Current report filing

Leases (Tables)

v3.20.1
Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of components of lease expense and revenue

The components of lease expense and revenue were as follows (in thousands):

Year Ended

December 31, 2019

Operating lease expense

 

$

31,596

Variable lease expense

 

14,284

Short-term lease expense

 

50,832

Finance lease cost:

Amortization of right-of-use assets

 

1,765

Interest on lease liabilities

 

1,239

Operating lease revenue

 

446

Sublease income

 

1,615

Schedule of lease balances

Lease balances were as follows (in thousands):

    

Balance Sheet location

    

December 31, 2019

Operating leases

 

  

 

  

Right-of-use assets

 

Other long-term assets

$

236,604

Current operating lease liabilities

 

Accrued expenses and other liabilities

39,126

Non-current operating lease liabilities

 

Other long-term liabilities

207,243

Finance leases

 

  

  

Right-of-use assets

 

Property and equipment, net

13,873

Current finance lease liabilities

 

Current portion of long-term debt

6,419

Non-current finance lease liabilities

 

Long-term debt

8,812

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows (in thousands):

Year Ended

    

December 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows from operating leases

 

$

75,539

Operating cash outflows from finance leases

 

1,051

Financing cash outflows from finance leases

 

2,826

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

 

24,834

Finance leases

705

Schedule of maturities of lease liabilities, weighted-average remaining lease terms and discount rates for leases

As of December 31, 2019, maturities of lease liabilities, weighted-average remaining lease terms and discount rates for our leases were as follows (in thousands, except lease terms and discount rates):

Operating

Finance 

 

    

leases

    

leases

 

2020

$

47,796

$

6,141

2021

 

32,144

 

4,912

2022

 

31,844

 

3,957

2023

 

31,740

 

730

2024

 

31,753

 

677

Thereafter

 

112,718

 

629

Total

 

287,995

17,046

Less: Present value discount

 

(41,626)

(1,815)

Present value of lease liabilities

$

246,369

$

15,231

Weighted average remaining lease term (years)

 

8.30

 

3.65

Weighted average discount rate

 

3.76

%  

 

7.47

%

Schedule of minimum annual payments for noncancelable leases

As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018, future minimum lease payments for operating leases having initial or remaining noncancelable lease terms in excess of one year were as follows under the previous lease accounting standard (ASC 840) (in thousands):

Year

    

December 31, 2018

2019

$

16,651

2020

 

16,105

2021

 

15,315

2022

 

14,391

2023

 

13,462

Thereafter

 

52,626

Total minimum annual rentals

$

128,550