Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
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  %