Leases

12 Months Ended

Dec. 31, 2019

NOTE 10—LEASES

The components of lease cost for the year ended December 31, 2019 were as follows:


(in thousands)
Operating lease cost⁽¹⁾	$	78,609
Variable lease cost⁽¹⁾	60,085
Short term lease cost⁽¹⁾	9,013
	$	147,707

⁽¹⁾ Prior to the adoption of ASC 842, $143.9 million and $84.6 million of rent expense was included in SG&A expense for the years ended December 31, 2018 and 2017, respectively, and $1.6 million of rent expense was included in Cost of sales for the years ended December 31, 2018 and 2017, respectively.

Supplemental cash flow information for the year ended December 31, 2019 is as follows:


(in thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	77,350
Operating lease liabilities arising from obtaining ROU assets⁽¹⁾	471,396

⁽¹⁾Includes amount initially capitalized in conjunction with the adoption of ASC 842.

Amounts disclosed for lease liabilities arising from obtaining ROU assets include amounts added to the carrying amount of lease liabilities resulting from lease modifications and reassessments.

Supplemental balance sheet information related to leases as of December 31, 2019 is as follows:


Weighted average remaining lease term	6.79 years
Weighted average discount rate	3.82	%

As of December 31, 2019, future maturities of liabilities are as follows:


(in thousands)
2020	$	75,833
2021	73,078
2022	67,424
2023	60,998
2024	59,216
Thereafter	168,996
Total lease payments	505,545
Less: imputed interest	(70,019)
Total lease liabilities	435,526
Less: current obligations	(64,019)
Long-term lease obligations	$	371,507

As of December 31, 2019, the Company has additional operating lease commitments that have not yet commenced of $6.8 million. These leases will commence in 2020 with lease terms of 6 to 11 years.