| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
|
|
December 31, 2019 |
|
|
Operating |
|
|
Finance |
|
|
|
Operating |
Right-of-use-assets |
|
$ |
53,948 |
|
|
$ |
7,654 |
|
|
$ |
54,941 |
|
Lease liabilities |
|
|
64,757 |
|
|
|
10,590 |
|
|
|
66,052 |
|
Lease Term and Discount Rate of Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term (years) |
|
|
7.41 |
|
|
|
8.33 |
|
|
|
7.36 |
|
Weighted-average discount rate (1) |
|
|
2.26 |
% |
|
|
1.17 |
% |
|
|
2.69 |
% |
| (1) |
An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date.
|
|
| Other Lease Information |
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
2020 |
|
2019 |
Cash paid for amounts included in measurement of lease liabilities: |
|
|
|
|
|
|
Operating Cash Flows from Finance Leases |
|
$ |
41 |
|
$ |
- |
Operating Cash Flows from Operating Leases |
|
|
10,398 |
|
|
10,327 |
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
Operating leases |
|
|
7,566 |
|
|
5,979 |
Finance leases |
|
|
10,549 |
|
|
- |
|
| Lease Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net Operating Lease Cost |
|
$ |
2,536 |
|
$ |
2,928 |
|
$ |
8,383 |
|
$ |
8,940 |
Finance Lease Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
|
230 |
|
|
- |
|
|
306 |
|
|
- |
Interest on lease liabilities |
|
|
31 |
|
|
- |
|
|
41 |
|
|
- |
Total Lease Cost |
|
$ |
2,797 |
|
$ |
2,928 |
|
$ |
8,730 |
|
$ |
8,940 |
|
| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at September 30, 2020 are presented in the tables below (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
|
Lessor |
|
Lessee |
|
|
|
Sales-type and Direct Financing |
|
Operating |
|
Finance |
For the remaining three months of 2020 |
|
$ |
7,416 |
|
$ |
3,193 |
|
$ |
— |
2021 |
|
|
28,883 |
|
|
12,500 |
|
|
1,261 |
2022 |
|
|
29,799 |
|
|
11,289 |
|
|
1,292 |
2023 |
|
|
28,136 |
|
|
10,324 |
|
|
1,325 |
2024 |
|
|
26,185 |
|
|
9,007 |
|
|
1,358 |
2025 |
|
|
17,780 |
|
|
6,712 |
|
|
1,392 |
Thereafter |
|
|
13,594 |
|
|
17,701 |
|
|
4,515 |
Total undiscounted cash flows |
|
|
151,793 |
|
|
70,726 |
|
|
11,143 |
Less: Adjustments (1) |
|
|
9,645 |
|
|
5,969 |
|
|
553 |
Total (2) |
|
$ |
142,148 |
|
$ |
64,757 |
|
$ |
10,590 |
| (1) |
Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest. |
| (2) |
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements
|
|