Quarterly report pursuant to Section 13 or 15(d)

Operating and Finance Lease Right-of-Use Assets (Tables)

v3.19.1
Operating and Finance Lease Right-of-Use Assets (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

     March 31, 2019  
     (Dollars in thousands)  
     Related Party      Other      Total  

Operating Leases

        

Operating leases ROU assets

   $ 9,163      $ 53,957      $ 63,120  

Operating lease liabilities (current)

     903        8,561        9,464  

Operating lease liabilities (noncurrent)

     8,633        53,214        61,847  
  

 

 

    

 

 

    

 

 

 

Total operating lease liabilities

   $ 9,536      $ 61,775      $ 71,311  
  

 

 

    

 

 

    

 

 

 

 

Weighted Average Remaining Lease Term

  

Operating leases

     8.7 years  

Finance leases

     3.8 years  

Weighted Average Discount Rate

  

Operating leases

     8.05

Finance leases

     4.28

Components of Lease Expense

The components of lease expense were as follows:

 

     Three Months Ended
March 31, 2019
 
   (Dollars in thousands)  

Amortization of ROU Assets

   $ 33  

Interest on finance lease liabilities

     2  
  

 

 

 

Finance lease expense

     35  

Operating lease expense

     3,497  

Variable lease expense

     252  

Short-term lease expense

     225  
  

 

 

 

Total lease expense

   $ 4,009  
  

 

 

 

Schedule of other information related to leases

Supplemental cash flow information related to leases was as follows:

 

     Three Months Ended
March 31, 2019
 
     (Dollars in thousands)  

Operating cash flows from operating leases

   $ 2,267  

Operating cash flows from finance leases

     33  

Financing cash flows from finance leases

     21  
  

 

 

 

Cash paid for amounts included in the measurement of lease liabilities

   $ 2,321  
  

 

 

 

ROU assets acquired in exchange for new operating lease liabilities

     288  
Schedule of Future Minimum Lease Payments

Future minimum lease payments required under leases that have initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2019, are as follows:

 

     Operating Leases                
     Related
Parties
     Other       Total       Finance Leases      Total  
     (Dollars in thousands)  

2019 (Apr-Dec)

   $ 1,227      $ 9,349      $ 10,576      $ 64      $ 10,640  

2020

     1,665        12,785        14,450        66        14,516  

2021

     1,669        11,660        13,329        51        13,380  

2022

     1,647        10,081        11,728        43        11,771  

2023

     1,207        8,925        10,132        22        10,154  

Thereafter

     7,510        40,120        47,630        3        47,633  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Undiscounted Cash Flows

   $ 14,925      $ 92,920      $ 107,845      $ 249      $ 108,094  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Less: imputed interest

     5,389        31,145        36,534        19        36,553  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 9,536      $ 61,775      $ 71,311      $ 230      $ 71,541  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reconciliation to lease liabilities:

              

Lease liabilities - current

   $ 903      $ 8,561      $ 9,464      $ 74      $ 9,538  

Lease liabilities - long-term

     8,633        53,214        61,847        156        62,003  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Lease Liabilities

   $ 9,536      $ 61,775      $ 71,311      $ 230      $ 71,541  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Schedule of Future Minimum Lease Payments Based on Former Accounting Guidance

Future minimum lease payments under leases that had initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2018, based on the former accounting guidance for leases, were as follows:

 

     Operating Leases                
     Related Party      Other       Total      Finance Leases      Total  
     (Dollars in thousands)  

2019

   $ 1,730      $ 11,633      $ 13,363      $ 58      $ 13,421  

2020

     1,763        11,592        13,355        39        13,394  

2021

     1,767        10,596        12,363        31        12,394  

2022

     1,730        9,490        11,220        27        11,247  

2023

     1,234        8,584        9,818        8        9,826  

Thereafter

     13,364        48,109        61,473        —          61,473  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 21,588      $ 100,004      $ 121,592      $ 163      $ 121,755