Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease, Cost

The components of our ongoing operating lease cost under ASC 842, Leases were as follows:

	Twelve months ended
(Dollars in thousands)	December 31, 2019
Operating lease cost (1)	$	19,574
Sublease income	(486)
Net lease cost	$	19,088

(1)Includes variable lease cost and short-term lease cost

Balance Sheet Information

Supplemental balance sheet information related to operating leases was as follows:

(Dollars in thousands)	December 31, 2019
Assets
Right-of-use assets	$	166,221
Total assets	$	166,221
Liabilities
Lease liabilities	$	181,814
Total liabilities	$	181,814
Lease term and discount rate
Weighted average remaining lease term (in years)
Operating leases	19.06
Weighted average discount rate
Operating leases	4.17		%

Lease Maturity

Maturities of operating lease liabilities under ASC 842, Leases (as adopted on January 1, 2019) were as follows:

(Dollars in thousands)	December 31, 2019
2020	$	18,591
2021	18,314
2022	18,315
2023	18,525
2024	17,390
After 2024	197,203
Total lease payments	288,338
Less: Interest	(106,524)
Present value of lease liabilities	$	181,814

Summary of Future Minimum Cash Payments

The minimum cash payments for operating leases under ASC 840, Leases were as follows:

(Dollars in thousands)	December 31, 2018
2019	$	11,562
2020	11,411
2021	11,132
2022	11,078
2023	11,141
After 2023	169,929
Total minimum lease payments	$	226,253

Supplemental Cash Flow information

Supplemental cash flow information related to leases was as follows:

	Twelve months ended
(Dollars in thousands)	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	17,606
Right of use assets obtained in exchange for new operating lease liabilities (non-cash)	61,693

Direct Financing Lease

The components of direct finance lease income are summarized in the table below:

	Twelve months ended
(Dollars in thousands)	December 31, 2019
Direct financing leases:
Interest income on lease receivable	$	9,032
Interest income on deferred fees and costs	427
Total direct financing lease income	$	9,459

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	December 31, 2019
Lease receivables	$	217,076
Unearned income	(28,446)
Deferred fees and costs	1,962
Net investment in direct financing leases	$	190,592

Lessor, Operating Lease, Payments to be Received, Maturity

At December 31, 2019, future minimum lease payments to be received for direct financing leases were as follows:

(Dollars in thousands)	Direct financing leases
2020	$	71,067
2021	58,337
2022	42,274
2023	28,628
2024	14,450
After 2024	2,320
Total lease payments	$	217,076