Operating Leases (Tables)

6 Months Ended

Jun. 30, 2019

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



Initial measurement of operating lease right of use asset (present value of the future minimum lease payments)	$	295,063
Accrued straight-line rent liability ⁽¹⁾	(4,237		)
Amounts previously recognized in respect of business combinations:
Favorable lease intangible assets ⁽²⁾	45,596
Unfavorable lease intangible liabilities ⁽³⁾	(17,275		)
Total initial operating lease 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 six months ended June 30, 2019 (in thousands):



Cash paid for amounts included in the measurement of operating lease liabilities	$	58,336
Leased assets obtained in exchange for new operating lease liabilities	$	16,628

The following table details the components of lease expense included in store operating expenses in the consolidated statements of income during the three and six months ended June 30, 2019 (in thousands):



	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Operating lease expense	$	31,292	$	62,272
Variable lease expense ⁽¹⁾	2,179		4,254
Total operating lease expense	$	33,471	$	66,526

⁽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 June 30, 2019 (in thousands):



Six months ending December 31, 2019	$	54,035
2020	90,674
2021	70,059
2022	46,132
2023	26,139
Thereafter	22,296
Total	$	309,335
Less amount of lease payments representing interest	(40,474		)
Total present value of lease payments	$	268,861