Leases |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
LEASES
During the years ended December 31, 2015, 2014 and 2013, we recognized rental expense for all operating leases of $24.3 million, $19.1 million and $13.9 million, respectively, related primarily to office space, land sites and LNG vessel time charters. Our land site leases for the Sabine Pass LNG terminal and the Corpus Christi LNG terminal have initial terms varying up to 30 years with multiple options to renew up to an additional 60 years.
Future annual minimum lease payments, excluding inflationary adjustments, for operating leases are as follows (in thousands):
Capital Leases
During the year ended December 31, 2015, we entered into a lease agreement for tug services related to our CCL Project that was accounted for as a capital lease. As of December 31, 2015, we did not have any assets recorded under this obligation due to the service term of this lease commencing in 2018. We will record assets acquired under capital leases, net of accumulated amortization, in property, plant and equipment, net, on our Consolidated Balance Sheets upon commencement of the service term, and the related amortization expense on our Consolidated Statements of Operations.
Future annual minimum lease payments, excluding inflationary adjustments, for capital leases are as follows (in thousands):
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- References No definition available.
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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