Leases (Tables)
|
9 Months Ended |
Sep. 30, 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 |
|
Nine Months Ended |
| |
|
|
September 30, |
|
September 30, |
| Lease cost |
Classification |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| Finance lease cost: |
|
|
|
|
|
|
|
|
|
| Amortization of lease assets |
Depreciation (1)
|
|
$ |
231 |
|
|
$ |
53 |
|
|
$ |
705 |
|
|
$ |
515 |
|
| Interest on lease liabilities |
Interest expense |
|
18 |
|
|
16 |
|
|
68 |
|
|
50 |
|
| Operating lease cost |
Cost of services and Selling, general and administrative expenses |
|
25,323 |
|
|
29,577 |
|
|
80,046 |
|
|
89,289 |
|
Short-term and variable lease cost (2)
|
Cost of services and Selling, general and administrative expenses |
|
176,605 |
|
|
160,365 |
|
|
494,846 |
|
|
478,683 |
|
| Total lease cost |
|
|
$ |
202,177 |
|
|
$ |
190,011 |
|
|
$ |
575,665 |
|
|
$ |
568,537 |
|
(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.
|
| Future Minimum Lease Payments - Operating Leases |
Future minimum lease payments for operating and finance leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of September 30, 2021 |
| |
|
Operating Leases |
|
Finance Leases |
|
Total |
| Remainder of 2021 |
|
$ |
23,964 |
|
|
$ |
296 |
|
|
$ |
24,260 |
|
| 2022 |
|
80,516 |
|
|
872 |
|
|
81,388 |
|
| 2023 |
|
58,265 |
|
|
666 |
|
|
58,931 |
|
| 2024 |
|
36,341 |
|
|
409 |
|
|
36,750 |
|
| 2025 |
|
24,449 |
|
|
126 |
|
|
24,575 |
|
| Thereafter |
|
36,996 |
|
|
— |
|
|
36,996 |
|
| Total future minimum operating and finance lease payments |
|
$ |
260,531 |
|
|
$ |
2,369 |
|
|
$ |
262,900 |
|
| Less imputed interest |
|
(20,342) |
|
|
(116) |
|
|
(20,458) |
|
| Total lease liabilities |
|
$ |
240,189 |
|
|
$ |
2,253 |
|
|
$ |
242,442 |
|
|
| Future Minimum Lease Payments - Finance Leases |
Future minimum lease payments for operating and finance leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of September 30, 2021 |
| |
|
Operating Leases |
|
Finance Leases |
|
Total |
| Remainder of 2021 |
|
$ |
23,964 |
|
|
$ |
296 |
|
|
$ |
24,260 |
|
| 2022 |
|
80,516 |
|
|
872 |
|
|
81,388 |
|
| 2023 |
|
58,265 |
|
|
666 |
|
|
58,931 |
|
| 2024 |
|
36,341 |
|
|
409 |
|
|
36,750 |
|
| 2025 |
|
24,449 |
|
|
126 |
|
|
24,575 |
|
| Thereafter |
|
36,996 |
|
|
— |
|
|
36,996 |
|
| Total future minimum operating and finance lease payments |
|
$ |
260,531 |
|
|
$ |
2,369 |
|
|
$ |
262,900 |
|
| Less imputed interest |
|
(20,342) |
|
|
(116) |
|
|
(20,458) |
|
| Total lease liabilities |
|
$ |
240,189 |
|
|
$ |
2,253 |
|
|
$ |
242,442 |
|
|
| Other Information Related to Leases |
The weighted average remaining lease terms and discount rates were as follows:
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of September 30, 2021 |
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
4.16 |
|
|
| Finance leases |
|
2.90 |
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
3.9 |
% |
|
|
| Finance leases |
|
3.7 |
% |
|
|
|