 

 

14,949

 

 

386

 

 

15,335

Thereafter

 

 

70,481

 

 

1,157

 

 

71,638

Total lease payments

 

$

137,752

 

$

5,460

 

$

143,212

Less: imputed interest

 

 

(53,218)

 

 

(897)

 

 

(54,115)

Present value of lease liabilities

 

$

84,534

 

$

4,563

 

$

89,097

 

Schedule of lessor's income from leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30, 

 

September 30, 

 

    

2019

    

2018

    

2019

    

2018

 

 

(dollars in thousands)

Lease income

 

$

1,514

 

$

1,461

 

$

4,554

 

$

4,406