XML 43 R22.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Lessee, Finance Leases [Text Block] | LeasesOur leases principally relate to office, maintenance, and transportation equipment and funeral service real estate. The majority of our lease arrangements contain options to (i) purchase the property at fair value on the exercise date, (ii) purchase the property for a value determined at the inception of the lease, or (iii) renew the lease for the fair rental value at the end of the primary lease term. Future lease payments for non-cancelable operating and finance leases as of December 31, 2020 were as follows:
| Operating |  | Finance |  | Total
| (In thousands)
2021 | $ | 10,836 |  |  | $ | 51,126 |  |  | $ | 61,962 |
2022 | 9,649 |  |  | 32,018 |  |  | 41,667 |
2023 | 7,222 |  |  | 24,504 |  |  | 31,726 |
2024 | 6,122 |  |  | 28,242 |  |  | 34,364 |
2025 | 5,177 |  |  | 9,711 |  |  | 14,888 |
2026 and thereafter | 37,502 |  |  | 19,082 |  |  | 56,584 |
Total lease payments | $ | 76,508 |  |  | $ | 164,683 |  |  | $ | 241,191 |
Less: Interest | (19,268) |  |  | (15,819) |  |  | (35,087) |
Present value of lease liabilities | $ | 57,240 |  |  | $ | 148,864 |  |  | $ | 206,104 |
The components of lease cost were as follows:
| Years Ended December 31,
| 2020 |  | 2019 |  |  |  |  |  |
| (In thousands) |  |  |  |  |  |
Amortization of leased assets | $ | 41,938 |  |  | $ | 42,147 |  |  |  |  |  |  |
Interest on lease liabilities | 5,955 |  |  | 6,882 |  |  |  |  |  |  |
Total finance lease cost | 47,893 |  |  | 49,029 |  |  |  |  |  |  |
Operating lease cost | 12,196 |  |  | 12,502 |  |  |  |  |  |  |
Variable lease cost | 29 |  |  | 1,089 |  |  |  |  |  |  |
Total lease cost | $ | 60,118 |  |  | $ | 62,620 |  |  |  |  |  |  |
Supplemental balance sheet information related to leases were as follows:
Lease Type |  | Balance Sheet Classification |  | December 31, 2020 | December 31, 2019
|  | (In thousands)
Operating lease right-of-use assets (1) |  | Deferred charges and other assets |  | $ | 54,764 |  | $ | 58,101 |
Finance lease right-of-use assets (1) |  | Property and equipment, net |  | 146,144 |  | 179,538 |
Total right-of-use assets (1) |  |  |  | $ | 200,908 |  | $ | 237,639 |
Operating |  | Accounts payable and accrued liabilities |  | $ | 8,584 |  | $ | 8,538 |
Finance |  | Current maturities of long-term debt |  | 47,109 |  | 39,428 |
Total current lease liabilities |  |  |  | 55,693 |  | 47,966 |
Operating |  | Other liabilities |  | 48,656 |  | 52,091 |
Finance |  | Long-term debt |  | 101,755 |  | 145,824 |
Total non-current lease liabilities |  |  |  | 150,411 |  | 197,915 |
Total lease liabilities |  |  |  | $ | 206,104 |  | $ | 245,881 |
(1) Right-of-use assets are presented net of accumulated amortization. The weighted-average life remaining and discount rates of our leases were as follows:
| December 31, 2020 |  | December 31, 2019
| Operating |  | Finance |  | Operating |  | Finance
Weighted-average remaining lease term (years) | 12.2 |  | 4.8 |  | 12.4 |  | 4.9
Weighted-average discount rate | 4.3% |  | 3.3% |  | 4.6% |  | 3.5%
Supplemental cash flow information related to leases were as follows:
|  |  | December 31, 2020 | December 31, 2019 |
|  |  | (In thousands) |
Cash paid for amounts in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 12,190 |  | $ | 12,568 |  |
Operating cash flows for finance leases |  |  | 5,446 |  | 7,472 |  |
Financing cash flows for finance leases |  |  | 43,598 |  | 42,627 |  |
Total cash paid for amounts included in the measurement of lease liabilities |  |  | $ | 61,234 |  | $ | 62,667 |  |
New finance leases |  |  | 23,523 |  | 43,823 |  |
Finance lease renewals and extensions |  |  | — |  | 4,410 |  |
Right-of-use assets obtained in exchange for finance lease liabilities |  |  | $ | 23,523 |  | $ | 48,233 |  |
New operating leases |  |  | 4,684 |  | 2,883 |  |
Operating lease renewals and extensions |  |  | 4,128 |  | 8,042 |  |
Right-of-use assets obtained in exchange for operating lease liabilities |  |  | $ | 8,812 |  | $ | 10,925 |  |
The right-of-use assets obtained in exchange for lease liabilities shown above exclude the following activities: In 2020, we acquired funeral home buildings and land that were previously leased. Right-of-use assets were reduced $2.7 million as a result of these acquisitions. In 2019, we recorded modifications of $5.7 million that reduced right-of-use assets and lease liabilities through remeasurement and reassessment of certain leases. We have 64 operating leases where we are the lessor and the non-cancelable term is greater than one year, resulting in $3.6 million and $2.5 million in lease income for the years ended December 31, 2020 and 2019, respectively. We determine whether an arrangement is or contains a lease at the inception of the arrangement based on the terms of the arrangement. We lease retail space, office space and land, and we are party to cellular agreements and land easements. The underlying assets of these lease agreements are buildings and land. We generally do not have sales-type leases, direct financing leases, or lease receivables. Certain of our agreements include variable rental income based on a percentage of sales over base contractual levels. Renewal options that can be cancelled by the lessees are not included in our disclosure of future lease income, which includes only the non-cancelable terms and fixed escalation provisions. Certain lease arrangements contain options to purchase the property at fair value at the conclusion of the lease term. Non lease components are excluded from rental income disclosures. Future undiscounted lease income from operating leases as of December 31, 2020 were as follows (in thousands):
2021 | $ | 4,466 |
2022 | 4,053 |
2023 | 3,345 |
2024 | 2,929 |
2025 | 2,631 |
2026 and thereafter | 21,956 |
Total expected cash receipts | $ | 39,380 |
We own certain land, buildings, and improvements for the sole purpose of generating lease income. Property is recorded at cost, and depreciation is recognized ratably over the estimated useful lives of the various classes of assets. Buildings and improvements are depreciated over a period ranging from ten years to forty years. For these properties, we recorded depreciation expense of $0.5 million, $0.2 million, and $0.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, our Consolidated Balance Sheet includes Land of $25.0 million, and Buildings and improvements of $25.3 million, net of $2.2 million accumulated depreciation, related to these properties.

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 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 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration