Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease Cost

Supplemental lease information is summarized below (in thousands, except rate and lease term):

	Three Months Ended June 30,		Six Months Ended June 30,
	2019		2019
Right-of-use assets obtained in exchange for new operating lease obligations	$	655	$	110,252
Right-of-use assets obtained in exchange for new finance lease obligations	2,933		2,933
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	2,672		6,861
Finance leases - operating cash flows	241		415
Finance leases - financing cash flows	547		965

The components of lease expense for the three and six months ended June 30, 2019 were as follows (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2019		2019
Operating lease costs(1)	$	3,877	$	8,655
Finance lease costs
Amortization of right-of-use assets	376		813
Interest on lease liabilities	241		415
Total lease costs	$	4,494	$	9,883

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(1)

Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. Costs include short-term and variable lease components which were not material for the periods.

Supplemental Balance Sheet Information

The following table provides supplemental consolidated balance sheet information related to leases as of June 30, 2019 (in thousands):

	Classification	June 30, 2019
Assets
Operating lease right-of-use assets	Other assets	$	95,954
Finance lease right-of-use assets	Property and equipment, net	8,498
Total lease right-of-use assets		$	104,452
Liabilities
Operating lease liabilities	Other liabilities	$	109,518
Finance lease liabilities	Debt, net	8,429
Total lease liabilities		$	117,947

	June 30, 2019
Weighted-average remaining lease term (in years)
Operating leases	7.9
Finance leases	3.5
Weighted-average discount rate
Operating leases(1)	5.4	%
Finance leases	4.7	%

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(1)

Upon adoption of the new lease standard, discount rates used for existing operating leases were established at January 1, 2019.

Minimum Future Payments on Noncancelable Operating Leases

Minimum future payments on noncancelable operating leases as of June 30, 2019 are summarized as follows (in thousands):

	Finance Leases			Operating Leases			Total
2019(1)	$	1,305		$	7,399		$	8,704
2020	2,639			17,893			20,532
2021	2,467			18,917			21,384
2022	2,234			16,290			18,524
2023	499			14,311			14,810
Thereafter	—			59,445			59,445
Total undiscounted lease payments	9,144			134,255			143,399
Less: imputed interest	(715		)	(24,737		)	(25,452		)
Lease obligations	$	8,429		$	109,518		$	117,947

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(1) 2019 amount consists of six months data from July 1, 2019 to December 31, 2019.

Operating Lease Payments as of Prior Year End

As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and under the previous lease accounting standard, minimum future payments on noncancelable operating leases as of December 31, 2018 are summarized as follows (in thousands):

	Finance Leases			Operating Leases		Total
2019	$	2,507		$	16,538	$	19,045
2020	1,983			13,850		15,833
2021	1,844			13,044		14,888
2022	1,630			11,737		13,367
2023	204			9,741		9,945
Thereafter	—			37,997		37,997
Total minimal leases payments	8,168			$	102,907	$	111,075
Less: Interest	(605		)
Present value of minimal lease payments	$	7,563

Capital Lease Payments as of Prior Year End

As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and under the previous lease accounting standard, minimum future payments on noncancelable operating leases as of December 31, 2018 are summarized as follows (in thousands):

	Finance Leases			Operating Leases		Total
2019	$	2,507		$	16,538	$	19,045
2020	1,983			13,850		15,833
2021	1,844			13,044		14,888
2022	1,630			11,737		13,367
2023	204			9,741		9,945
Thereafter	—			37,997		37,997
Total minimal leases payments	8,168			$	102,907	$	111,075
Less: Interest	(605		)
Present value of minimal lease payments	$	7,563