Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

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, 2022		December 31, 2021
	(dollars in thousands)
Right-of-Use Assets—Finance leases
Right-of-use assets	$	302,732	$	302,732
Less: Accumulated provision for depreciation	(268,923)		(267,606)
Total finance lease assets	$	33,809	$	35,126
Lease liabilities—Finance leases
Obligations under finance leases	$	61,335	$	61,335
Long-term debt and finance leases due within one year	7,541		7,541
Total finance lease liabilities	$	68,876	$	68,876

Classification	March 31, 2022		December 31, 2021
	(dollars in thousands)
Right-of-Use Assets—Operating leases
Electric plant in service, net	$	2,086	$	2,293
Total operating lease assets	$	2,086	$	2,293
Lease liabilities—Operating leases
Capitalization—Other	$	1,301	$	1,550
Other current liabilities	798		838
Total operating lease liabilities	$	2,099	$	2,388

Schedule of lease cost

		Three months ended
Lease Cost	Classification	March 31, 2022		March 31, 2021
		(dollars in thousands)
Finance lease cost:
Amortization of leased assets	Depreciation and amortization	$	1,885	$	1,516
Interest on lease liabilities	Interest expense	1,852		2,044
Operating lease cost:	Inventory(1) & production expense	222		270
Total leased cost		$	3,959	$	3,830

(1) The majority of our operating lease costs relate 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, 2022		December 31, 2021
Lease Term and Discount Rate:
Weighted-average remaining lease term (in years)
Finance leases	6.65		6.90
Operating leases	8.60		8.01
Weighted-average discount rate:
Finance leases	11.05	%	11.05	%
Operating leases	4.84	%	4.73	%

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

	Three months ended
	March 31, 2022		March 31, 2021
	(dollars in thousands)
Other Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	303	$	351
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—

Schedule of maturities of finance and operating lease liabilities

Maturity analysis of our finance and operating lease liabilities as of March 31, 2022 is as follows:

	(dollars in thousands)
Year Ending December 31,	Finance Leases		Operating Leases		Total
2022	$	14,949	$	626	$	15,575
2023	14,949		708		15,657
2024	14,949		234		15,183
2025	14,949		72		15,021
2026	14,949		72		15,021
Thereafter	25,633		940		26,573
Total lease payments	$	100,378	$	2,652	$	103,030
Less: imputed interest	(31,502)		(553)		(32,055)
Present value of lease liabilities	$	68,876	$	2,099	$	70,975

Schedule of lessor's income from leases

Lease income recognized during the three months ended March 31, 2022 and 2021 was as follows:

	Three Months Ended March 31,
	2022		2021
	(dollars in thousands)
Lease income	$	1,645	$	1,597