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Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

12    Leases

As of December 31, 2020 and 2019, the Company had lease agreements that expire at various dates through 2034, with weighted-average remaining lease terms of 5.2 years and 5.3 years, respectively. Rental expense was $38 million and $36 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the weighted-average discount rates used to determine the present value of lease liabilities were 3.50% and 3.80%, respectively. During the years ended December 31, 2020 and 2019 cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $38 million and $36 million, respectively. The Company recorded $16 million and $118 million right-of-use assets in exchange for new operating lease liabilities during the years ended December 31, 2020 and 2019, respectively. 

The Company’s right-of-use lease assets and lease liabilities included in the consolidated balance sheets are classified as follows (in thousands):

						December 31,
		Financial Statement Classification				2020				2019
Assets:
Property operating lease assets			Operating lease assets			$	62,374			$	64,206
Automobile operating lease assets			Operating lease assets				29,694				27,197
Equipment operating lease assets			Operating lease assets				1,184				1,955
Total lease assets						$	93,252			$	93,358
Liabilities:
Current operating lease liabilities			Current operating lease liabilities			$	27,764			$	27,125
Long-term operating lease liabilities			Long-term operating lease liabilities				68,197				66,881
Total lease liabilities						$	95,961			$	94,006

Undiscounted future minimum rents payable as of December 31, 2020 under non-cancelable leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):

2021		$	29,599
2022			23,453
2023			14,569
2024			10,951
2025			8,269
2026 and thereafter			16,864
Total future minimum lease payments			103,705
Less: amount of lease payments representing interest			(7,744	)
Present value of future minimum lease payments			95,961
Less: current operating lease liabilities			(27,764	)
Long-term operating lease liabilities		$	68,197

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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