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Leases

12 Months Ended

Dec. 31, 2020

Leases, Operating [Abstract]

Leases

Leases

The following summarizes lease expense:

			Year Ended December 31, 2020												Year Ended December 31, 2019
Lease Expense / (Sublease Income)			Continuing Operations						Discontinued Operations						Continuing Operations						Discontinued Operations
(in thousands)
Operating lease cost			$	83,938					$	792					$	90,591					$	809
Finance lease cost
Amortization of right-of-use assets			651						676						1,394						27
Interest on lease liabilities			23						117						65						2
Variable lease cost (1)			7,415						—						19,231						—
Short-term lease cost			92,161						24,900						119,737						43,807
Sublease income			(6,797)						(10,278)						(8,905)						(25,832)
Total lease expense			$	177,391					$	16,207					$	222,113					$	18,813

(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

Information related to our right-of use assets and lease liabilities follows:

						December 31, 2020												December 31, 2019
Lease Assets / Liabilities			Balance Sheet Classification			Cont Ops						Disc Ops						Cont Ops						Disc Ops
(in thousands)
Right-of-use assets
Operating lease assets			Other assets			$	215,134					$	—					$	259,169					$	—
Operating lease assets			Current assets held for sale			—						2,434						13,123						3,259
Finance lease assets			Other assets			400						—						937						—
Finance lease assets			Current assets held for sale			—						9,069						—						181
Total right-of-use assets						$	215,534					$	11,503					$	273,229					$	3,440
Lease liabilities
Operating lease liabilities, current			Other accrued liabilities			$	62,180					$	—					$	65,961					$	—
Operating lease liabilities, noncurrent			Noncurrent liabilities			176,776						—						219,146						—
Operating lease liabilities			Current liabilities held for sale			—						2,434						13,228						3,180
Finance lease liabilities, current			Other accrued liabilities			114						—						906						—
Finance lease liabilities, noncurrent			Noncurrent liabilities			—						—						8						—
Finance lease liabilities			Current liabilities held for sale			—						8,327						—						191
Total lease liabilities						$	239,070					$	10,761					$	299,249					$	3,371

Supplemental information related to our leases follows:

			Year Ended December 31, 2020									Year Ended December 31, 2019
			Cont Ops			Disc Ops						Cont Ops			Disc Ops
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	89,649		$	780					$	91,308		$	787
Operating cash flows from finance leases			23			117						65			3
Financing cash flows from finance leases			761			1,365						1,547			25
Right-of-use assets obtained in exchange for new operating lease liabilities			20,471			—						96,984			546
Right-of-use assets obtained in exchange for new finance lease liabilities			—			8,663						—			222
Weighted-average remaining lease term - operating leases			6.1 years			4.3 years						6.5 years			4.8 years
Weighted-average remaining lease term - finance leases			2.1 years			5.0 years						2.2 years			3.5 years
Weighted-average discount rate - operating leases			3.04		%	3.47		%				3.34		%	3.50		%
Weighted-average discount rate - finance leases			3.39		%	2.72		%				3.38		%	2.64		%

The remaining lease payments under our operating and finance leases follows:

			Cont Ops												Disc Ops
Year Ended December 31,			Operating Leases						Finance Leases						Operating Leases						Finance Leases
(in thousands)
2021			$	68,649					$	8					$	654					$	2,927
2022			55,736						55						609						2,906
2023			41,029						62						554						1,436
2024			28,211						—						482						821
2025			20,275						—						324						612
Thereafter			47,358						—						—						—
Total lease payments			$	261,258					$	125					$	2,623					$	8,702
Less: Interest			(22,302)						(11)						(189)						(375)
Present value of lease liabilities			$	238,956					$	114					$	2,434					$	8,327

During 2018, net rental expense amounted to $360 million (including $2 million from discontinued operations).

Leases

Leases

The following summarizes lease expense:

			Year Ended December 31, 2020												Year Ended December 31, 2019
Lease Expense / (Sublease Income)			Continuing Operations						Discontinued Operations						Continuing Operations						Discontinued Operations
(in thousands)
Operating lease cost			$	83,938					$	792					$	90,591					$	809
Finance lease cost
Amortization of right-of-use assets			651						676						1,394						27
Interest on lease liabilities			23						117						65						2
Variable lease cost (1)			7,415						—						19,231						—
Short-term lease cost			92,161						24,900						119,737						43,807
Sublease income			(6,797)						(10,278)						(8,905)						(25,832)
Total lease expense			$	177,391					$	16,207					$	222,113					$	18,813

(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

Information related to our right-of use assets and lease liabilities follows:

						December 31, 2020												December 31, 2019
Lease Assets / Liabilities			Balance Sheet Classification			Cont Ops						Disc Ops						Cont Ops						Disc Ops
(in thousands)
Right-of-use assets
Operating lease assets			Other assets			$	215,134					$	—					$	259,169					$	—
Operating lease assets			Current assets held for sale			—						2,434						13,123						3,259
Finance lease assets			Other assets			400						—						937						—
Finance lease assets			Current assets held for sale			—						9,069						—						181
Total right-of-use assets						$	215,534					$	11,503					$	273,229					$	3,440
Lease liabilities
Operating lease liabilities, current			Other accrued liabilities			$	62,180					$	—					$	65,961					$	—
Operating lease liabilities, noncurrent			Noncurrent liabilities			176,776						—						219,146						—
Operating lease liabilities			Current liabilities held for sale			—						2,434						13,228						3,180
Finance lease liabilities, current			Other accrued liabilities			114						—						906						—
Finance lease liabilities, noncurrent			Noncurrent liabilities			—						—						8						—
Finance lease liabilities			Current liabilities held for sale			—						8,327						—						191
Total lease liabilities						$	239,070					$	10,761					$	299,249					$	3,371

Supplemental information related to our leases follows:

			Year Ended December 31, 2020									Year Ended December 31, 2019
			Cont Ops			Disc Ops						Cont Ops			Disc Ops
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	89,649		$	780					$	91,308		$	787
Operating cash flows from finance leases			23			117						65			3
Financing cash flows from finance leases			761			1,365						1,547			25
Right-of-use assets obtained in exchange for new operating lease liabilities			20,471			—						96,984			546
Right-of-use assets obtained in exchange for new finance lease liabilities			—			8,663						—			222
Weighted-average remaining lease term - operating leases			6.1 years			4.3 years						6.5 years			4.8 years
Weighted-average remaining lease term - finance leases			2.1 years			5.0 years						2.2 years			3.5 years
Weighted-average discount rate - operating leases			3.04		%	3.47		%				3.34		%	3.50		%
Weighted-average discount rate - finance leases			3.39		%	2.72		%				3.38		%	2.64		%

The remaining lease payments under our operating and finance leases follows:

			Cont Ops												Disc Ops
Year Ended December 31,			Operating Leases						Finance Leases						Operating Leases						Finance Leases
(in thousands)
2021			$	68,649					$	8					$	654					$	2,927
2022			55,736						55						609						2,906
2023			41,029						62						554						1,436
2024			28,211						—						482						821
2025			20,275						—						324						612
Thereafter			47,358						—						—						—
Total lease payments			$	261,258					$	125					$	2,623					$	8,702
Less: Interest			(22,302)						(11)						(189)						(375)
Present value of lease liabilities			$	238,956					$	114					$	2,434					$	8,327

During 2018, net rental expense amounted to $360 million (including $2 million from discontinued operations).

X

- References

No definition available.

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- 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

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating 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

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