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Leases

12 Months Ended

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.

X

- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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