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Leases (Tables) | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Sales-Type Lease, Revenue | Leasing revenue attributed to sales-type leases consists of the selling price and interest income as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2021
Sales-type lease selling price(1) | $ | 7,529 |  |  | $ | 21,113 |
Cost of underlying assets | (2,990) |  |  | (8,583) |
Operating profit | $ | 4,539 |  |  | $ | 12,530 |
Interest income | $ | 1,425 |  |  | $ | 3,011 |
(1) Selling price is equal to the present value of lease payments over the non-cancellable term.
Supplemental Balance Sheet Information Related to Leases | Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in thousands):
| Balance Sheet Location |  | September 30, 2021
Leasing receivables, net - short-term | Other current assets |  | $ | 12,016 |
Leasing receivables - long-term | Other assets |  | 38,604 |
|  |  | $ | 50,620 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| Balance Sheet Location |  | September 30, 2021 |  | December 31, 2020
Operating Leases |  |  |  |  |
ROU assets, net | Operating lease ROU assets, net |  | $ | 1,066,124 |  |  | $ | 194,776 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 55,507 |  |  | $ | 29,579 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,181,443 |  |  | $ | 177,996 |
Finance Leases |  |  |  |  |
ROU assets, net | Other assets |  | $ | 12,025 |  |  | $ | 1,003 |
Lease liabilities, short-term | Accrued expenses |  | $ | 1,269 |  |  | $ | 252 |
Lease liabilities, long-term | Long-term other |  | $ | 12,121 |  |  | $ | 447 |
Supplemental balance sheet information related to DLF obligations is as follows (in thousands):
| Balance Sheet Location |  | September 30, 2021 |  |  |  |
DLF obligation liabilities, short-term | Accrued expenses |  | $ | 580 |  |  |  |  |
DLF obligation liabilities, long-term | Deemed landlord financing, long-term |  | $ | 312,027 |  |  |  |  |
Components of Lease Expense and Other Information Related to Leases | The components of lease expense are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease costs | $ | 41,610 |  |  | $ | 10,458 |  |  | $ | 103,022 |  |  | $ | 31,759 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets | 810 |  |  | 185 |  |  | 1,987 |  |  | 505 |
Interest on lease liabilities | 130 |  |  | 9 |  |  | 176 |  |  | 31 |
Total financing lease costs | 940 |  |  | 194 |  |  | 2,163 |  |  | 536 |
Variable lease costs | 1,393 |  |  | 590 |  |  | 3,925 |  |  | 2,473 |
Total lease costs | $ | 43,943 |  |  | $ | 11,242 |  |  | $ | 109,110 |  |  | $ | 34,768 |
Other information related to leases was as follows (in thousands):
|  | Nine Months Ended September 30,
Supplemental Cash Flows Information |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 95,757 |  |  | $ | 29,122 |
Operating cash outflows from finance leases |  | $ | 390 |  |  | $ | 31 |
Financing cash outflows from finance leases |  | $ | 465 |  |  | $ | 530 |
Lease liabilities arising from new ROU assets: |  |  |  |
Operating leases |  | $ | 87,484 |  |  | $ | 54,678 |
Finance leases |  | $ | 10,959 |  |  | $ | 131 |
| September 30, 2021 |  | December 31, 2020
Weighted average remaining lease term (years): |  |  |
Operating leases | 14.4 |  | 9.8
Finance leases | 17.4 |  | 3.0
Weighted average discount rate: |  |  |
Operating leases | 8.2 | % |  | 5.3 | %
Finance leases | 5.3 | % |  | 3.9 | %
The components of DLF obligation expenses are as follows (in thousands):
| Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
Amortization of DLF obligations | $ | 1,804 |  |  | $ | 3,507 |
Interest on DLF obligations | 6,528 |  |  | 13,674 |
Total DLF contracts expenses | $ | 8,332 |  |  | $ | 17,181 |
Principal payments on DLF obligations presented below are included in repayments of long-term debt in the accompanying consolidated condensed statement of cash flows for the nine months ended September 30, 2021.
Supplemental Cash Flows Information (in thousands) |  | Nine Months Ended September 30, 2021 |  |
Financing cash outflows from DLF obligations |  | $ | 14,039 |  |  |
| September 30, 2021 |  |
Weighted average remaining lease term (years) | 19.25 |  |
Weighted average discount rate | 8.8 | % |  |
Future Minimum Operating Lease Obligations | Future minimum lease obligations as of September 30, 2021 were as follows (in thousands):
| Operating Leases |  | Finance Leases |  |
Remainder of 2021 | $ | 37,341 |  |  | $ | 343 |  |  |
2022 | 151,948 |  |  | 1,585 |  |  |
2023 | 150,345 |  |  | 1,580 |  |  |
2024 | 147,680 |  |  | 1,179 |  |  |
2025 | 145,734 |  |  | 836 |  |  |
Thereafter | 1,566,420 |  |  | 16,123 |  |  |
Total future lease payments | 2,199,468 |  |  | 21,646 |  |  |
Less: imputed interest | 962,518 |  |  | 8,256 |  |  |
Total | $ | 1,236,950 |  |  | $ | 13,390 |  |  |
Future Minimum Financing Lease Obligations | Future minimum lease obligations as of September 30, 2021 were as follows (in thousands):
| Operating Leases |  | Finance Leases |  |
Remainder of 2021 | $ | 37,341 |  |  | $ | 343 |  |  |
2022 | 151,948 |  |  | 1,585 |  |  |
2023 | 150,345 |  |  | 1,580 |  |  |
2024 | 147,680 |  |  | 1,179 |  |  |
2025 | 145,734 |  |  | 836 |  |  |
Thereafter | 1,566,420 |  |  | 16,123 |  |  |
Total future lease payments | 2,199,468 |  |  | 21,646 |  |  |
Less: imputed interest | 962,518 |  |  | 8,256 |  |  |
Total | $ | 1,236,950 |  |  | $ | 13,390 |  |  |
Future minimum financing obligations related to DLF obligations as of September 30, 2021 were as follows (in thousands):
Remainder of 2021 |  | $ | 6,742 |
2022 |  | 27,176 |
2023 |  | 27,044 |
2024 |  | 27,335 |
2025 |  | 27,728 |
Thereafter |  | 486,354 |
Total future lease payments |  | 602,379 |
Less: imputed interest |  | 289,772 |
Total |  | $ | 312,607 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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