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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard were as follows:

(in thousands)		December 31, 2018 As Previously Reported				Effect of the Adoption of ASC Topic 842 (Leases)				January 1, 2019 As Adjusted
Assets
Prepaid expenses and other		$	60,162			$	(11,580	)		$	48,582
Property, plant and equipment, net		701,359				1,789				703,148
Operating lease right-of-use assets		—				369,344				369,344
Intangible assets, net		366,029				(13,828		)		352,201
Liabilities
Current operating lease liabilities		—				38,773				38,773
Accrued liabilities and other		14,563				(412		)		14,151
Deferred Lease		22,436				(22,436		)		—
Noncurrent operating lease liabilities		—				328,156				328,156
Other liabilities		14,364				1,644				16,008

Lease Income and Costs and Lease Terms and Discount Rates

The following table summarizes other information related to operating and finance leases:

(in thousands)		Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
Operating cash flows used by leases		$	15,873			$	30,544
Leased assets obtained in exchange for new operating lease liabilities		21,172				25,760

The following table shows the components of lease income and costs:

(in thousands)		Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
Lease income from operating leases - fixed		$	2,042			$	4,070
Operating lease expense		16,752				33,660
Amortization of finance lease assets		123				241
Interest on finance lease liabilities		23				45
Subtotal finance lease cost		146				286
Total lease expense		$	16,898			$	33,946

The following table summarizes the lease terms and discount rates:

		June 30, 2019
Weighted-average remaining lease term (years)
Operating leases		8
Finance leases		16
Weighted-average discount rate
Operating leases		4.8	%
Finance leases		5.2	%

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at June 30, 2019:

(in thousands)		Operating Leases				Finance Leases				Total
2019		$	27,397			$	92			$	27,489
2020		62,536				174				62,710
2021		61,151				174				61,325
2022		58,134				174				58,308
2023		54,491				174				54,665
2024 and thereafter		184,800				1,699				186,499
Total lease payments		448,509				2,487				450,996
Less: Interest		77,700				771				78,471
Present value of lease liabilities		$	370,809			$	1,716			$	372,525

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at June 30, 2019:

(in thousands)		Operating Leases				Finance Leases				Total
2019		$	27,397			$	92			$	27,489
2020		62,536				174				62,710
2021		61,151				174				61,325
2022		58,134				174				58,308
2023		54,491				174				54,665
2024 and thereafter		184,800				1,699				186,499
Total lease payments		448,509				2,487				450,996
Less: Interest		77,700				771				78,471
Present value of lease liabilities		$	370,809			$	1,716			$	372,525

Minimum Rental Receipts Under Lease Agreement, Lessor, Operating Leases

The following table summarizes the total minimum rental receipts under lease agreements at June 30, 2019:

(in thousands)		Operating Leases
2019		$	3,635
2020		6,453
2021		4,377
2022		3,280
2023		1,653
2024 and thereafter		4,520
Total lease income		$	23,918

X

- 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=77888426&loc=SL77918701-209980

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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
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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
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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-Publisher FASB
-Name Accounting Standards Codification
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