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Leases (Tables)

12 Months Ended

Dec. 31, 2019

The components of lease cost recorded in the Company’s consolidated statement of operations were as follows:



	2019

Operating lease cost	$	11,972
Finance lease cost
Amortization of leased assets	49,778
Interest on lease liabilities	52,839
Variable lease cost	27,997
Sublease income	(6,391		)
Net lease cost	$	136,195

Components of lease in balance sheets

The Company’s leases are included on its consolidated balance sheets as follows:



	As of December 31, 2019		As of December 31, 2018 ^
	(in thousands)
Finance leases
Property and equipment, net	$	445,336	$	640,952
Total finance lease assets	$	445,336	$	640,952

Capital lease obligations, current portion	$	—	$	9,817
Other current liabilities	38,795		5,271
Capital lease obligations, excluding current portion	—		19,658
Construction financing lease obligation, excluding current portion	—		561,892
Long-term finance lease liabilities	538,576		—
Total finance lease liabilities	$	577,371	$	596,638

Operating leases
Other assets	$	88,202	$	—
Total operating lease assets	$	88,202	$	—

Other current liabilities	$	11,504	$	—
Other long-term liabilities	84,292		—
Total operating lease liabilities	$	95,796	$	—
^ As reported in the Company’s 2018 Annual Report on Form 10-K.

Finance lease, liability, maturity

Maturities of the Company’s finance and operating lease liabilities in accordance with ASC 842 as of December 31, 2019 were as follows:



Year	Finance Leases			Operating Leases			Total
	(in thousands)
2020	$	84,264		$	14,598		$	98,862
2021	89,440			12,907			102,347
2022	87,092			12,610			99,702
2023	85,257			12,451			97,708
2024	90,802			11,488			102,290
Thereafter	425,251			51,251			476,502
Total lease payments	862,106			115,305			977,411
Less: amount representing interest	(284,735		)	(19,509		)	(304,244		)
Present value of lease liabilities	$	577,371		$	95,796		$	673,167

Weighted-average remaining lease terms and discount rates

The weighted-average remaining lease terms and discount rates related to the Company’s leases were as follows:



	As of December 31, 2019
Weighted-average remaining lease term (in years)
Finance leases	9.74
Operating leases	9.70

Weighted-average discount rate
Finance leases	9.04	%
Operating leases	3.75	%

Supplemental cash flow information

Supplemental cash flow information related to the Company’s leases was as follows:



	December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,650
Operating cash flows from finance leases	$	50,527
Financing cash flows from finance leases	$	39,185

Right-of-use assets obtained in exchange for lease obligations
Operating leases *	$	34,605
Finance leases	$	—
* Includes $33.7 million acquired in 2019 pursuant to the Company’s acquisitions of Semma and Exonics.

Lessee, operating lease, liability, maturity

Maturities of the Company’s finance and operating lease liabilities in accordance with ASC 842 as of December 31, 2019 were as follows:



Year	Finance Leases			Operating Leases			Total
	(in thousands)
2020	$	84,264		$	14,598		$	98,862
2021	89,440			12,907			102,347
2022	87,092			12,610			99,702
2023	85,257			12,451			97,708
2024	90,802			11,488			102,290
Thereafter	425,251			51,251			476,502
Total lease payments	862,106			115,305			977,411
Less: amount representing interest	(284,735		)	(19,509		)	(304,244		)
Present value of lease liabilities	$	577,371		$	95,796		$	673,167

Schedule of future minimum rental payments for operating leases

The following information is disclosed in accordance with ASC 840, Leases (Topic 840) (“ASC 840”), which was applicable until December 31, 2018. As of December 31, 2018, future minimum commitments under the Company’s real estate leases with initial terms of more than one year were as follows:



Year	Fan Pier Leases		Other Leases		Total Lease Commitments
	(in thousands)
2019	$	66,540	$	18,531	$	85,071
2020	72,589		23,397		95,986
2021	72,589		21,656		94,245
2022	72,589		21,172		93,761
2023	72,589		21,482		94,071
Thereafter	389,855		185,336		575,191
Total minimum lease payments	$	746,751	$	291,574	$	1,038,325

Schedule of future minimum lease payments for capital leases

The following table set forth the Company’s future minimum payments due under capital leases as of December 31, 2018:



Year	(in thousands)
2019	$	10,770
2020	7,282
2021	5,649
2022	3,300
2023	1,974
Thereafter	3,085
Total payments	32,060
Less: amount representing interest	(2,585		)
Present value of payments	$	29,475