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Leases (Tables) | 12 Months Ended
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Dec. 31, 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):
| December 31, 2021 |  |
Sales-type lease selling price(1) | $ | 29,789 |  |  |
Cost of underlying assets | (11,862) |  |  |
Operating profit | $ | 17,927 |  |  |
Interest income | $ | 4,327 |  |  |
____________ (1) Selling price is equal to the present value of lease payments over the non-cancelable 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 |  | December 31, 2021
Leasing receivables, net - short-term | Other current assets |  | $ | 12,843 |
Leasing receivables - long-term | Other assets |  | 44,080 |
|  |  | $ | 56,923 |
Supplemental balance sheet information related to leases is as follows (in thousands):
|  |  | December 31,
| Balance Sheet Location |  | 2021 |  | 2020
Operating leases: |  |  |  |  |
ROU assets, net | Operating lease right-of-use assets, net |  | $ | 1,384,501 |  |  | $ | 194,776 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 72,326 |  |  | $ | 29,579 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,385,364 |  |  | $ | 177,996 |
Finance Leases: |  |  |  |  |
ROU assets, net, | Other assets |  | $ | 129,500 |  |  | $ | 1,003 |
Lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1,838 |  |  | $ | 252 |
Lease liabilities, long-term | Long-term other |  | $ | 132,461 |  |  | $ | 447 |
Supplemental balance sheet information related to DLF obligations is as follows (in thousands):
| Balance Sheet Location |  | December 31, 2021 |  |  |  |
DLF obligation liabilities, short-term | Accrued expenses |  | $ | 903 |  |  |  |  |
DLF obligation liabilities, long-term | Deemed landlord financing, long-term |  | $ | 460,634 |  |  |  |  |
Components of Lease Expense and Other Information Related to Leases | The components of lease expense are as follows (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Operating lease costs |  | $ | 146,286 |  |  | $ | 42,520 |  |  | $ | 38,449 |
Financing lease costs: |  |  |  |  |  |
Amortization of right-of-use assets |  | 3,182 |  |  | 870 |  |  | 845 |
Interest on lease liabilities |  | 4,542 |  |  | 47 |  |  | 83 |
Total financing lease costs |  | 7,724 |  |  | 917 |  |  | 928 |
Variable lease costs |  | 6,511 |  |  | 2,473 |  |  | 4,361 |
Total lease costs |  | $ | 160,521 |  |  | $ | 45,910 |  |  | $ | 43,738 |
Other information related to leases was as follows (in thousands):
|  | December 31,
Supplemental Cash Flows Information |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 123,637 |  |  | $ | 39,774 |
Operating cash flows from finance leases |  | $ | 2,802 |  |  | $ | 47 |
Operating cash flows from DLF leases |  | $ | 17,695 |  |  | $ | — |
Financing cash flows from finance leases |  | $ | 830 |  |  | $ | 792 |
Lease liabilities arising from new ROU assets: |  |  |  |
Operating leases |  | $ | 19,625 |  |  | $ | 65,547 |
Finance leases |  | $ | 52,742 |  |  | $ | 139 |
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 14.1 |  | 9.8
Finance leases |  | 36.2 |  | 3.0
Weighted average discount rate: |  |  |  |
Operating leases |  | 5.3 | % |  | 5.3 | %
Finance leases |  | 5.3 | % |  | 3.9 | %
The components of DLF obligation expenses are as follows (in thousands):
| Income Statement Location |  | December 31, 2021 |  |
Amortization of DLF obligations | Amortization expense |  | $ | 5,707 |  |  |
Interest on DLF obligations | Interest expense, net |  | 28,039 |  |  |
Total DLF contracts expenses |  |  | $ | 33,746 |  |  |
Payments on DLF obligations represent payments related to interest accretion for the year ended December 31, 2021.
Supplemental Cash Flows Information (dollars in thousands) |  | December 31, 2021 |  |
Operating cash outflows from DLF obligations |  | $ | 17,695 |  |
Weighted average remaining term (years) |  | 39.0 |  |
Weighted average discount rate |  | 9.2 | % |  |
Future Minimum Lease Obligations | Future minimum lease obligations as of December 31, 2021 were as follows (in thousands):
| Operating Leases |  | Finance Leases
2022 | $ | 138,725 |  |  | $ | 15,035 |
2023 | 136,064 |  |  | 15,688 |
2024 | 133,406 |  |  | 15,429 |
2025 | 130,883 |  |  | 15,241 |
2026 | 125,796 |  |  | 15,575 |
Thereafter | 1,230,228 |  |  | 629,948 |
Total future lease payments | 1,895,102 |  |  | 706,916 |
Less: imputed interest | 437,412 |  |  | 572,617 |
Total | $ | 1,457,690 |  |  | $ | 134,299 |
Future Minimum Lease Obligations | Future minimum lease obligations as of December 31, 2021 were as follows (in thousands):
| Operating Leases |  | Finance Leases
2022 | $ | 138,725 |  |  | $ | 15,035 |
2023 | 136,064 |  |  | 15,688 |
2024 | 133,406 |  |  | 15,429 |
2025 | 130,883 |  |  | 15,241 |
2026 | 125,796 |  |  | 15,575 |
Thereafter | 1,230,228 |  |  | 629,948 |
Total future lease payments | 1,895,102 |  |  | 706,916 |
Less: imputed interest | 437,412 |  |  | 572,617 |
Total | $ | 1,457,690 |  |  | $ | 134,299 |
Future minimum financing obligations related to DLF obligations as of December 31, 2021 were as follows (in thousands):
2022 |  | $ | 33,337 |
2023 |  | 36,403 |
2024 |  | 37,585 |
2025 |  | 37,961 |
2026 |  | 38,930 |
Thereafter |  | 1,916,536 |
Total future payments |  | 2,100,752 |
Less: imputed interest |  | 1,639,215 |
Total |  | $ | 461,537 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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=123408670&loc=SL77918701-209980 + Details
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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=123408670&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=123408670&loc=SL77918701-209980 + Details
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