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Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Summary of Components of Lease Cost

The components of lease cost are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2019

 

 

 

(Dollars in Thousands)

 

Operating lease cost

 

$

19,355

 

 

$

39,336

 

Finance lease cost:

 

 

 

 

 

 

 

 

   Amortization of right-of-use assets

 

 

636

 

 

 

1,570

 

   Interest on lease liabilities

 

 

137

 

 

285

 

Variable lease cost

 

 

6,099

 

 

 

10,766

 

Short-term lease cost

 

 

8,142

 

 

 

16,260

 

Total lease cost

 

$

34,369

 

 

$

68,217

 

Summary of Balance Sheet Classifications of Operating and Finance Leases

The balance sheet classifications of operating and finance leases are as follows:

 

 

 

June 30, 2019

 

 

 

(Dollars in Thousands)

 

Operating Leases:

 

 

 

 

Operating lease right-of-use assets

 

$

487,360

 

 

 

 

 

 

Current operating lease liabilities

 

$

51,011

 

Noncurrent operating lease liabilities

 

 

438,932

 

Total operating lease liabilities

 

$

489,943

 

 

 

 

 

 

Finance Leases:

 

 

 

 

Property, plant and equipment

 

$

10,829

 

Accumulated depreciation

 

 

(1,570

)

Property, plant and equipment, net

 

$

9,259

 

 

 

 

 

 

Other current liabilities

 

$

3,268

 

Other noncurrent liabilities

 

 

7,095

 

Total finance lease liabilities

 

$

10,363

 

Summary of Weighted-average Remaining Lease Terms and Discount Rates Weighted-average remaining lease terms and discount rates are as follows:

 

 

 

June 30, 2019

 

Weighted-average remaining lease term (years):

 

 

 

 

   Operating leases

 

 

14.9

 

   Finance leases

 

 

8.4

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

   Operating leases

 

 

4.3

%

   Finance leases

 

 

5.1

%

 

Summary of Future Lease Payments under Noncancellable Leases

Future lease payments under leases as of June 30, 2019 are as follows:

 

 

 

Operating

 

 

Finance

 

 

 

Leases

 

 

Leases

 

 

 

(Dollars in Thousands)

 

2019

 

$

35,493

 

 

$

1,906

 

2020

 

 

65,623

 

 

 

3,196

 

2021

 

 

53,662

 

 

 

1,951

 

2022

 

 

49,131

 

 

 

1,094

 

2023

 

 

46,313

 

 

 

779

 

Thereafter

 

 

432,382

 

 

 

4,177

 

Total lease payments

 

 

682,604

 

 

 

13,103

 

Less: imputed interest

 

 

(192,661

)

 

 

(2,740

)

Present value of lease payments

 

 

489,943

 

 

 

10,363

 

Less: current lease obligations

 

 

(51,011

)

 

 

(3,268

)

Total long-term lease obligations

 

$

438,932

 

 

$

7,095

 

Summary of Other Leases Information

Other lease information is as follows:

 

 

 

 

June 30, 2019

 

 

 

 

 

(Dollars in Thousands)

 

Cash paid for amounts included in the measurement

   of lease liabilities:

 

 

 

 

 

 

   Operating cash flows used for operating leases

 

 

 

$

38,532

 

   Operating cash flows used for finance leases

 

 

 

$

285

 

   Financing cash flows used for finance leases

 

 

 

$

1,820

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2019

 

 

 

(Dollars in Thousands)

 

Right-of-use assets obtained in exchange for new

   operating lease liabilities

 

$

5,803

 

 

$

524,689

 

Right-of-use assets obtained in exchange for

   new finance lease liabilities

 

$

 

 

$

217

 

Summary of Future Minimum Lease and Royalty Commitments for all Noncancelable Agreements and Capital Lease Obligations Future minimum lease and royalty commitments for all noncancelable agreements and capital lease obligations as of December 31, 2018 were as follows:

 

 

 

Capital

Leases

 

 

Operating Leases

 

 

Royalty Commitments

 

 

 

(Dollars in Thousands)

 

2019

 

$

3,718

 

 

$

105,955

 

 

$

14,614

 

2020

 

 

2,695

 

 

 

70,478

 

 

 

11,364

 

2021

 

 

1,735

 

 

 

60,382

 

 

 

10,335

 

2022

 

 

1,004

 

 

 

57,531

 

 

 

9,545

 

2023

 

 

713

 

 

 

56,511

 

 

 

8,109

 

Thereafter

 

 

3,893

 

 

 

318,147

 

 

 

65,981

 

Total

 

 

13,758

 

 

$

669,004

 

 

$

119,948

 

Less: imputed interest

 

 

(2,879

)

 

 

 

 

 

 

 

 

Present value of minimum lease payments

 

 

10,879

 

 

 

 

 

 

 

 

 

Less: current capital lease obligations

 

 

(3,249

)

 

 

 

 

 

 

 

 

Long-term capital lease obligations

 

$

7,630