Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of lease expenses

The components of lease expenses are as follows (in thousands):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Finance lease cost
Amortization of right-of-use assets (1)	$	21,313	$	61,210
Interest on lease liabilities	28,039		82,673
Total finance lease cost	49,352		143,883
Operating lease cost	57,946		164,505
Total lease cost	$	107,298	$	308,388

⁽¹⁾ Amortization of right-of-use assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.

Other information related to leases

Other information related to leases is as follows (in thousands):

	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	79,140
Operating cash flows from operating leases	157,106
Financing cash flows from finance leases	62,785
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	196,725
Operating leases	143,144
	As of September 30, 2019
Weighted-average remaining lease term - finance leases (2)	15 years
Weighted-average remaining lease term - operating leases (2)	13 years
Weighted-average discount rate - finance leases	9		%
Weighted-average discount rate - operating leases	4		%

⁽¹⁾ Represents all non-cash changes in ROU assets, including the impact of reclassifying finance lease and operating lease ROU assets of $36.9 million and $9.2 million, respectively, to assets held for sale. Refer to Note 5.

⁽²⁾ Includes lease renewal options that are reasonably certain to be exercised.

Maturities of lease liabilities

Maturities of lease liabilities under Topic 842 as of September 30, 2019 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2019 (3 months remaining)	$	39,216		$	39,309		$	78,525
2020	200,432			168,410			368,842
2021	188,811			168,192			357,003
2022	181,250			168,745			349,995
2023	167,098			169,689			336,787
Thereafter	1,233,604			1,752,663			2,986,267
Total lease payments	2,010,411			2,467,008			4,477,419
Plus amount representing residual property value	—			18,436			18,436
Less imputed interest	(539,508		)	(1,118,444		)	(1,657,952		)
Total	$	1,470,903		$	1,367,000		$	2,837,903

For the year ended December 31, 2018, the Company's operating lease, capital lease and other financing obligations under ASC Topic 840 are summarized as follows (in thousands):

	Capital Lease Obligations			Other Financing Obligations (1)			Total Capital Lease and Other Financing Obligations			Operating Leases
2019	$	103,859		$	80,292		$	184,151		$	187,280
2020	97,326			73,266			170,592			179,515
2021	95,414			73,672			169,086			166,159
2022	94,954			73,856			168,810			158,115
2023	95,463			69,423			164,886			147,677
Thereafter	878,755			722,496			1,601,251			1,130,494
Total minimum lease payments	1,365,771			1,093,005			2,458,776			1,969,240
Plus amount representing residual property value	—			389,643			389,643			—
Less amount representing interest	(602,026		)	(727,472		)	(1,329,498		)	—
Present value of net minimum lease payments	763,745			755,176			1,518,921			1,969,240
Less current portion	(43,498		)	(34,346		)	(77,844		)	—
Total	$	720,247		$	720,830		$	1,441,077		$	1,969,240

⁽¹⁾ Other financing obligations are primarily related to build-to-suit arrangements.

Maturities of lease liabilities

Maturities of lease liabilities under Topic 842 as of September 30, 2019 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2019 (3 months remaining)	$	39,216		$	39,309		$	78,525
2020	200,432			168,410			368,842
2021	188,811			168,192			357,003
2022	181,250			168,745			349,995
2023	167,098			169,689			336,787
Thereafter	1,233,604			1,752,663			2,986,267
Total lease payments	2,010,411			2,467,008			4,477,419
Plus amount representing residual property value	—			18,436			18,436
Less imputed interest	(539,508		)	(1,118,444		)	(1,657,952		)
Total	$	1,470,903		$	1,367,000		$	2,837,903

For the year ended December 31, 2018, the Company's operating lease, capital lease and other financing obligations under ASC Topic 840 are summarized as follows (in thousands):

	Capital Lease Obligations			Other Financing Obligations (1)			Total Capital Lease and Other Financing Obligations			Operating Leases
2019	$	103,859		$	80,292		$	184,151		$	187,280
2020	97,326			73,266			170,592			179,515
2021	95,414			73,672			169,086			166,159
2022	94,954			73,856			168,810			158,115
2023	95,463			69,423			164,886			147,677
Thereafter	878,755			722,496			1,601,251			1,130,494
Total minimum lease payments	1,365,771			1,093,005			2,458,776			1,969,240
Plus amount representing residual property value	—			389,643			389,643			—
Less amount representing interest	(602,026		)	(727,472		)	(1,329,498		)	—
Present value of net minimum lease payments	763,745			755,176			1,518,921			1,969,240
Less current portion	(43,498		)	(34,346		)	(77,844		)	—
Total	$	720,247		$	720,830		$	1,441,077		$	1,969,240

⁽¹⁾ Other financing obligations are primarily related to build-to-suit arrangements.