Leases (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Leases [Abstract] |
|
| 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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March 31, 2019 |
|
December 31, 2018 |
|
|
Financing lease assets |
$ |
42,402 |
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|
$ |
42,402 |
|
Less - accumulated depreciation and amortization |
(4,671 |
) |
|
(4,139 |
) |
Financing lease assets, net |
$ |
37,731 |
|
|
$ |
38,263 |
|
Supplemental balance sheet information related to leases at March 31, 2019 are as follows:
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March 31, 2019 |
Operating Leases: |
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Operating lease assets
|
$ |
30,350 |
|
Current operating lease liabilities |
5,082 |
|
Long-term portions of operating lease liabilities |
27,305 |
|
Total operating lease liabilities |
$ |
32,387 |
|
Weighted-average remaining lease term |
10 years |
|
Weighted-average discount rate |
6.1 |
% |
|
|
Financing Leases: |
|
Energy assets, net |
$ |
37,731 |
|
|
Current portions of long-term debt and financing lease liabilities
|
4,958 |
|
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees |
28,379 |
|
Total financing lease liability |
$ |
33,337 |
|
Weighted-average remaining lease term |
18 years |
|
Weighted-average discount rate |
11.7 |
% |
These adjustments are detailed as follows:
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As of January 1, 2019 |
|
As Reported |
842 Adjustment |
Adjusted Balances |
Operating Leases: |
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|
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Operating lease right-of-use asset
|
$ |
— |
|
$ |
31,639 |
|
$ |
31,639 |
|
Current portions of operating lease right-of-use liabilities |
— |
|
5,084 |
|
5,084 |
|
Long-term portions of operating lease liabilities |
— |
|
28,480 |
|
28,480 |
|
Total operating lease liabilities |
$ |
— |
|
$ |
33,564 |
|
$ |
33,564 |
|
Weighted-average remaining lease term |
|
|
10 years |
|
Weighted-average discount rate |
|
|
6.0 |
% |
|
|
|
|
Financing Leases: |
|
|
|
Energy assets, net |
$ |
38,263 |
|
$ |
— |
|
$ |
38,263 |
|
|
Current portions of long-term debt and financing lease liabilities
|
4,956 |
|
— |
|
4,956 |
|
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees |
28,407 |
|
— |
|
28,407 |
|
Total financing lease liabilities |
$ |
33,363 |
|
$ |
— |
|
$ |
33,363 |
|
Weighted-average remaining lease term |
|
|
18 years |
|
Weighted-average discount rate |
|
|
11.7 |
% |
|
| Schedule of Lease Costs |
The costs related to our leases for the three months ended March 31, 2019 are as follows:
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March 31, 2019 |
Operating Lease: |
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Operating lease costs |
$ |
1,838 |
|
Short-term lease costs |
39 |
|
|
|
Financing Lease: |
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Amortization expense |
532 |
|
Interest on lease liabilities |
949 |
|
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|
Total lease costs |
$ |
3,358 |
|
|
| 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 |
|
Financing Leases |
Year ended December 31, |
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2019 |
$ |
5,218 |
|
|
$ |
8,343 |
|
2020 |
6,476 |
|
|
7,881 |
|
2021 |
5,403 |
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|
6,775 |
|
2022 |
4,938 |
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|
5,173 |
|
2023 |
3,711 |
|
|
3,686 |
|
Thereafter |
18,895 |
|
|
26,800 |
|
Total minimum lease payments |
$ |
44,641 |
|
|
$ |
58,658 |
|
Less: interest |
12,254 |
|
|
25,321 |
|
Present value of lease liabilities |
$ |
32,387 |
|
|
$ |
33,337 |
|
|
| 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 |
|
Financing Leases |
Year ended December 31, |
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2019 |
$ |
5,218 |
|
|
$ |
8,343 |
|
2020 |
6,476 |
|
|
7,881 |
|
2021 |
5,403 |
|
|
6,775 |
|
2022 |
4,938 |
|
|
5,173 |
|
2023 |
3,711 |
|
|
3,686 |
|
Thereafter |
18,895 |
|
|
26,800 |
|
Total minimum lease payments |
$ |
44,641 |
|
|
$ |
58,658 |
|
Less: interest |
12,254 |
|
|
25,321 |
|
Present value of lease liabilities |
$ |
32,387 |
|
|
$ |
33,337 |
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|