Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease, Cost

The following table presents the balance sheet information related to leases as of September 30, 2019:

(in thousands)
Leases	September 30, 2019
Operating lease right-of-use assets	$	108,187
Operating lease liabilities	$	116,924

The following table presents the components of lease expense for the three and nine months ended September 30, 2019:

(in thousands)	Three Months Ended		Nine Months Ended
Lease Costs	September 30, 2019		September 30, 2019
Operating lease costs	$	8,091	$	24,333
Short-term lease costs	184		660
Variable lease costs	1		(2)
Sublease income	(625)		(2,027)
Net lease costs	$	7,651	$	22,964

Prior to the adoption of ASU 2016-02, rent expense for the three and nine months ended September 30, 2018 was $9.6 million and $28.6 million, respectively, and was partially offset by rent income of $671,000 and $2.0 million, respectively.

The following table presents the supplemental cash flow information related to leases for the nine months ended September 30, 2019:

(in thousands)	Nine Months Ended
Cash Flows	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24,773
Right of use assets obtained in exchange for new operating lease liabilities	$	15,339

Lessee, Operating Lease, Liability, Maturity

The following table presents the maturities of lease liabilities as of September 30, 2019:

(in thousands)
Year	Operating Leases
Remainder of 2019	$	8,239
2020	29,392
2021	23,842
2022	18,497
2023	14,513
Thereafter	37,701
Total lease payments	132,184
Less: imputed interest	(15,260)
Present value of lease liabilities	$	116,924

The following table presents the operating lease term and discount rate as of September 30, 2019:

	September 30, 2019
Weighted-average remaining lease term (years)	6.8
Weighted-average discount rate	3.60	%

Schedule of Future Minimum Rental Payments for Operating Leases

The following table sets forth, as of December 31, 2018, the future minimum lease payments under non-cancelable leases and future minimum income receivable under non-cancelable operating subleases:

(in thousands)
Year	Leases Payments		Subleases Income
2019	$	33,948	$	2,851
2020	29,535		2,711
2021	23,898		2,333
2022	18,250		1,718
2023	14,100		1,337
Thereafter	37,963		3,477
Total	$	157,694	$	14,427