| Lessee Lease Portfolio and Other Supplemental Lease Information |
The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
|
December 31, 2019 |
|
|
Operating |
|
|
Finance |
|
|
|
Operating |
Right-of-use-assets |
|
$ |
53,208 |
|
|
$ |
7,884 |
|
|
$ |
54,941 |
|
Lease liabilities |
|
|
63,523 |
|
|
|
10,559 |
|
|
|
66,052 |
|
Lease Term and Discount Rate of Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term (years) |
|
|
7.00 |
|
|
|
8.58 |
|
|
|
7.36 |
|
Weighted-average discount rate (1) |
|
|
2.43 |
% |
|
|
1.17 |
% |
|
|
2.69 |
% |
| (1) |
An incremental borrowing rate is used based on information available at commencement date of lease.
|
|
| Other Lease Information |
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
Cash paid for amounts included in measurement of lease liabilities: |
|
|
|
|
|
|
Operating Cash Flows from Finance Leases |
|
$ |
10 |
|
$ |
- |
Operating Cash Flows from Operating Leases |
|
|
6,893 |
|
|
6,880 |
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
Operating leases |
|
|
3,183 |
|
|
3,619 |
Finance leases |
|
|
10,549 |
|
|
- |
|
| Lease Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net Operating Lease Cost |
|
$ |
2,928 |
|
$ |
3,134 |
|
$ |
5,847 |
|
$ |
6,136 |
Finance Lease Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
|
77 |
|
|
- |
|
|
77 |
|
|
- |
Interest on lease liabilities |
|
|
10 |
|
|
- |
|
|
10 |
|
|
- |
Total Lease Cost |
|
$ |
3,015 |
|
$ |
3,134 |
|
$ |
5,934 |
|
$ |
6,136 |
|
| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at June 30, 2020 are presented in the tables below (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
Lessor |
|
Lessee |
|
|
|
Sales-type and Direct Financing |
|
Operating |
|
Finance |
For the remaining six months of 2020 |
|
$ |
7,894 |
|
$ |
6,526 |
|
$ |
— |
2021 |
|
|
16,216 |
|
|
12,182 |
|
|
1,261 |
2022 |
|
|
17,093 |
|
|
10,920 |
|
|
1,292 |
2023 |
|
|
15,503 |
|
|
9,958 |
|
|
1,325 |
2024 |
|
|
13,130 |
|
|
8,640 |
|
|
1,358 |
2025 |
|
|
4,310 |
|
|
6,296 |
|
|
1,392 |
Thereafter |
|
|
10,548 |
|
|
15,088 |
|
|
4,515 |
Total undiscounted cash flows |
|
|
84,694 |
|
|
69,610 |
|
|
11,143 |
Less: Adjustments (1) |
|
|
5,996 |
|
|
6,087 |
|
|
584 |
Total (2) |
|
$ |
78,698 |
|
$ |
63,523 |
|
$ |
10,559 |
| (1) |
Lessor – unearned income and guaranteed residual value; Lessee – imputed interest. |
| (2) |
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements
|
|