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Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Operating Lease Assets and Liabilities Recognized

The table below presents the operating lease assets and liabilities recognized on the consolidated balance sheets as of December 31:

(in thousands)		2020				2019
Operating Lease Assets:
Right-of use lease assets		$	228,749			$	175,474
Operating Lease Liabilities:
Current lease liabilities		$	33,466			$	29,411
Non-current lease liabilities			200,200				149,594
Total operating lease liabilities		$	233,666			$	179,005

Weighted Average Remaining Lease Term and Discount Rate for Operating Leases

The weighted-average remaining lease term and weighted-average discount rate for operating leases as of December 31 are:

	2020		2019
Weighted-average remaining lease term	8.8 years		7.2 years
Weighted-average discount rate	6.07%		6.61%

Undiscounted Future Minimum Lease Payments

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total lease liabilities recognized on the consolidated balance sheet as of December 31, 2020:

(in thousands)		Operating Leases
2021		$	46,398
2022			41,993
2023			35,423
2024			31,467
2025			26,209
Thereafter			123,753
Total undiscounted future minimum lease payments			305,243
Less: difference between undiscounted lease payments and discounted operating lease liabilities			(71,577	)
Total operating lease liabilities		$	233,666

Components of Lease Expense

Components of lease expense which are included in selling, general, and administrative expenses within our consolidated statements of comprehensive income were as follows:

		Year ended December 31,
(in thousands)		2020				2019
Operating lease cost		$	44,854			$	41,681
Short-term lease cost			—				90
Variable lease cost			5,827				5,653
Total lease expense		$	50,681			$	47,424

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

		Year ended December 31,
(In thousands)		2020				2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	39,341			$	40,403
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		$	89,082			$	31,888

Net Rental Expense Applicable to Operating Leases

(In thousands)		2018
Property
Minimum		$	27,124
Additional rentals based on sales			22
Sublease income			(130	)
			27,016
Equipment			3,029
		$	30,045

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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