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Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Schedule of Lease Income - Operating | The components of revenue from leases were as follows:
|  | Years ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | (In thousands)
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,505,913 |  |  | $ | 1,369,025 |  |  | $ | 1,303,263 |
Lease income related to commercial rental (1) |  | 952,560 |  |  | 905,305 |  |  | 777,270 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 46,801 |  |  | $ | 38,385 |  |  | $ | 30,169 |
Variable lease income excluding commercial rental (1) |  | $ | 272,065 |  |  | $ | 244,911 |  |  | $ | 238,905 |
_________________ (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.
Schedule of Lease Income - Sales Type | The components of the net investment in sales-type leases included in "Receivables, net" and "Sales-type lease and other assets" in the Consolidated Balance Sheet were as follows:
|  | December 31,
|  | 2019 |  | 2018
|  | (In thousands)
Net investment in the lease - lease payment receivable |  | $ | 553,076 |  |  | $ | 505,057 |
Net investment in the lease - unguaranteed residual value in assets |  | 44,952 |  |  | 46,209 |
|  | $ | 598,028 |  |  | $ | 551,266 |
Schedule of Maturity of Sales-Type Lease Receivable | Maturities of sales-type lease receivables as of December 31, 2019 were as follows:
Years ending December 31 | (In thousands)
2020 | $ | 166,300 |
2021 | 144,745 |
2022 | 117,645 |
2023 | 84,803 |
2024 | 62,292 |
Thereafter | 86,417 |
Total undiscounted cash flows | 662,202 |
Present value of lease payments (recognized as lease receivables) | (553,076 | )
Difference between undiscounted cash flows and discounted cash flows | $ | 109,126 |
Schedule of Maturity of Operating Lease Payments | Payments due for operating leases as of December 31, 2019 were as follows:
Years ending December 31 |  | (In thousands)
2020 |  | $ | 1,316,590 |
2021 |  | 1,052,096 |
2022 |  | 765,195 |
2023 |  | 526,845 |
2024 |  | 347,258 |
Thereafter |  | 291,703 |
Total undiscounted cash flows |  | $ | 4,299,687 |
Schedule of Lease Cost, Cash Flow Information, Lease Term, and Discount Rate | The components of lease expense were as follows:
|  |  | Years ended December 31,
| Classification |  | 2019 |  | 2018 |  | 2017
|  |  | (In thousands)
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use-assets | Other operating expenses, SG&A |  | $ | 13,671 |  |  | $ | 13,805 |  |  | $ | 13,870 |
Interest on lease liabilities | Interest expense |  | 2,565 |  |  | 2,546 |  |  | 2,288 |
Operating lease cost | Other operating expenses, SG&A |  | 94,039 |  |  | 87,741 |  |  | 72,992 |
Short-term lease and other | Other operating expenses, SG&A |  | 10,963 |  |  | 10,017 |  |  | 9,877 |
Variable lease cost | Other operating expenses, SG&A |  | 12,459 |  |  | 9,888 |  |  | 8,892 |
Sublease income | Lease & related maintenance and rental revenues, Other operating expenses |  | (22,385 | ) |  | (23,261 | ) |  | (21,169 | )
Total lease cost |  |  | $ | 111,312 |  |  | $ | 100,736 |  |  | $ | 86,750 |
Supplemental cash flow information related to leases was as follows:
|  | Years ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | (In thousands)
Cash paid for amounts included in measurement of liabilities: |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 2,565 |  |  | $ | 2,546 |  |  | $ | 2,288 |
Operating cash flows from operating leases |  | 93,383 |  |  | 85,980 |  |  | 69,379 |
Financing cash flows from finance leases |  | 17,922 |  |  | 17,601 |  |  | 17,206 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Finance leases |  | 21,749 |  |  | 15,324 |  |  | 23,095 |
Operating leases |  | 96,810 |  |  | 114,990 |  |  | 99,476 |
|  | December 31,
|  | 2019 |  | 2018
Weighted-average remaining lease term |  |  |  |
Operating |  | 4 years |  |  | 4 years |
Finance |  | 7 years |  |  | 7 years |
Weighted-average discount rate |  |  |  |
Operating |  | 4.0 | % |  | 3.7 | %
Finance |  | 6.6 | % |  | 8.0 | %
Schedule of Leases, Assets and Liabilities | Supplemental balance sheet information relates to leases was as follows:
|  |  | December 31,
| Classification |  | 2019 |  | 2018
|  |  | (In thousands)
Assets |  |  |  |  |
Operating lease right-of-use assets | Sales-type leases and other assets |  | $ | 214,809 |  |  | $ | 203,834 |
Finance lease assets | Operating property and equipment, net and revenue earning equipment, net |  | 44,190 |  |  | 41,647 |
Total leased assets |  |  | $ | 258,999 |  |  | $ | 245,481 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating | Accrued expenses and other current liabilities |  | $ | 72,285 |  |  | $ | 73,422 |
Finance | Short-term debt and current portion of long-term debt |  | 12,381 |  |  | 14,543 |
Noncurrent |  |  |  |  |
Operating | Other non-current liabilities |  | 151,361 |  |  | 137,384 |
Finance | Long-term debt |  | 39,336 |  |  | 32,909 |
Total lease liabilities |  |  | $ | 275,363 |  |  | $ | 258,258 |
Schedule of Operating Lease Maturities | Maturities of operating and finance lease liabilities were as follows:
|  | Operating |  | Finance |  |
|  | Leases |  | Leases |  | Total
Years ending December 31 |  | (In thousands)
2020 |  | $ | 79,345 |  |  | $ | 14,663 |  |  | $ | 94,008 |
2021 |  | 57,323 |  |  | 13,377 |  |  | 70,700 |
2022 |  | 43,173 |  |  | 9,013 |  |  | 52,186 |
2023 |  | 31,768 |  |  | 6,716 |  |  | 38,484 |
2024 |  | 13,452 |  |  | 4,825 |  |  | 18,277 |
Thereafter |  | 18,455 |  |  | 12,561 |  |  | 31,016 |
Total lease payments |  | 243,516 |  |  | 61,155 |  |  | 304,671 |
Less: Imputed Interest |  | (19,870 | ) |  | (9,438 | ) |  | (29,308 | )
Present value of lease liabilities |  | $ | 223,646 |  |  | $ | 51,717 |  |  | $ | 275,363 |
Schedule of Finance Lease Maturities | Maturities of operating and finance lease liabilities were as follows:
|  | Operating |  | Finance |  |
|  | Leases |  | Leases |  | Total
Years ending December 31 |  | (In thousands)
2020 |  | $ | 79,345 |  |  | $ | 14,663 |  |  | $ | 94,008 |
2021 |  | 57,323 |  |  | 13,377 |  |  | 70,700 |
2022 |  | 43,173 |  |  | 9,013 |  |  | 52,186 |
2023 |  | 31,768 |  |  | 6,716 |  |  | 38,484 |
2024 |  | 13,452 |  |  | 4,825 |  |  | 18,277 |
Thereafter |  | 18,455 |  |  | 12,561 |  |  | 31,016 |
Total lease payments |  | 243,516 |  |  | 61,155 |  |  | 304,671 |
Less: Imputed Interest |  | (19,870 | ) |  | (9,438 | ) |  | (29,308 | )
Present value of lease liabilities |  | $ | 223,646 |  |  | $ | 51,717 |  |  | $ | 275,363 |

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