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 |
|