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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Lease Assets and Liabilities
The following table presents the lease-related assets and liabilities as of December 31, 2020 and 2019 (in thousands):
Classification on the Consolidated Balance SheetDecember 31,
2020
December 31,
2019
Assets
Operating lease assetsOperating lease right-of-use assets$242,155 $245,471 
Finance lease assetsProperty, plant and equipment, net9,638 9,609 
Total lease assets$251,793 $255,080 
Liabilities
Current
OperatingOperating lease liabilities, current$53,632 $53,144 
FinanceCurrent maturities of long-term debt and finance lease liabilities3,995 4,088 
Noncurrent
OperatingOperating lease liabilities, long-term205,362 204,950 
FinanceLong-term debt and finance lease liabilities5,971 5,591 
Total lease liabilities$268,960 $267,773 
Schedule of Lease Cost
The following table presents information related to lease expense for the years ended December 31, 2020 and 2019 (in thousands):
20202019
Finance lease expense:
Amortization expense$4,562 $4,575 
Interest expense355 427 
Operating lease expense69,208 66,650 
Short-term lease expense139,706 149,528 
Variable lease expense5,441 4,924 
Total lease expense$219,272 $226,104 
Rent expense for operating leases and other rental items, including short-term equipment rentals, for the year ended December 31, 2018 was approximately $191.8 million. For each of the years ended December 31, 2020, 2019, and 2018, sublease rental income was approximately $0.5 million.
Lease Term and Discount Rate
The following table presents certain information related to lease terms and discount rates for leases as of December 31, 2020 and 2019:
December 31,
2020
December 31,
2019
Weighted-average remaining lease term:
Operating leases6.6 years6.7 years
Finance leases3.1 years2.9 years
Weighted-average discount rate:
Operating leases3.59 %4.04 %
Finance leases3.24 %4.16 %
NOTE 17 - LEASES - (Continued)
Other Information
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 (in thousands):
20202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$65,016 $65,757 
Operating cash flows used for finance leases$355 $427 
Financing cash flows used for finance leases$4,470 $4,571 
Right-of-use assets obtained in exchange for new operating lease liabilities$55,895 $84,089 
Right-of-use assets obtained in exchange for new finance lease liabilities$4,558 $5,311 
Schedule of Maturity of Operating Leases
The following table reconciles future minimum lease payments on an undiscounted cash flow basis to the lease liabilities reported in the Consolidated Balance Sheet as of December 31, 2020 (in thousands):
Operating LeasesFinance Leases
2021$61,743 $4,234 
202250,452 2,902 
202343,240 1,652 
202433,185 1,289 
202525,648 265 
Thereafter76,904 69 
Total minimum lease payments291,172 10,411 
Less: Amount of lease payments representing interest(32,178)(445)
Present value of future minimum lease payments$258,994 $9,966 
Current portion of lease liabilities$53,632 $3,995 
Noncurrent portion of lease liabilities205,362 5,971 
Present value of future minimum lease payments$258,994 $9,966 
Schedule of Maturity of Finance Leases
The following table reconciles future minimum lease payments on an undiscounted cash flow basis to the lease liabilities reported in the Consolidated Balance Sheet as of December 31, 2020 (in thousands):
Operating LeasesFinance Leases
2021$61,743 $4,234 
202250,452 2,902 
202343,240 1,652 
202433,185 1,289 
202525,648 265 
Thereafter76,904 69 
Total minimum lease payments291,172 10,411 
Less: Amount of lease payments representing interest(32,178)(445)
Present value of future minimum lease payments$258,994 $9,966 
Current portion of lease liabilities$53,632 $3,995 
Noncurrent portion of lease liabilities205,362 5,971 
Present value of future minimum lease payments$258,994 $9,966