Leases (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Leases [Abstract] |
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Lease assets and liabilities |
Lease assets and liabilities are summarized as follows:
| | | | | | | | | | | | | | | | | | | | | (in thousands) | | Financial Statement Location | | December 31, 2020 | | December 31, 2019 | Operating leases | | | | | | | Operating lease right-of-use assets | | Operating lease right-of-use assets | | $ | 268,864 | | | $ | 314,526 | | Operating lease liabilities | | Operating lease liabilities | | 315,340 | | | 365,364 | | | | | | | | | Finance leases | | | | | | | Property and equipment, at cost | | Property, equipment, and capitalized software, net | | 36,093 | | | 37,589 | | Accumulated depreciation | | Property, equipment, and capitalized software, net | | (24,585) | | | (24,579) | | Finance lease liabilities | | Accounts payable, accrued expenses, and other liabilities | | 11,687 | | | 13,371 | |
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Lease term, discount rate and components of lease expense |
Weighted average remaining lease term and discount rate are as follows:
| | | | | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | Weighted average remaining lease term | | | | | Operating leases | | 6.9 years | | 7.5 years | Finance leases | | 2.0 years | | 1.5 years | Weighted average discount rate | | | | | Operating leases | | 5.67 | % | | 5.70 | % | Finance leases | | 3.13 | % | | 3.52 | % |
The components of lease expense are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | (in thousands) | | | | | | 2020 | | 2019 | | | Operating lease cost: | | | | | | | | | | | Fixed | | | | | | $ | 73,624 | | | $ | 72,714 | | | | Variable | | | | | | 8,532 | | | 8,333 | | | | Impairment of ROU Asset | | | | | | 6,003 | | | 27,104 | | | | Total Operating lease cost | | | | | | 88,159 | | | 108,151 | | | | | | | | | | | | | | | Sublease income | | | | | | 16,437 | | | 12,590 | | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | | | | Amortization of right-of-use assets | | | | | | 11,536 | | | 12,565 | | | | Interest on lease liabilities | | | | | | 432 | | | 661 | | | | Total Finance lease cost | | | | | | 11,968 | | | 13,226 | | | |
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Future minimum lease payments under operating leases |
Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2020, are as follows:
| | | | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Finance Leases | 2021 | | $ | 74,590 | | | $ | 6,774 | | 2022 | | 67,979 | | | 4,035 | | 2023 | | 64,621 | | | 1,438 | | 2024 | | 35,393 | | | — | | 2025 | | 27,495 | | | — | | 2026 and thereafter | | 114,873 | | | — | | Total lease payments | | $ | 384,951 | | | $ | 12,247 | | Less imputed interest | | (69,611) | | | (560) | | Total lease liability | | $ | 315,340 | | | $ | 11,687 | |
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Future minimum lease payments under finance leases |
Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2020, are as follows:
| | | | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Finance Leases | 2021 | | $ | 74,590 | | | $ | 6,774 | | 2022 | | 67,979 | | | 4,035 | | 2023 | | 64,621 | | | 1,438 | | 2024 | | 35,393 | | | — | | 2025 | | 27,495 | | | — | | 2026 and thereafter | | 114,873 | | | — | | Total lease payments | | $ | 384,951 | | | $ | 12,247 | | Less imputed interest | | (69,611) | | | (560) | | Total lease liability | | $ | 315,340 | | | $ | 11,687 | |
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