Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

ROU Assets and Lease Liabilities By Lease Type

The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of position by lease type at December 31, 2019.

	2019
	(in thousands)
ROU assets:
Operating leases	$	284,255
Finance leases	874
Total	$	285,129
Lease liabilities:
Operating leases	$	308,060
Finance leases	1,789
Total	$	309,849

Components of Lease, Supplemental Cash Flow and Supplemental Information

The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the year ended December 31, 2019:

	2019
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	291
Interest on lease liabilities	191
Operating lease cost	34,175
Short-term lease cost	410
Variable lease cost	3,573
Sublease income	(3,422		)
Total lease cost (included in net occupancy and equipment expense)	$	35,218

The following table presents supplemental cash flow information related to leases for the year ended December 31, 2019:

	2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	34,380
Operating cash flows from finance leases	192
Financing cash flows from finance leases	492

The following table presents supplemental information related to leases at December 31, 2019:

	2019
Weighted-average remaining lease term
Operating leases	12.8 years
Finance leases	3.00 years
Weighted-average discount rate
Operating leases	3.68	%
Finance leases	8.25	%

Sales-type Leases

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2020	$	146,397		$	36,022		$	684
2021	126,196			35,393			684
2022	102,873			33,918			684
2023	77,953			30,745			—
2024	44,651			29,142			—
Thereafter	25,103			228,644			—
Total lease payments	523,173			393,864			2,052
Less: present value discount	(44,345		)	(85,804		)	(263		)
Total	$	478,828		$	308,060		$	1,789

Direct Financing Leases

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2020	$	146,397		$	36,022		$	684
2021	126,196			35,393			684
2022	102,873			33,918			684
2023	77,953			30,745			—
2024	44,651			29,142			—
Thereafter	25,103			228,644			—
Total lease payments	523,173			393,864			2,052
Less: present value discount	(44,345		)	(85,804		)	(263		)
Total	$	478,828		$	308,060		$	1,789

Finance Leases Maturity

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2020	$	146,397		$	36,022		$	684
2021	126,196			35,393			684
2022	102,873			33,918			684
2023	77,953			30,745			—
2024	44,651			29,142			—
Thereafter	25,103			228,644			—
Total lease payments	523,173			393,864			2,052
Less: present value discount	(44,345		)	(85,804		)	(263		)
Total	$	478,828		$	308,060		$	1,789

Operating Lease Maturity

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2020	$	146,397		$	36,022		$	684
2021	126,196			35,393			684
2022	102,873			33,918			684
2023	77,953			30,745			—
2024	44,651			29,142			—
Thereafter	25,103			228,644			—
Total lease payments	523,173			393,864			2,052
Less: present value discount	(44,345		)	(85,804		)	(263		)
Total	$	478,828		$	308,060		$	1,789

Minimum Aggregate Lease Payments In Accordance With Topic 840

The following table presents minimum aggregate lease payments in accordance with ASC Topic 840 at December 31, 2018:

	Gross Rents		Sublease Income		Net Rents
	(in thousands)
2019	$	29,093	$	2,382	$	26,711
2020	29,379		2,290		27,089
2021	28,925		2,160		26,765
2022	27,562		2,002		25,560
2023	25,064		1,938		23,126
Thereafter	262,200		8,558		253,642
Total lease payments	$	402,223	$	19,330	$	382,893