Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Summary of Lease Assets and Liabilities

Information on the Company’s leases is summarized as follows (in thousands):

	Classification	June 30, 2019
Assets
Operating lease assets	Operating lease assets	$	108,013
Finance lease assets	Property and equipment, net (1)	13,689
Total leased assets		$	121,702
Liabilities
Current
Operating lease liabilities	Current operating lease liabilities	$	35,084
Finance lease liabilities	Current portion of debt, finance lease obligations and notes payable	1,286
Long-term
Operating lease liabilities	Long-term operating lease liabilities	75,479
Finance lease liabilities	Finance lease obligations	15,780
Total lease liabilities		$	127,629

⁽¹⁾ Finance lease assets are recorded net of accumulated amortization of $7,133,000 as of June 30, 2019.

Summary of Lease Costs

Lease Term and Discount Rate	June 30, 2019
Weighted-average remaining lease term (years)
Operating leases	4.27
Finance leases	9.98
Weighted-average discount rate
Operating leases	3.36	%
Finance leases	5.11	%

Lease Cost	Classification	Three months ended June 30, 2019			Six months ended June 30, 2019
Operating lease cost (1)	Operating expenses and cost of sales	$	10,506		$	20,594
Finance lease cost
Amortization of leased assets	Operating expenses and cost of sales	375			744
Interest on lease liabilities	Interest expense	226			453
Sublease income	Other (income) expense, net	(578		)	(1,156		)
Total lease cost		$	10,529		$	20,635

⁽¹⁾ Includes short-term leases and variable lease costs, which are immaterial.

Other Information	Six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	20,745
Operating cash flows from finance leases	321
Financing cash flows from finance leases	749
Leased assets obtained in exchange for new operating lease liabilities	8,105

Summary of Operating Lease Maturities

Maturity of Lease Liabilities	Operating Leases (1)		Finance Leases		Total
2019 (remainder)	$	20,019	$	1,074	$	21,093
2020	33,216		2,151		35,367
2021	23,589		2,139		25,728
2022	15,662		2,103		17,765
2023	11,110		2,103		13,213
Thereafter	15,029		12,111		27,140
Total lease payments	$	118,625	$	21,681	$	140,306
Less: interest	8,062		4,615
Present value of lease payments	$	110,563	$	17,066

⁽¹⁾ Operating lease payments include $4,211,000 related to options to extend lease terms that are reasonably certain of being exercised.

Leases that the Company has signed but have not yet commenced are immaterial.

Lease Term and Discount Rate	June 30, 2019
Weighted-average remaining lease term (years)
Operating leases	4.27
Finance leases	9.98
Weighted-average discount rate
Operating leases	3.36	%
Finance leases	5.11	%

Summary of Finance Lease Maturities

Maturity of Lease Liabilities	Operating Leases (1)		Finance Leases		Total
2019 (remainder)	$	20,019	$	1,074	$	21,093
2020	33,216		2,151		35,367
2021	23,589		2,139		25,728
2022	15,662		2,103		17,765
2023	11,110		2,103		13,213
Thereafter	15,029		12,111		27,140
Total lease payments	$	118,625	$	21,681	$	140,306
Less: interest	8,062		4,615
Present value of lease payments	$	110,563	$	17,066

⁽¹⁾ Operating lease payments include $4,211,000 related to options to extend lease terms that are reasonably certain of being exercised.