Leases (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Leases [Abstract] |
|
| Lease, Cost |
The Company’s total lease expense is comprised of the following: | | | | | | | | | | Three Months Ended | | Six Months Ended | (In Thousands) | June 30, 2019 | | June 30, 2019 | Finance Lease Cost: |
| | | Amortization of Right-of-Use Assets | $ | 440 |
| | $ | 906 |
| Interest on Lease Liabilities | 100 |
| | 213 |
| Total Finance Lease Cost: | 540 |
| | 1,119 |
| | | | | Operating Lease Cost: |
| | | Operating Lease Cost Classified within Operating Expenses1 | 27,929 |
| | 57,142 |
| Operating Lease Cost Classified within Restructuring Expenses, Net | 837 |
| | 1,640 |
| Sublease Receipts | (1,039 | ) | | (1,771 | ) | Total Operating Lease Cost: | 27,727 |
| | 57,011 |
| | | | | Total Lease Cost | $ | 28,267 |
| | $ | 58,130 |
|
1 Includes short-term and variable lease costs, which are not significant.
|
| Supplemental Cash Flow Information |
Additional information regarding the Company’s leasing activities as a lessee is as follows: | | | | | | Six Months Ended | (In Thousands) | June 30, 2019 | Cash Paid for Amounts Included in Measurement of Lease Liabilities: |
| Operating Cash Flows for Finance Leases | $ | 261 |
| Operating Cash Flows for Operating Leases | 62,541 |
| Financing Cash Flows for Finance Leases | 1,202 |
| Total Cash Paid for Amounts Included in Measurement of Lease Liabilities | 64,004 |
| Right-of-Use Assets Obtained in Exchange for New Finance Lease Liabilities | — |
| Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities, Net of Exercised Early Lease Termination Options | $ | 14,891 |
|
|
| Assets And Liabilities, Lessee |
Supplemental balance sheet information related to leases is as follows: | | | | | | | | (In Thousands) | | Balance Sheet Classification | | June 30, 2019 | Assets | | | | | Operating Lease Assets | | Operating Lease Right-of-Use Assets | | $ | 338,805 |
| Finance Lease Assets | | Property, Plant and Equipment, Net | | 2,116 |
| Total Lease Assets | | | | $ | 340,921 |
| | | | | | Liabilities | | | | | Operating Lease Liabilities | | Operating Lease Liabilities | | $ | 386,989 |
| Finance Lease Liabilities | | Debt | | 3,962 |
| Total Lease Liabilities | | | | $ | 390,951 |
|
|
| Schedule of Weighted-Average Discount Rate and Weighted-Average Remaining Lease Term |
Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s finance and operating leases: | | | | | | | Weighted Average Discount Rate1 | | Weighted Average Remaining Lease Term (in years) | Finance Leases | 5.9 | % | | 1.5 | Operating Leases | 3.6 | % | | 5.1 |
1 Upon adoption of ASC 842, discount rates for existing operating leases were established as of January 1, 2019.
|
| Operating Lease, Liability, Maturity |
The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the condensed consolidated balance sheet. | | | | | | | | | | | | | (In Thousands) | Operating Leases | | Finance Leases | | Total | 2019 | $ | 55,063 |
| | $ | 1,327 |
| | $ | 56,390 |
| 2020 | 105,901 |
| | 2,084 |
| | 107,985 |
| 2021 | 83,319 |
| | 853 |
| | 84,172 |
| 2022 | 62,929 |
| | 87 |
| | 63,016 |
| 2023 | 42,406 |
| | — |
| | 42,406 |
| Thereafter | 76,525 |
| | — |
| | 76,525 |
| Total Undiscounted Cash Flows | 426,143 |
| | 4,351 |
| | 430,494 |
| Less: Interest | 39,154 |
| | 389 |
| | 39,543 |
| Present Value of Lease Liabilities | $ | 386,989 |
| | $ | 3,962 |
| | $ | 390,951 |
|
|
| Finance Lease, Liability, Maturity |
The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the condensed consolidated balance sheet. | | | | | | | | | | | | | (In Thousands) | Operating Leases | | Finance Leases | | Total | 2019 | $ | 55,063 |
| | $ | 1,327 |
| | $ | 56,390 |
| 2020 | 105,901 |
| | 2,084 |
| | 107,985 |
| 2021 | 83,319 |
| | 853 |
| | 84,172 |
| 2022 | 62,929 |
| | 87 |
| | 63,016 |
| 2023 | 42,406 |
| | — |
| | 42,406 |
| Thereafter | 76,525 |
| | — |
| | 76,525 |
| Total Undiscounted Cash Flows | 426,143 |
| | 4,351 |
| | 430,494 |
| Less: Interest | 39,154 |
| | 389 |
| | 39,543 |
| Present Value of Lease Liabilities | $ | 386,989 |
| | $ | 3,962 |
| | $ | 390,951 |
|
|