XML 24 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases Leases
As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands)OperatingFinance
2021 (remaining)$31,653 $10,193 
202256,891 18,747 
202346,544 15,296 
202438,183 12,375 
202531,384 12,482 
Thereafter74,309 18,932 
Total lease payments278,964 88,025 
Less: interest(44,484)(6,496)
Present value of lease liabilities$234,480 $81,529 
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.
The Company’s lease activity during the six months ended June 30, 2021 and 2020 was as follows:
(in thousands)Six Months Ended June 30,
Financial Statement Line20212020
Finance Lease Expense
Amortization of finance lease assets$9,514 $— 
Interest on obligations under finance leases 1,098 — 
Total finance lease expense $10,612 $— 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$2,131 $3,074 
Selling, general and administrative29,359 16,866
Lease impairment expense and other related charges1,107 1,359 
Short-term lease expense
Cost of leasing and services11,575 13,603
Selling, general and administrative723 851
Lease impairment expense and other related charges— 466 
Variable lease expense
Cost of leasing and services3,373 3,657
Selling, general and administrative3,792 2,131
Lease impairment expense and other related charges335 511 
Total operating lease expense$52,395 $42,518 
Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $0.2 million loss on lease exit and impairment charges and $1.5 million in closed location rent expense. During the six months ended June 30, 2020, the Company recorded $3.1 million in lease impairment expense and other related charges which is comprised of $0.8 million loss on lease exit and $2.3 million in closed location rent expense.
Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:
(in thousands)Six Months Ended June 30,
Supplemental Cash Flow Information20212020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$33,409 $20,271 
Financing cash outflows from finance leases$8,030 $— 
Right of use assets obtained in exchange for lease obligations$28,288 $19,242 
Assets obtained in exchange for finance leases $11,530 $— 
Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2021 and December 31, 2020 were as follows:
Lease Terms and Discount RatesJune 30, 2021December 31, 2020
Weighted-average remaining lease term - operating leases6.2 years6.4 years
Weighted-average discount rate - operating leases5.6 %5.7 %
Weighted-average remaining lease term - finance leases4.5 years4.6 years
Weighted-average discount rate - finance leases2.9 %2.9 %
The Company presents information related to leasing revenues in Note 3.
Leases Leases
As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands)OperatingFinance
2021 (remaining)$31,653 $10,193 
202256,891 18,747 
202346,544 15,296 
202438,183 12,375 
202531,384 12,482 
Thereafter74,309 18,932 
Total lease payments278,964 88,025 
Less: interest(44,484)(6,496)
Present value of lease liabilities$234,480 $81,529 
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.
The Company’s lease activity during the six months ended June 30, 2021 and 2020 was as follows:
(in thousands)Six Months Ended June 30,
Financial Statement Line20212020
Finance Lease Expense
Amortization of finance lease assets$9,514 $— 
Interest on obligations under finance leases 1,098 — 
Total finance lease expense $10,612 $— 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$2,131 $3,074 
Selling, general and administrative29,359 16,866
Lease impairment expense and other related charges1,107 1,359 
Short-term lease expense
Cost of leasing and services11,575 13,603
Selling, general and administrative723 851
Lease impairment expense and other related charges— 466 
Variable lease expense
Cost of leasing and services3,373 3,657
Selling, general and administrative3,792 2,131
Lease impairment expense and other related charges335 511 
Total operating lease expense$52,395 $42,518 
Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $0.2 million loss on lease exit and impairment charges and $1.5 million in closed location rent expense. During the six months ended June 30, 2020, the Company recorded $3.1 million in lease impairment expense and other related charges which is comprised of $0.8 million loss on lease exit and $2.3 million in closed location rent expense.
Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:
(in thousands)Six Months Ended June 30,
Supplemental Cash Flow Information20212020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$33,409 $20,271 
Financing cash outflows from finance leases$8,030 $— 
Right of use assets obtained in exchange for lease obligations$28,288 $19,242 
Assets obtained in exchange for finance leases $11,530 $— 
Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2021 and December 31, 2020 were as follows:
Lease Terms and Discount RatesJune 30, 2021December 31, 2020
Weighted-average remaining lease term - operating leases6.2 years6.4 years
Weighted-average discount rate - operating leases5.6 %5.7 %
Weighted-average remaining lease term - finance leases4.5 years4.6 years
Weighted-average discount rate - finance leases2.9 %2.9 %
The Company presents information related to leasing revenues in Note 3.