Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard were as follows:

(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC Topic 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

Lease Income and Costs and Lease Terms and Discount Rates

The following table summarizes other information related to operating and finance leases:

(in thousands)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating cash flows used by leases	$	16,002	$	46,546
Leased assets obtained in exchange for new operating lease liabilities	43,647		69,407

The following table shows the components of lease income and costs:

(in thousands)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease income from operating leases - fixed	$	2,149	$	6,219
Operating lease expense	18,151		51,811
Amortization of finance lease assets	158		399
Interest on finance lease liabilities	14		59
Subtotal finance lease cost	172		458
Total lease expense	$	18,323	$	52,269

The following table summarizes the lease terms and discount rates:

	September 30, 2019
Weighted-average remaining lease term (years)
Operating leases	8
Finance leases	16
Weighted-average discount rate
Operating leases	4.6	%
Finance leases	5.2	%

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at September 30, 2019:

(in thousands)	Operating Leases		Finance Leases		Total
2019	$	12,742	$	63	$	12,805
2020	64,474		174		64,648
2021	65,087		174		65,261
2022	63,341		174		63,515
2023	59,885		174		60,059
2024 and thereafter	242,115		1,704		243,819
Total lease payments	507,644		2,463		510,107
Less: Interest	103,481		748		104,229
Present value of lease liabilities	$	404,163	$	1,715	$	405,878

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at September 30, 2019:

(in thousands)	Operating Leases		Finance Leases		Total
2019	$	12,742	$	63	$	12,805
2020	64,474		174		64,648
2021	65,087		174		65,261
2022	63,341		174		63,515
2023	59,885		174		60,059
2024 and thereafter	242,115		1,704		243,819
Total lease payments	507,644		2,463		510,107
Less: Interest	103,481		748		104,229
Present value of lease liabilities	$	404,163	$	1,715	$	405,878

Minimum Rental Receipts Under Lease Agreement, Lessor, Operating Leases

The following table summarizes the total minimum rental receipts under lease agreements at September 30, 2019:

(in thousands)	Operating Leases
2019	$	1,774
2020	6,621
2021	4,526
2022	3,432
2023	1,801
2024 and thereafter	4,978
Total lease income	$	23,132