Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Based on our lease portfolio as of June 30, 2019, the table below sets forth the approximate future lease payments related to operating leases with initial terms of one year or more (in thousands):



2019	$	24,460
2020	52,655
2021	41,439
2022	32,093
2023	20,099
Thereafter	19,413
Total lease payments	190,159
Less: interest	15,087
Present value of lease liabilities	175,072

Lease Cost

The table below presents the weighted-average remaining lease term (years) of our operating leases and the weighted-average discount rate used in the above calculation:



	June 30,
Lease Term and Discount Rate	2019
Weighted-average remaining lease term (years)
Operating leases	4.49
Weighted-average discount rate
Operating leases	3.5	%

The table below presents the amount of cash paid for amounts included in the measurement of lease liabilities (in thousands):



	Six Months Ended
	June 30,
	2019
Operating cash flows for lease liabilities	$	28,202

The table below presents expense associated with facility and vehicle operating leases (in thousands):



		Three Months Ended				Six Months Ended
		June 30,				June 30,
Lease Cost	Classification	2019		2018		2019		2018
Operating lease cost ⁽¹⁾	Selling and administrative expenses	$	16,261	$	15,230	$	31,331	$	29,783
Variable lease cost	Selling and administrative expenses	3,348		3,042		6,607		6,063

⁽¹⁾ Includes short-term lease cost, which is not material

Schedule of Accumulated Other Comprehensive Loss

The table below presents the components of our Accumulated other comprehensive loss balance (in thousands):



	June 30,						December 31,
	2019			2018			2018
Foreign currency translation adjustments	$	(11,000	)	$	(10,382	)	$	(12,422	)
Unrealized (losses) gains on interest rate swaps, net of tax ⁽¹⁾	(84		)	1,527			1,425
Accumulated other comprehensive loss	$	(11,084	)	$	(8,855	)	$	(10,997	)

⁽¹⁾

In February 2018, the Financial Accounting Standards Board (FASB) issued guidance that allows entities the option to reclassify the tax effects related to items in accumulated other comprehensive income (loss) to retained earnings (deficit) if deemed to be stranded in accumulated other comprehensive income (loss) due to U.S. tax reform. We do not have any material amounts stranded in Accumulated other comprehensive loss as a result of U.S. tax reform.

Schedule of Recent Accounting Pronouncements

The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods:



Standard	Description	Effective Date	Effect on Financial Statements and Other Significant Matters
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	Changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method.	Annual periods beginning after December 15, 2019	We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures.
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	Eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (commonly referred to as Step 2 under the current guidance). Rather, the measurement of a goodwill impairment charge will be based on the excess of a reporting unit’s carrying value over its fair value (Step 1 under the current guidance). This guidance should be applied prospectively.	Annual and interim impairment tests performed in periods beginning after December 15, 2019	We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures.