Operating Leases (Tables)

3 Months Ended

Mar. 31, 2019

The following table details the components of the ROU asset and lease liability recognized upon adoption of ASC 842 on January 1, 2019 (in thousands):



Initial measurement of right of use asset (present value of the future minimum lease payments)	$	295,063
Accrued straight-line rent liability	(4,237		)
Amounts previously recognized in respect of business combinations:
Favorable lease intangible asset	45,596
Unfavorable lease intangible liability	(17,275		)
Total initial right of use asset	$	319,147

Lease liability, current	$	(87,608	)
Lease liability, non-current	(207,455		)
Total initial lease liability (present value of the future minimum lease payments)	$	(295,063	)

Lease, Cost

The following table details supplemental cash flow information related to operating leases for the three months ended March 31, 2019 (in thousands):



Cash paid for amounts included in the measurement of operating lease liabilities	$	28,840
Leased assets obtained in exchange for new operating lease liabilities	$	2,551

The following table details the components of lease expense included in store operating expenses in the consolidated statements of income during the three months ended March 31, 2019 (in thousands):



Operating lease expense	$	30,980
Variable lease expense ⁽¹⁾	2,075
Total operating lease expense	$	33,055

⁽¹⁾

Variable lease costs consist primarily of taxes, insurance and common area or other maintenance costs paid based on actual costs incurred by the lessor and can therefore vary over the lease term.

Lessee, Operating Lease, Liability, Maturity

The following table details the maturity of lease liabilities for all operating leases as of March 31, 2019 (in thousands):



Nine months ending December 31, 2019	$	78,583
2020	85,863
2021	65,433
2022	42,233
2023	23,021
Thereafter	20,221
Total	$	315,354
Less amount of lease payments representing interest	(41,438		)
Total present value of lease payments	$	273,916