XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases and Other Finance Obligations | 9 Months Ended
--- | ---
Sep. 30, 2021
Leases [Abstract] |
Leases and Other Finance Obligations | 10. Leases and Other Finance Obligations Right-of-use assets and lease liabilities consisted of the following (in thousands) as of:
|  | September 30, 2021 |  |  | December 31, 2020 |
Assets |  |  |  |  |  |  |  |
Operating lease right-of-use assets, net |  | $ | 444,073 |  |  | $ | 274,562 |
Finance lease right-of-use assets, net (included in property, plant and equipment, net) |  |  | 4,490 |  |  |  | 34,905 |
Total right-of-use assets |  | $ | 448,563 |  |  | $ | 309,467 |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | $ | 94,651 |  |  | $ | 61,625 |
Current portion of finance lease liabilities (included in current maturities of long-term debt) |  |  | 1,444 |  |  |  | 12,178 |
Noncurrent |  |  |  |  |  |  |  |
Noncurrent portion of operating lease liabilities |  |  | 360,271 |  |  |  | 219,239 |
Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) |  |  | 2,709 |  |  |  | 11,695 |
Total lease liabilities |  | $ | 459,075 |  |  | $ | 304,737 |
Total lease costs consisted of the following (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Operating lease costs (1) |  | $ | 33,820 |  |  | $ | 21,300 |  |  | $ | 99,292 |  |  | $ | 64,293 |
Finance lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of finance lease right-of-use assets |  |  | 397 |  |  |  | 1,548 |  |  |  | 1,787 |  |  |  | 4,704 |
Interest on finance lease liabilities |  |  | 53 |  |  |  | 382 |  |  |  | 318 |  |  |  | 1,041 |
Variable lease costs |  |  | 6,827 |  |  |  | 4,613 |  |  |  | 20,308 |  |  |  | 13,275 |
Total lease costs |  | $ | 41,097 |  |  | $ | 27,843 |  |  | $ | 121,705 |  |  | $ | 83,313 |
| (1) | Includes short-term lease costs and sublease income which were not material for the three and nine months ended September 30, 2021 and 2020.
Future maturities of lease liabilities as of September 30, 2021 were as follows (in thousands):
|  | Finance Leases |  |  | Operating Leases |
2021 (from October 1, 2021) |  | $ | 409 |  |  | $ | 29,490 |
2022 |  |  | 1,570 |  |  |  | 112,718 |
2023 |  |  | 1,337 |  |  |  | 95,739 |
2024 |  |  | 480 |  |  |  | 78,513 |
2025 |  |  | 257 |  |  |  | 56,062 |
Thereafter |  |  | 438 |  |  |  | 167,888 |
Total lease payments |  |  | 4,491 |  |  |  | 540,410 |
Less: amount representing interest |  |  | (338 | ) |  |  | (85,488 | )
Present value of lease liabilities |  |  | 4,153 |  |  |  | 454,922 |
Less: current portion |  |  | (1,444 | ) |  |  | (94,651 | )
Long-term lease liabilities, net of current portion |  | $ | 2,709 |  |  | $ | 360,271 |
Weighted average lease terms and discount rates were as follows:
|  |  | September 30, 2021 |  |  |  | December 31, 2020 |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 6.4 |  |  |  | 6.3 |
Finance leases |  |  | 3.6 |  |  |  | 2.1 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 5.4 | % |  |  | 6.3 | %
Finance leases |  |  | 4.4 | % |  |  | 5.9 | %
The following table presents cash paid for amounts included in the measurement of lease liabilities (in thousands):
|  | Nine Months Ended September 30, |
|  |  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 90,858 |  | $ | 62,185 |
Operating cash flows from finance leases |  |  | 318 |  |  | 1,041 |
Financing cash flows from finance leases |  |  | 27,565 |  |  | 9,961 |
Residual value guarantees in our lease agreements are not material. Our lease agreements do not impose any significant restrictions or covenants on us. As of September 30, 2021, we do not have any material leases that have been signed, but have not yet commenced. Leases with related parties are not significant as of September 30, 2021 nor for the three and nine months ended September 30, 2021 and 2020. Other Finance Obligations In addition to the operating and finance lease arrangements described above, the Company is party to 121 individual property lease agreements with a single lessor as of September 30, 2021. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year increments providing for up to approximately 30-year total lease terms. A related agreement between the lessor and the Company gives the Company the right to acquire a limited number of the leased facilities at fair market value. These purchase rights represent a form of continuing involvement with these properties, which precluded sale-leaseback accounting. As a result, the Company treats all of the properties that it leases from this lessor as a financing arrangement. We were deemed the owner of certain of our facilities during their construction period based on an evaluation made in accordance with the Leases topic of the Codification. Effectively, a sale and leaseback of these facilities occurred when construction was completed and the lease term began. These transactions did not qualify for sale-leaseback accounting. As a result, the Company treats the lease of these facilities as a financing arrangement. As of September 30, 2021, other finance obligations consist of $203.5 million, with cash payments of $5.2 million and $15.9 million for the three and nine months ended September 30, 2021, respectively. These other finance obligations are included on the condensed consolidated balance sheet as part of long-term debt. The related assets are recorded as components of property, plant, and equipment on the condensed consolidated balance sheet. Future minimum commitments for other finance obligations as of September 30, 2021 were as follows (in thousands):
2021 (from October 1, 2021) |  | $ | 4,236 |
2022 |  |  | 16,886 |
2023 |  |  | 16,893 |
2024 |  |  | 16,911 |
2025 |  |  | 16,911 |
Thereafter |  |  | 174,344 |
Total |  | $ | 246,181 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration