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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to our leases is as follows (dollars in thousands):

Category	Classification	September 30, 2019
Assets
Operating lease assets	Operating lease assets	$	980,337
Financing lease assets	Other assets, net		80,304
Total leased assets		$	1,060,641

Liabilities
Current:
Operating	Operating lease liabilities	$	162,866
Financing	Other current liabilities		30,562
Non-current:
Operating	Non-current operating lease liabilities		1,039,865
Financing	Other liabilities		50,204
Total lease liabilities		$	1,283,497

Schedule of Components of Lease Costs

Components of lease cost are as follows (dollars in thousands):

Component	Classification	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Operating lease cost	Operating, administrative and other	$	47,126		$	139,951
Finance lease cost:
Amortization of right-to-use assets	(1)		8,041			22,328
Interest on lease liabilities	Interest expense		378			826
Variable lease cost	(2)		20,582			53,634
Sublease income	Revenue		(608	)		(1,881	)
Total lease cost		$	75,519		$	214,858

(1)

Amortization costs of $6.6 million and $18.2 million, respectively, from vehicle finance leases utilized in client outsourcing arrangements are included in cost of services. Amortization costs of $1.4 million and $4.1 million, respectively, from all other finance leases are included in depreciation and amortization.

(2)	Variable lease costs of $4.8 million and $11.7 million, respectively, from leases in client outsourcing arrangements are included in cost of services. Variable lease costs of $15.8 million and $41.9 million, respectively, from all other leases are included in operating, administrative and other.

Schedule of Weighted Average Remaining Lease Term and Discount Rate for Operating Leases

Weighted average remaining lease term and discount rate for our operating leases are as follows:

		September 30, 2019
Weighted-average remaining lease term:
Operating leases		9 years
Finance leases		3 years
Weighted-average discount rate:
Operating leases		3.4%
Finance leases		2.3%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year as of September 30, 2019 are as follows (dollars in thousands):

	Operating Leases		Financing Leases
2019	$	40,311	$	8,401
2020		174,631		29,734
2021		190,249		21,740
2022		168,339		14,162
2023		150,954		7,777
Thereafter		683,568		2,421
Total remaining lease payments at September 30, 2019	$	1,408,052	$	84,235
Less: Interest		205,321		3,469
Present value of lease liabilities at September 30, 2019	$	1,202,731	$	80,766

Schedule by Year of Future Minimum Lease Payments for Noncancelable Operating Leases

As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018 and under the previous lease accounting standard, the following is a schedule by year of future minimum lease payments for noncancelable operating leases as of December 31, 2018 (dollars in thousands):

2019	$	238,954
2020		219,351
2021		202,205
2022		172,267
2023		145,705
Thereafter		510,741
Total minimum payment required	$	1,489,223

Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases

Supplemental cash flow information and non-cash activity related to our operating leases are as follows (dollars in thousands):

	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	121,964
Operating cash flows from financing leases		1,059
Financing cash flows from financing leases		23,260
Right-of-use assets obtained in exchange for new operating lease liabilities		149,259
Right-of-use assets obtained in exchange for new financing lease liabilities		40,819
Other non-cash increases in operating lease right-of-use assets (1)		35,510
Other non-cash decreases in finance lease right-of-use assets (1)		(1,011	)

(1)	These noncash increases in right-of-use assets resulted from lease modifications and remeasurements.