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Leases (Tables)

12 Months Ended

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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