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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Components of Lease Costs | The components of lease costs in the accompanying condensed consolidated statement of operations are as follows (in thousands):
|  |  | Three Months Ended |  | Six Months Ended
|  |  | June 30, 2019 |  | June 30, 2019
Lease cost | Classification |  |  |  |
Finance lease cost: |  |  |  |  |
Amortization of lease assets | Depreciation (1) |  | $ | 283 |  |  | $ | 656 |
Interest on lease liabilities | Interest expense |  | 18 |  |  | 39 |
Operating lease cost | Costs of services and Selling, general and administrative expenses |  | 30,377 |  |  | 60,735 |
Short-term lease cost (2) | Costs of services and Selling, general and administrative expenses |  | 188,360 |  |  | 383,525 |
Variable lease cost (3) | Costs of services and Selling, general and administrative expenses |  | 6,270 |  |  | 11,403 |
Total lease cost |  |  | $ | 225,308 |  |  | $ | 456,358 |
(1) | Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations.
(2) | Short-term lease cost includes both leases and rentals with initial terms of one year or less.
(3) Variable lease cost primarily relates to real estate leases and consists of common area maintenance charges, real estate taxes, insurance and other variable costs.
Components of Leases in the Balance Sheet | The components of leases in the accompanying condensed consolidated balance sheet were as follows (in thousands):
|  |  | June 30, 2019
Lease type | Classification |  |
Assets: |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets |  | $ | 284,962 |
Finance lease assets | Property and equipment, net of accumulated depreciation |  | 2,109 |
Total lease assets |  |  | $ | 287,071 |
Liabilities: |  |  |
Current: |  |  |
Operating | Current portion of operating lease liabilities |  | $ | 92,765 |
Finance | Current maturities of long-term debt and short-term debt |  | 1,491 |
Non-current: |  |  |
Operating | Operating lease liabilities, net of current portion |  | 192,197 |
Finance | Long-term debt, net of current maturities |  | 683 |
Total lease liabilities |  |  | $ | 287,136 |
Future Minimum Lease Payments - Operating Leases | Future minimum lease payments for operating and finance leases were as follows (in thousands):
|  | As of June 30, 2019
|  | Operating Leases |  | Finance Leases |  | Total
Remainder of 2019 |  | $ | 54,850 |  |  | $ | 1,012 |  |  | $ | 55,862 |
2020 |  | 89,084 |  |  | 707 |  |  | 89,791 |
2021 |  | 62,724 |  |  | 342 |  |  | 63,066 |
2022 |  | 40,366 |  |  | 117 |  |  | 40,483 |
2023 |  | 25,394 |  |  | 48 |  |  | 25,442 |
Thereafter |  | 40,329 |  |  | 25 |  |  | 40,354 |
Total future minimum lease payments |  | $ | 312,747 |  |  | $ | 2,251 |  |  | $ | 314,998 |
Less imputed interest |  | (27,785 | ) |  | (77 | ) |  | (27,862 | )
Total lease liabilities |  | $ | 284,962 |  |  | $ | 2,174 |  |  | $ | 287,136 |
Future Minimum Lease Payments - Finance Leases | Future minimum lease payments for operating and finance leases were as follows (in thousands):
|  | As of June 30, 2019
|  | Operating Leases |  | Finance Leases |  | Total
Remainder of 2019 |  | $ | 54,850 |  |  | $ | 1,012 |  |  | $ | 55,862 |
2020 |  | 89,084 |  |  | 707 |  |  | 89,791 |
2021 |  | 62,724 |  |  | 342 |  |  | 63,066 |
2022 |  | 40,366 |  |  | 117 |  |  | 40,483 |
2023 |  | 25,394 |  |  | 48 |  |  | 25,442 |
Thereafter |  | 40,329 |  |  | 25 |  |  | 40,354 |
Total future minimum lease payments |  | $ | 312,747 |  |  | $ | 2,251 |  |  | $ | 314,998 |
Less imputed interest |  | (27,785 | ) |  | (77 | ) |  | (27,862 | )
Total lease liabilities |  | $ | 284,962 |  |  | $ | 2,174 |  |  | $ | 287,136 |
Future Minimum Payments under Operating Leases | Future minimum lease payments for operating leases under the prior standard and Quanta’s historical accounting policy were as follows (in thousands):
|  | As of December 31, 2018
|  | Operating Leases
2019 |  | $ | 124,530 |
2020 |  | 81,189 |
2021 |  | 55,827 |
2022 |  | 34,337 |
2023 |  | 21,450 |
Thereafter |  | 37,217 |
Total minimum lease payments |  | $ | 354,550 |
Other Information Related to Leases | The weighted average remaining lease terms and discount rates were as follows:
|  | As of June 30, 2019
Weighted average remaining lease term (in years): |  |
Operating leases |  | 4.32 |
Finance leases |  | 2.16 |
Weighted average discount rate: |  |
Operating leases |  | 4.3 | %
Finance leases |  | 4.2 | %

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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