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Leases - (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
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

 

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

 

(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
%
 

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