Lease expense |
Information related to the company’s right-of use assets and lease liabilities as of September 30, 2019 was as follows: | | | | | | | | Lease Assets / Liabilities | Balance Sheet Classification | September 30, 2019 | (in thousands) | | | | | Right-of-use assets | | | | | Operating lease assets | Other assets | | $ | 253,336 |
| | Finance lease assets | Other assets | | 1,062 |
| | Total right-of-use assets | | | $ | 254,398 |
| | Lease liabilities | | | | | Operating lease liabilities, current | Other accrued liabilities | | $ | 61,006 |
| | Operating lease liabilities, noncurrent | Noncurrent liabilities | | 217,060 |
| | Finance lease liabilities, current | Other accrued liabilities | | 471 |
| | Finance lease liabilities, noncurrent | Noncurrent liabilities | | 700 |
| | Total lease liabilities | | | $ | 279,237 |
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The components of lease expense for the three and nine months ended September 30, 2019 were as follows: | | | | | | | | | | | | Lease Cost / (Sublease Income) | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | (in thousands) | | | | | | | Operating lease cost | | $ | 20,280 |
| | | $ | 62,316 |
| | Finance lease cost | | | | | | | Amortization of right-of-use assets | | 350 |
| | | 1,127 |
| | Interest on lease liabilities | | 14 |
| | | 54 |
| | Variable lease cost(1) | | 4,532 |
| | | 14,013 |
| | Short-term lease cost | | 28,580 |
| | | 85,780 |
| | Sublease income | | (1,915 | ) | | | (5,258 | ) | | Total lease cost | | $ | 51,841 |
| | | $ | 158,032 |
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| | (1) | Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments. |
Supplemental information related to the company’s leases for the nine months ended September 30, 2019 was as follows: | | | | | | | | Nine Months Ended September 30, 2019 | (in thousands) | | | | Cash paid for amounts included in the measurement of lease liabilities: | | | | Operating cash flows from operating leases | | $ | 62,779 |
| | Operating cash flows from finance leases | | 54 |
| | Financing cash flows from finance leases | | 1,237 |
| | Right-of-use assets obtained in exchange for new operating lease liabilities | | 55,946 |
| | Right-of-use assets obtained in exchange for new finance lease liabilities | | — |
| | Weighted-average remaining lease term - operating leases | | 6.95 years |
| | Weighted-average remaining lease term - finance leases | | 2.27 years |
| | Weighted-average discount rate - operating leases | | 3.39 | % | | Weighted-average discount rate - finance leases | | 3.36 | % | |
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Remaining lease payments |
Total remaining lease payments under both the company’s operating and finance leases are as follows: | | | | | | | | | Year Ended December 31, | Operating Leases | | Finance Leases | (in thousands) | | | | Remainder of 2019 | $ | 22,598 |
| | $ | 62 |
| 2020 | 69,026 |
| | 812 |
| 2021 | 50,060 |
| | 186 |
| 2022 | 39,683 |
| | 84 |
| 2023 | 31,893 |
| | 77 |
| Thereafter | 97,401 |
| | — |
| Total lease payments | $ | 310,661 |
| | $ | 1,221 |
| Less: Interest | (32,595 | ) | | (50 | ) | Present value of lease liabilities | $ | 278,066 |
| | $ | 1,171 |
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