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Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Components of Lease Costs The components of lease costs in the accompanying consolidated statements of operations are as follows (in thousands):
 
 
 
Year Ended
Lease cost
Classification
 
December 31, 2019
Finance lease cost:
 
 
 
Amortization of lease assets
Depreciation (1)
 
$
1,393

Interest on lease liabilities
Interest expense
 
64

Operating lease cost
Cost of services and Selling, general and administrative expenses
 
121,767

Short-term and variable lease cost (2)
Cost of services and Selling, general and administrative expenses
 
837,244

Total lease cost
 
 
$
960,468

(1)  
Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying consolidated statements of operations.
(2)  
Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant and primarily relates to real estate leases and consists of common area maintenance charges, real estate taxes, insurance and other variable costs.
Components of Leases in the Balance Sheet
The components of leases in the accompanying consolidated balance sheet were as follows (in thousands):
Lease type
Classification
 
December 31, 2019
Assets:
 
 
 
Operating lease right-of-use assets
Operating lease right-of-use assets
 
$
284,369

Finance lease assets
Property and equipment, net of accumulated depreciation
 
1,043

Total lease assets
 
 
$
285,412

Liabilities:
 
 
 
Current:
 
 
 
Operating
Current portion of operating lease liabilities
 
$
92,475

Finance
Current maturities of long-term debt and short-term debt
 
440

 
 
 
 
Non-current:
 
 
 
Operating
Operating lease liabilities, net of current portion
 
196,521

Finance
Long-term debt, net of current maturities
 
517

Total lease liabilities
 
 
$
289,953


Future Minimum Lease Payments - Operating Leases
Future minimum lease payments for operating and finance leases were as follows (in thousands):
 
 
As of December 31, 2019
 
 
Operating Leases
 
Finance Leases
 
Total
2020
 
$
102,848

 
$
469

 
$
103,317

2021
 
75,982

 
325

 
76,307

2022
 
51,295

 
127

 
51,422

2023
 
34,153

 
60

 
34,213

2024
 
17,952

 
21

 
17,973

Thereafter
 
35,019

 
8

 
35,027

Total future minimum operating and finance lease payments
 
317,249

 
1,010

 
318,259

Less imputed interest
 
(28,253
)
 
(53
)
 
(28,306
)
Total lease liabilities
 
$
288,996

 
$
957

 
$
289,953


Future Minimum Lease Payments - Finance Leases
Future minimum lease payments for operating and finance leases were as follows (in thousands):
 
 
As of December 31, 2019
 
 
Operating Leases
 
Finance Leases
 
Total
2020
 
$
102,848

 
$
469

 
$
103,317

2021
 
75,982

 
325

 
76,307

2022
 
51,295

 
127

 
51,422

2023
 
34,153

 
60

 
34,213

2024
 
17,952

 
21

 
17,973

Thereafter
 
35,019

 
8

 
35,027

Total future minimum operating and finance lease payments
 
317,249

 
1,010

 
318,259

Less imputed interest
 
(28,253
)
 
(53
)
 
(28,306
)
Total lease liabilities
 
$
288,996

 
$
957

 
$
289,953


Future Minimum Payments under Operating Leases
Future minimum lease payments for operating leases under the prior standard and Quanta’s historical accounting policy were as follows (in thousands):
 
 
As of December 31, 2018
 
 
Operating Leases Under Prior Accounting Standard
2019
 
$
124,530

2020
 
81,189

2021
 
55,827

2022
 
34,337

2023
 
21,450

Thereafter
 
37,217

Total minimum lease payments
 
$
354,550


Other Information Related to Leases
The weighted average remaining lease terms and discount rates were as follows:
 
 
As of December 31, 2019
Weighted average remaining lease term (in years):
 
 
Operating leases
 
4.35

Finance leases
 
2.66

Weighted average discount rate:
 
 
Operating leases
 
4.3
%
Finance leases
 
4.2
%