Leases (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Leases [Abstract] |
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| Schedule of Assets and Liabilities, Lessee |
Included in energy assets are financing lease assets and accumulated depreciation of financing lease assets. Financing lease assets consist of the following:
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June 30, |
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December 31, |
|
2019 |
|
2018 |
Financing lease assets |
$ |
42,402 |
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|
$ |
42,402 |
|
Less - accumulated depreciation and amortization |
(5,203 |
) |
|
(4,139 |
) |
Financing lease assets, net |
$ |
37,199 |
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|
$ |
38,263 |
|
Supplemental balance sheet information related to leases at June 30, 2019 is as follows:
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June 30, 2019 |
Operating Leases: |
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Operating lease assets
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$ |
32,051 |
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Current operating lease liabilities |
5,807 |
|
Long-term portions of operating lease liabilities |
28,308 |
|
Total operating lease liabilities |
$ |
34,115 |
|
Weighted-average remaining lease term |
10 years |
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Weighted-average discount rate |
6.3 |
% |
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Financing Leases: |
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Energy assets, net |
$ |
37,199 |
|
Current portions of financing lease liabilities |
5,044 |
|
Long-term financing lease liabilities, less current portions and net of deferred financing fees |
26,100 |
|
Total financing lease liability |
$ |
31,144 |
|
Weighted-average remaining lease term |
17 years |
|
Weighted-average discount rate |
11.8 |
% |
These adjustments are detailed as follows:
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As of January 1, 2019 |
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As Reported |
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842 Adjustment |
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Adjusted Balances |
Operating Leases: |
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Operating lease assets |
$ |
— |
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|
$ |
31,639 |
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$ |
31,639 |
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Current portions of operating lease liabilities |
— |
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|
5,084 |
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|
5,084 |
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Long-term portions of operating lease liabilities |
— |
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|
28,480 |
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|
28,480 |
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Total operating lease liabilities |
$ |
— |
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|
$ |
33,564 |
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|
$ |
33,564 |
|
Weighted-average remaining lease term |
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|
10 years |
|
Weighted-average discount rate |
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6.0 |
% |
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Financing Leases: |
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Energy assets, net |
$ |
38,263 |
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$ |
— |
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$ |
38,263 |
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Current portions of financing lease liabilities |
4,956 |
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— |
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|
4,956 |
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Long-term financing lease liabilities, less current portions and net of deferred financing fees |
28,407 |
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— |
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|
28,407 |
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Total financing lease liabilities |
$ |
33,363 |
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|
$ |
— |
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|
$ |
33,363 |
|
Weighted-average remaining lease term |
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|
18 years |
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Weighted-average discount rate |
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11.7 |
% |
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| Schedule of Lease Costs |
The costs related to our leases are as follows:
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Three Months Ended June 30, 2019 |
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Six Months Ended June 30, 2019 |
Operating Lease: |
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Operating lease costs |
$ |
1,909 |
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|
$ |
3,747 |
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Financing Lease: |
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Amortization expense |
532 |
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|
1,064 |
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Interest on lease liabilities |
947 |
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|
1,896 |
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Total lease costs |
$ |
3,388 |
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|
$ |
6,707 |
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| Schedule of Finance Lease Liability Maturity |
The Company’s estimated minimum future lease obligations under our leases are as follows:
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Operating Leases |
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Financing Leases |
Year ended December 31, |
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2019 |
$ |
3,709 |
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$ |
4,480 |
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2020 |
7,365 |
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|
7,881 |
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2021 |
5,832 |
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|
6,775 |
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2022 |
5,270 |
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|
5,173 |
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2023 |
4,021 |
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|
3,686 |
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Thereafter |
21,029 |
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|
26,800 |
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Total minimum lease payments |
$ |
47,226 |
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|
$ |
54,795 |
|
Less: interest |
13,111 |
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|
23,651 |
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Present value of lease liabilities |
$ |
34,115 |
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|
$ |
31,144 |
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| Schedule of Operating Lease Liability Maturity |
The Company’s estimated minimum future lease obligations under our leases are as follows:
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Operating Leases |
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Financing Leases |
Year ended December 31, |
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2019 |
$ |
3,709 |
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$ |
4,480 |
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2020 |
7,365 |
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|
7,881 |
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2021 |
5,832 |
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|
6,775 |
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2022 |
5,270 |
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|
5,173 |
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2023 |
4,021 |
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|
3,686 |
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Thereafter |
21,029 |
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|
26,800 |
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Total minimum lease payments |
$ |
47,226 |
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$ |
54,795 |
|
Less: interest |
13,111 |
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|
23,651 |
|
Present value of lease liabilities |
$ |
34,115 |
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|
$ |
31,144 |
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| Schedule of Amount Related to Sale Leasebacks |
A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows:
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June 30, |
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December 31, |
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2019 |
|
2018 |
Financing lease assets, net |
$ |
37,199 |
|
|
$ |
38,263 |
|
Deferred loss, short-term, net |
115 |
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|
115 |
|
Deferred loss, long-term, net |
1,859 |
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|
1,917 |
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Total deferred loss |
$ |
1,974 |
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|
$ |
2,032 |
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Financing lease liabilities, short-term |
5,044 |
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|
4,956 |
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Financing lease liabilities, long-term |
26,100 |
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|
28,407 |
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Total financing lease liabilities |
$ |
31,144 |
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$ |
33,363 |
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Deferred gain, short-term, net |
345 |
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|
345 |
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Deferred gain, long-term, net |
5,635 |
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|
5,808 |
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Total deferred gain |
$ |
5,980 |
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$ |
6,153 |
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