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Leases (Tables)

9 Months Ended

Sep. 30, 2019

The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands):



		Three Months Ended		Nine Months Ended
Lease cost	Classification	September 30, 2019		September 30, 2019
Finance lease cost:
Amortization of lease assets	Depreciation ⁽¹⁾	$	320	$	976
Interest on lease liabilities	Interest expense	15		54
Operating lease cost	Cost of services and Selling, general and administrative expenses	30,543		91,278
Short-term lease cost ⁽²⁾	Cost of services and Selling, general and administrative expenses	209,717		608,028
Variable lease cost ⁽³⁾	Cost of services and Selling, general and administrative expenses	2,290		11,878
Total lease cost		$	242,885	$	712,214


⁽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):



Lease type	Classification	September 30, 2019
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	289,267
Finance lease assets	Property and equipment, net of accumulated depreciation	1,079
Total lease assets		$	290,346
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	93,506
Finance	Current maturities of long-term debt and short-term debt	893

Non-current:
Operating	Operating lease liabilities, net of current portion	197,896
Finance	Long-term debt, net of current maturities	596
Total lease liabilities		$	292,891

Future Minimum Lease Payments - Operating Leases

Future minimum lease payments for operating and finance leases were as follows (in thousands):



	As of September 30, 2019
	Operating Leases			Finance Leases			Total
Remainder of 2019	$	28,398		$	388		$	28,786
2020	96,874			627			97,501
2021	70,524			342			70,866
2022	46,867			119			46,986
2023	30,503			50			30,553
Thereafter	46,953			26			46,979
Total future minimum lease payments	$	320,119		$	1,552		$	321,671
Less imputed interest	(28,717		)	(63		)	(28,780		)
Total lease liabilities	$	291,402		$	1,489		$	292,891

Future Minimum Lease Payments - Finance Leases

Future minimum lease payments for operating and finance leases were as follows (in thousands):



	As of September 30, 2019
	Operating Leases			Finance Leases			Total
Remainder of 2019	$	28,398		$	388		$	28,786
2020	96,874			627			97,501
2021	70,524			342			70,866
2022	46,867			119			46,986
2023	30,503			50			30,553
Thereafter	46,953			26			46,979
Total future minimum lease payments	$	320,119		$	1,552		$	321,671
Less imputed interest	(28,717		)	(63		)	(28,780		)
Total lease liabilities	$	291,402		$	1,489		$	292,891

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 September 30, 2019
Weighted average remaining lease term (in years):
Operating leases	4.36
Finance leases	2.33
Weighted average discount rate:
Operating leases	4.3	%
Finance leases	4.2	%