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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2019
Accounting Policies [Abstract] |
Cumulative Effect of Adjustments for Adoption of Topic 842 | The adoption of ASC 842, “Leases,” did not have a material effect on our unaudited condensed consolidated statements of income or our unaudited condensed consolidated statements of cash flows. The effect of the adoption of ASC 842, “Leases,” on our unaudited condensed consolidated balance sheets as of January 1, 2019 and September 30, 2019 was as follows:
| Before Impact of ASC 842 |  | Effects of Adoption of ASC 842 |  | After Impact of ASC 842
| December 31, 2018 |  |  |  | January 1, 2019
Balance Sheet |  |  | (In thousands) |  |
Assets: |  |  |  |  |
Property and Equipment, net | $ | 1,178,489 |  |  | $ | (18,948) |  |  | $ | 1,159,541 |
Other Intangible Assets, net | 69,705 |  | (4,005) |  |  | 65,700 |
Right-of-Use Assets | — |  |  | 406,918 |  |  | 406,918 |
Liabilities: |  |  |  |  |
Current lease liabilities | $ | — |  |  | $ | 48,832 |  |  | $ | 48,832 |
Other accrued liabilities | 257,823 |  |  | (1,987) |  |  | 255,836 |
Long-Term Debt | 918,779 |  |  | (20,557) |  |  | 898,222 |
Long-Term Lease Liabilities | — |  |  | 370,647 |  |  | 370,647 |
Other Long-Term Liabilities | 75,887 |  |  | (2,508) |  |  | 73,379 |
Deferred Income Taxes | 33,178 |  |  | (3,034) |  |  | 30,144 |
Stockholders' Equity: |  |  |  |  |
Retained earnings | $ | 670,691 |  |  | $ | (7,428) |  |  | $ | 663,263 |
| Adoption of ASC 842 as of January 1, 2019 |  | New Leases |  | Modifications (1) |  | Reduction / Amortization |  | As Reported September 30, 2019
| (In thousands) |  |  |  |  |  |  |  |
Right-of-Use Assets: |  |  |  |  |  |  |  |  |
Finance Leases | $ | 18,948 |  |  | $ | 38 |  |  | $ | 18,782 |  |  | $ | (2,446) |  |  | $ | 35,322 |
Operating Leases | 387,970 |  |  | 754 |  |  | (25,910) |  |  | (33,964) |  |  | 328,850 |
Total Right-of-Use Assets | $ | 406,918 |  |  | $ | 792 |  |  | $ | (7,128) |  |  | $ | (36,410) |  |  | $ | 364,172 |
Current Lease Liabilities: |  |  |  |  |  |  |  |  |
Finance Leases | $ | 728 |  |  | $ | 3 |  |  | $ | 4,521 |  |  | $ | (3,737) |  |  | $ | 1,515 |
Operating Leases | 48,104 |  |  | 521 |  |  | (1,829) |  |  | (3,104) |  |  | 43,692 |
Total Current Lease Liabilities | $ | 48,832 |  |  | $ | 524 |  |  | $ | 2,692 |  |  | $ | (6,841) |  |  | $ | 45,207 |
Long-Term Lease Liabilities: |  |  |  |  |  |  |  |  |
Finance Leases | $ | 19,829 |  |  | $ | 36 |  |  | $ | 17,750 |  |  | $ | (969) |  |  | $ | 36,646 |
Operating Leases | 350,818 |  |  | 233 |  |  | (23,914) |  |  | (32,132) |  |  | 295,005 |
Total Long-Term Lease Liabilities | $ | 370,647 |  |  | $ | 269 |  |  | $ | (6,164) |  |  | $ | (33,101) |  |  | $ | 331,651 |
Lease Expenses |
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Lease Expense | (In thousands) |  |
Finance lease expense: |  |  |
Reduction of right-of-use assets | $ | 874 |  |  | $ | 2,446 |
Interest on lease liabilities | 1,305 |  |  | 3,820 |
Operating lease expense (1) | 16,610 |  |  | 51,664 |
Short-term lease expense (1) | 340 |  |  | 1,208 |
Variable lease expense | 597 |  |  | 1,394 |
Sublease income | (3,510) |  |  | (10,894) |
Total | $ | 16,216 |  |  | $ | 49,638 |
(1) Included in operating cash flows in the accompanying unaudited condensed consolidated statements of cash flows.
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
| (In thousands) |  |
Other Information |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Financing cash flows for finance leases | $ | 3,924 |  |  | $ | 4,706 |
Operating cash flows for finance leases | $ | 1,305 |  |  | $ | 3,820 |
Operating cash flows for operating leases | $ | 17,527 |  |  | $ | 54,311 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Finance leases | $ | 822 |  |  | $ | 10,843 |
Operating leases (1) | $ | 7,053 |  |  | $ | (1,885) |
(1) Includes the impact of reclassification of right-of-use assets from operating leases to finance leases due to remeasurement.
| September 30, 2019
Other Information |
Weighted-average remaining lease term (in years): |
Finance leases | 12.0
Operating leases | 9.6
Weighted-average discount rate: |
Finance leases | 18.76 | %
Operating leases | 6.84 | %
Lessee, Operating Lease, Liability, Maturity |
| Undiscounted Lease Cash Flows Under ASC 842 as of September 30, 2019 |  |  |  |
| Finance |  | Operating |  | Receipts from Subleases
Year Ending December 31, | (In thousands) |  |  |  |
2019 | $ | 1,643 |  |  | $ | 16,840 |  |  | $ | (3,337) |
2020 | 6,595 |  |  | 63,557 |  |  | (11,309) |
2021 | 6,747 |  |  | 56,236 |  |  | (8,535) |
2022 | 6,755 |  |  | 48,502 |  |  | (6,103) |
2023 | 6,816 |  |  | 46,752 |  |  | (6,103) |
Thereafter | 50,689 |  |  | 243,142 |  |  | (9,312) |
Total | $ | 79,245 |  |  | $ | 475,029 |  |  | $ | (44,699) |
Less: Present value discount | (41,084) |  |  | (136,332) |  |  |
Lease liabilities | $ | 38,161 |  |  | $ | 338,697 |  |  |
For comparison purposes the following table provides the future minimum lease payments as presented in our Annual Report on Form 10-K for the year ended December 31, 2018 in accordance with ASC 840, “Leases.”
| Undiscounted Lease Cash Flows Under ASC 842 as of December 31, 2018 |  |  |  |
| Finance |  | Operating |  | Receipts from Subleases
Year Ending December 31, | (In thousands) |  |  |  |
2019 | $ | 6,985 |  |  | $ | 82,177 |  |  | $ | (13,430) |
2020 | 7,165 |  |  | 66,023 |  |  | (10,508) |
2021 | 7,357 |  |  | 51,501 |  |  | (8,534) |
2022 | 7,374 |  |  | 37,152 |  |  | (7,232) |
2023 | 7,609 |  |  | 33,486 |  |  | (7,013) |
Thereafter | 482,390 |  |  | 127,026 |  |  | (13,116) |
Total minimum lease payments (receipts) | $ | 518,880 |  |  | $ | 397,365 |  |  | $ | (59,833) |
Less: Present value discount | (498,291) |  |  |  |  |
Lease liabilities | $ | 20,589 |  |  |  |  |
Current portion of lease liabilities | $ | 643 |  |  |  |  |
Long-term portion of lease liabilities | $ | 19,946 |  |  |  |  |
Finance Lease, Liability, Maturity |
| Undiscounted Lease Cash Flows Under ASC 842 as of September 30, 2019 |  |  |  |
| Finance |  | Operating |  | Receipts from Subleases
Year Ending December 31, | (In thousands) |  |  |  |
2019 | $ | 1,643 |  |  | $ | 16,840 |  |  | $ | (3,337) |
2020 | 6,595 |  |  | 63,557 |  |  | (11,309) |
2021 | 6,747 |  |  | 56,236 |  |  | (8,535) |
2022 | 6,755 |  |  | 48,502 |  |  | (6,103) |
2023 | 6,816 |  |  | 46,752 |  |  | (6,103) |
Thereafter | 50,689 |  |  | 243,142 |  |  | (9,312) |
Total | $ | 79,245 |  |  | $ | 475,029 |  |  | $ | (44,699) |
Less: Present value discount | (41,084) |  |  | (136,332) |  |  |
Lease liabilities | $ | 38,161 |  |  | $ | 338,697 |  |  |
For comparison purposes the following table provides the future minimum lease payments as presented in our Annual Report on Form 10-K for the year ended December 31, 2018 in accordance with ASC 840, “Leases.”
| Undiscounted Lease Cash Flows Under ASC 842 as of December 31, 2018 |  |  |  |
| Finance |  | Operating |  | Receipts from Subleases
Year Ending December 31, | (In thousands) |  |  |  |
2019 | $ | 6,985 |  |  | $ | 82,177 |  |  | $ | (13,430) |
2020 | 7,165 |  |  | 66,023 |  |  | (10,508) |
2021 | 7,357 |  |  | 51,501 |  |  | (8,534) |
2022 | 7,374 |  |  | 37,152 |  |  | (7,232) |
2023 | 7,609 |  |  | 33,486 |  |  | (7,013) |
Thereafter | 482,390 |  |  | 127,026 |  |  | (13,116) |
Total minimum lease payments (receipts) | $ | 518,880 |  |  | $ | 397,365 |  |  | $ | (59,833) |
Less: Present value discount | (498,291) |  |  |  |  |
Lease liabilities | $ | 20,589 |  |  |  |  |
Current portion of lease liabilities | $ | 643 |  |  |  |  |
Long-term portion of lease liabilities | $ | 19,946 |  |  |  |  |

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