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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Lessee, Operating Leases | Leases Supplemental balance sheet information related to our leases is as follows (dollars in thousands):
|  |  |  | December 31,
Category |  | Classification |  | 2020 |  | 2019
Assets |  |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 1,020,352 |  |  | $ | 997,966 |
Finance |  | Other assets, net |  | 117,805 |  |  | 94,141 |
Total leased assets |  |  |  | $ | 1,138,157 |  |  | $ | 1,092,107 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 208,526 |  |  | $ | 168,663 |
Finance |  | Other current liabilities |  | 39,298 |  |  | 34,966 |
Non-current: |  |  |  |  |  |
Operating |  | Non-current operating lease liabilities |  | 1,116,795 |  |  | 1,057,758 |
Finance |  | Other liabilities |  | 78,881 |  |  | 60,001 |
Total lease liabilities |  |  |  | $ | 1,443,500 |  |  | $ | 1,321,388 |
Components of lease cost are as follows (dollars in thousands):
|  |  |  | Year Ended December 31,
Component |  | Classification |  | 2020 |  | 2019
Operating lease cost |  | Operating, administrative and other |  | $ | 204,415 |  |  | $ | 189,106 |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | (1) |  | 38,568 |  |  | 31,081 |
Interest on lease liabilities |  | Interest expense |  | 1,847 |  |  | 1,317 |
Variable lease cost |  | (2) |  | 74,332 |  |  | 74,476 |
Sublease income |  | Revenue |  | (2,643) |  |  | (3,734) |
Total lease cost |  |  |  | $ | 316,519 |  |  | $ | 292,246 |
_______________ (1)Amortization costs of $32.7 million and $25.5 million from vehicle finance leases utilized in client outsourcing arrangements are included in the “Cost of revenue” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. Amortization costs of $5.9 million and $5.6 million from all other finance leases are included in the “Depreciation and amortization” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. (2)Variable lease costs of $17.1 million and $17.5 million from leases in client outsourcing arrangements are included in the “Cost of revenue” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. Variable lease costs of $55.6 million and $57.0 million from all other leases are included in the “Operating, administrative, and other” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. Weighted average remaining lease term and discount rate for our operating and finance leases are as follows:
| December 31,
| 2020 |  | 2019
Weighted-average remaining lease term: |  |  |
Operating leases | 8 years |  | 9 years
Finance leases (1) | 71 years |  | 3 years
Weighted-average discount rate: |  |  |
Operating leases | 3.1% |  | 3.4%
Finance leases (1) | 5.0% |  | 2.3%
_______________ (1)Finance leases as of December 31, 2020 included a 99 year lease on a real estate under development. If excluded, the weighted-average remaining lease term and weighted-average discount rate would be 3 years and 2.1%, respectively. Maturities of lease liabilities by fiscal year as of December 31, 2020 are as follows (dollars in thousands):
| Operating Leases |  | Finance Leases
2021 | $ | 214,887 |  |  | $ | 64,363 |
2022 | 214,895 |  |  | 50,225 |
2023 | 196,987 |  |  | 36,852 |
2024 | 177,466 |  |  | 19,150 |
2025 | 161,362 |  |  | 4,552 |
Thereafter | 551,661 |  |  | 364,101 |
Total remaining lease payments at December 31, 2020 | 1,517,258 |  |  | 539,243 |
Less: Interest | 191,937 |  |  | 421,065 |
Present value of lease liabilities at December 31, 2020 | $ | 1,325,321 |  |  | $ | 118,178 |
Supplemental cash flow information and non-cash activity related to our operating and finance leases are as follows (dollars in thousands):
| Year Ended December 31,
| 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 170,317 |  |  | $ | 167,652 |
Operating cash flows from finance leases | 2,077 |  |  | 1,559 |
Financing cash flows from finance leases (1) | 40,304 |  |  | 31,006 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 177,384 |  |  | 168,972 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 61,218 |  |  | 63,041 |
Other non-cash (decrease) increase in operating lease right-of-use assets (2) | (17,621) |  |  | 47,851 |
Other non-cash decreases in finance lease right-of-use assets (2) | (1,233) |  |  | (1,826) |
_______________ (1)Financing cash flows from finance leases were included in “Accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)” within operating cash flows for 2019 due to immateriality. Given the increase in the outflow, it is included in “Other financing activities, net” within financing cash flows for 2020 in the accompanying consolidated statements of cash flows. (2)The non-cash activity in the right-of-use assets resulted from lease modifications and remeasurements.
Lessee, Finance Leases | Leases Supplemental balance sheet information related to our leases is as follows (dollars in thousands):
|  |  |  | December 31,
Category |  | Classification |  | 2020 |  | 2019
Assets |  |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 1,020,352 |  |  | $ | 997,966 |
Finance |  | Other assets, net |  | 117,805 |  |  | 94,141 |
Total leased assets |  |  |  | $ | 1,138,157 |  |  | $ | 1,092,107 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 208,526 |  |  | $ | 168,663 |
Finance |  | Other current liabilities |  | 39,298 |  |  | 34,966 |
Non-current: |  |  |  |  |  |
Operating |  | Non-current operating lease liabilities |  | 1,116,795 |  |  | 1,057,758 |
Finance |  | Other liabilities |  | 78,881 |  |  | 60,001 |
Total lease liabilities |  |  |  | $ | 1,443,500 |  |  | $ | 1,321,388 |
Components of lease cost are as follows (dollars in thousands):
|  |  |  | Year Ended December 31,
Component |  | Classification |  | 2020 |  | 2019
Operating lease cost |  | Operating, administrative and other |  | $ | 204,415 |  |  | $ | 189,106 |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | (1) |  | 38,568 |  |  | 31,081 |
Interest on lease liabilities |  | Interest expense |  | 1,847 |  |  | 1,317 |
Variable lease cost |  | (2) |  | 74,332 |  |  | 74,476 |
Sublease income |  | Revenue |  | (2,643) |  |  | (3,734) |
Total lease cost |  |  |  | $ | 316,519 |  |  | $ | 292,246 |
_______________ (1)Amortization costs of $32.7 million and $25.5 million from vehicle finance leases utilized in client outsourcing arrangements are included in the “Cost of revenue” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. Amortization costs of $5.9 million and $5.6 million from all other finance leases are included in the “Depreciation and amortization” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. (2)Variable lease costs of $17.1 million and $17.5 million from leases in client outsourcing arrangements are included in the “Cost of revenue” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. Variable lease costs of $55.6 million and $57.0 million from all other leases are included in the “Operating, administrative, and other” line item in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively. Weighted average remaining lease term and discount rate for our operating and finance leases are as follows:
| December 31,
| 2020 |  | 2019
Weighted-average remaining lease term: |  |  |
Operating leases | 8 years |  | 9 years
Finance leases (1) | 71 years |  | 3 years
Weighted-average discount rate: |  |  |
Operating leases | 3.1% |  | 3.4%
Finance leases (1) | 5.0% |  | 2.3%
_______________ (1)Finance leases as of December 31, 2020 included a 99 year lease on a real estate under development. If excluded, the weighted-average remaining lease term and weighted-average discount rate would be 3 years and 2.1%, respectively. Maturities of lease liabilities by fiscal year as of December 31, 2020 are as follows (dollars in thousands):
| Operating Leases |  | Finance Leases
2021 | $ | 214,887 |  |  | $ | 64,363 |
2022 | 214,895 |  |  | 50,225 |
2023 | 196,987 |  |  | 36,852 |
2024 | 177,466 |  |  | 19,150 |
2025 | 161,362 |  |  | 4,552 |
Thereafter | 551,661 |  |  | 364,101 |
Total remaining lease payments at December 31, 2020 | 1,517,258 |  |  | 539,243 |
Less: Interest | 191,937 |  |  | 421,065 |
Present value of lease liabilities at December 31, 2020 | $ | 1,325,321 |  |  | $ | 118,178 |
Supplemental cash flow information and non-cash activity related to our operating and finance leases are as follows (dollars in thousands):
| Year Ended December 31,
| 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 170,317 |  |  | $ | 167,652 |
Operating cash flows from finance leases | 2,077 |  |  | 1,559 |
Financing cash flows from finance leases (1) | 40,304 |  |  | 31,006 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 177,384 |  |  | 168,972 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 61,218 |  |  | 63,041 |
Other non-cash (decrease) increase in operating lease right-of-use assets (2) | (17,621) |  |  | 47,851 |
Other non-cash decreases in finance lease right-of-use assets (2) | (1,233) |  |  | (1,826) |
_______________ (1)Financing cash flows from finance leases were included in “Accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)” within operating cash flows for 2019 due to immateriality. Given the increase in the outflow, it is included in “Other financing activities, net” within financing cash flows for 2020 in the accompanying consolidated statements of cash flows. (2)The non-cash activity in the right-of-use assets resulted from lease modifications and remeasurements.

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