Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Components of Lease Costs The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands):
Three Months Ended
  March 31,
Lease cost Classification 2021 2020
Finance lease cost:
Amortization of lease assets
Depreciation (1)
$ 244  $ 202 
Interest on lease liabilities Interest expense 27  17 
Operating lease cost Cost of services and Selling, general and administrative expenses 27,776  29,737 
Short-term and variable lease cost (2)
Cost of services and Selling, general and administrative expenses 157,899  170,365 
Total lease cost   $ 185,946  $ 200,321 
(1)     Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations.
(2) Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant and primarily relates to real estate leases and consists of common area maintenance charges, real estate taxes, insurance and other variable costs.
Components of Leases in the Balance Sheet
The components of leases in the accompanying condensed consolidated balance sheet were as follows (in thousands):
Lease type Classification March 31, 2021 December 31, 2020
Assets:
Operating lease right-of-use assets Operating lease right-of-use assets $ 252,206  $ 256,845 
Finance lease assets Property and equipment, net of accumulated depreciation 2,715  2,370 
Total lease assets   $ 254,921  $ 259,215 
Liabilities:
Current:
Operating Current portion of operating lease liabilities $ 83,799  $ 85,134 
Finance Current maturities of long-term debt and short-term debt 988  846 
Non-current:
Operating Operating lease liabilities, net of current portion 176,008  178,822 
Finance Long-term debt, net of current maturities 1,627  1,382 
Total lease liabilities   $ 262,422  $ 266,184 
Future Minimum Lease Payments - Operating Leases
Future minimum lease payments for operating and finance leases were as follows (in thousands):
  As of March 31, 2021
  Operating Leases Finance Leases Total
Remainder of 2021 $ 71,358  $ 836  $ 72,194 
2022 73,550  847  74,397 
2023 52,368  626  52,994 
2024 32,349  394  32,743 
2025 21,287  62  21,349 
Thereafter 32,342  —  32,342 
Total future minimum operating and finance lease payments $ 283,254  $ 2,765  $ 286,019 
Less imputed interest (23,447) (150) (23,597)
Total lease liabilities $ 259,807  $ 2,615  $ 262,422 
Future Minimum Lease Payments - Finance Leases
Future minimum lease payments for operating and finance leases were as follows (in thousands):
  As of March 31, 2021
  Operating Leases Finance Leases Total
Remainder of 2021 $ 71,358  $ 836  $ 72,194 
2022 73,550  847  74,397 
2023 52,368  626  52,994 
2024 32,349  394  32,743 
2025 21,287  62  21,349 
Thereafter 32,342  —  32,342 
Total future minimum operating and finance lease payments $ 283,254  $ 2,765  $ 286,019 
Less imputed interest (23,447) (150) (23,597)
Total lease liabilities $ 259,807  $ 2,615  $ 262,422 
Other Information Related to Leases
The weighted average remaining lease terms and discount rates were as follows:
  As of March 31, 2021
Weighted average remaining lease term (in years):
Operating leases 4.22
Finance leases 3.09
Weighted average discount rate:
Operating leases 4.1  %
Finance leases 4.1  %