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LEASES

12 Months Ended

Dec. 31, 2019

LEASES

2. LEASES

Adoption of New Lease Standard

We adopted the New Lease Standard on January 1, 2019 using the additional transition method described in Note 1 to these audited consolidated financial statements. Results for reporting periods beginning on and after January 1, 2019 are presented under the New Lease Standard. Prior periods have not been restated. The New Lease Standard had a material impact on our consolidated balance sheet due to the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged.

Practical Expedients

We elected the package of practical expedients that did not require us to reassess (1) whether existing contracts contain embedded leases, (2) the lease classification of existing leases, and (3) whether initial direct costs for existing leases would qualify for capitalization under the New Lease Standard. We also elected the practical expedients related to short-term leases and separating lease components from non-lease components for all underlying asset classes.

The components of operating lease expense were as follows:

		Year ended December 31, 2019
Lease cost		$	74,755
Short-term lease cost			9,427
Variable lease cost			707
Sublease income			(226	)
Total operating lease cost		$	84,663

Supplemental balance sheet information related to operating leases were as follows:

December 31,		2019
ROU assets		$	223,369
Current portion of long-term obligations		$	68,199
Operating lease liabilities			154,271
Total operating lease liabilities		$	222,470
Weighted Average Remaining Lease Term (in years)			3.9 years
Weighted Average Discount Rate			4.48	%

Supplemental cash flow information related to operating leases were as follows:

Year Ended December 31,		2019
Operating cash flows for the measurement of operating lease liabilities		$	75,357
Operating lease right-of-use assets obtained in exchange for operating lease obligations		$	290,422

At December 31, 2019, maturities of operating lease liabilities over each of the next five years and thereafter were as follows:

2020		$	76,610
2021			63,442
2022			47,367
2023			30,659
2024			15,532
Thereafter			10,264
Total lease payments			243,874
Less imputed interest			21,404
Total lease liability		$	222,470

At December 31, 2019, we had additional operating leases, primarily for real property, that had not yet commenced. Such leases had estimated future minimum rental commitments of approximately $1,300. These operating leases will commence on March 1, 2020 with lease terms of five years. These undiscounted amounts are not included in the table above.

Prior to the adoption of the New Lease Standard, rental commitments on an undiscounted basis were approximately $219,300 at December 31, 2018 under non-cancelable operating leases and were payable as follows: $70,400 in 2019, $55,100 in 2020, $41,300 in 2021, $28,500 in 2022, $15,700 in 2023, and $8,300 thereafter.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

+ Details

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