Leases (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Leases [Abstract] |
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| Lease, Cost |
The Company’s total lease expense is comprised of the following: | | | | | | | | | | Three Months Ended | | Nine Months Ended | (In Thousands) | September 30, 2019 | | September 30, 2019 | Finance Lease Cost: |
| | | Amortization of Right-of-Use Assets | $ | 396 |
| | $ | 1,302 |
| Interest on Lease Liabilities | 83 |
| | 296 |
| Total Finance Lease Cost: | 479 |
| | 1,598 |
| | | | | Operating Lease Cost: |
| | | Operating Lease Cost Classified within Operating Expenses1 | 27,647 |
| | 84,789 |
| Operating Lease Cost Classified within Restructuring Expenses, Net | 881 |
| | 2,521 |
| Sublease Receipts | (628 | ) | | (2,399 | ) | Total Operating Lease Cost: | 27,900 |
| | 84,911 |
| | | | | Total Lease Cost | $ | 28,379 |
| | $ | 86,509 |
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1 Includes short-term and variable lease costs, which are not significant.
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| Supplemental Cash Flow Information |
Additional information regarding the Company’s leasing activities as a lessee is as follows: | | | | | | Nine Months Ended | (In Thousands) | September 30, 2019 | Cash Paid for Amounts Included in Measurement of Lease Liabilities: |
| Operating Cash Flows for Finance Leases | $ | 345 |
| Operating Cash Flows for Operating Leases | 91,333 |
| Financing Cash Flows for Finance Leases | 1,971 |
| Total Cash Paid for Amounts Included in Measurement of Lease Liabilities | 93,649 |
| 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 | $ | 27,185 |
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| Assets And Liabilities, Lessee |
Supplemental balance sheet information related to leases is as follows: | | | | | | | | (In Thousands) | | Balance Sheet Classification | | September 30, 2019 | Assets | | | | | Operating Lease Assets | | Operating Lease Right-of-Use Assets | | $ | 330,508 |
| Finance Lease Assets | | Property, Plant and Equipment, Net | | 1,018 |
| Total Lease Assets | | | | $ | 331,526 |
| | | | | | Liabilities | | | | | Operating Lease Liabilities | | Operating Lease Liabilities | | $ | 374,443 |
| Finance Lease Liabilities | | Debt | | 3,192 |
| Total Lease Liabilities | | | | $ | 377,635 |
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| 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 | 5.8 | % | | 1.3 | Operating Leases | 3.6 | % | | 5.0 |
1 Upon adoption of ASC 842, discount rates for existing operating leases were established as of January 1, 2019.
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| 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 | $ | 27,105 |
| | $ | 561 |
| | $ | 27,666 |
| 2020 | 108,113 |
| | 2,001 |
| | 110,114 |
| 2021 | 85,651 |
| | 841 |
| | 86,492 |
| 2022 | 65,160 |
| | 83 |
| | 65,243 |
| 2023 | 44,363 |
| | — |
| | 44,363 |
| Thereafter | 78,980 |
| | — |
| | 78,980 |
| Total Undiscounted Cash Flows | 409,372 |
| | 3,486 |
| | 412,858 |
| Less: Interest | 34,929 |
| | 294 |
| | 35,223 |
| Present Value of Lease Liabilities | $ | 374,443 |
| | $ | 3,192 |
| | $ | 377,635 |
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| 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 | $ | 27,105 |
| | $ | 561 |
| | $ | 27,666 |
| 2020 | 108,113 |
| | 2,001 |
| | 110,114 |
| 2021 | 85,651 |
| | 841 |
| | 86,492 |
| 2022 | 65,160 |
| | 83 |
| | 65,243 |
| 2023 | 44,363 |
| | — |
| | 44,363 |
| Thereafter | 78,980 |
| | — |
| | 78,980 |
| Total Undiscounted Cash Flows | 409,372 |
| | 3,486 |
| | 412,858 |
| Less: Interest | 34,929 |
| | 294 |
| | 35,223 |
| Present Value of Lease Liabilities | $ | 374,443 |
| | $ | 3,192 |
| | $ | 377,635 |
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