Leases (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Leases [Abstract] |
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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 |
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| | (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.
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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 |
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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 |
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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 |
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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 |
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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 | % |
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