Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Components of lease expenses

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

	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Finance lease cost
Amortization of right-of-use assets (1)	$	25,166	$	20,086
Interest on lease liabilities	27,825		27,523
Total finance lease cost	52,991		47,609
Operating lease cost	53,791		51,639
Total lease cost	$	106,782	$	99,248

⁽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):

	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	26,967		$	26,604
Operating cash flows from operating leases	51,985			49,262
Financing cash flows from finance leases	18,977			31,158
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	115,274		$	16,307
Operating leases	6,612			28,987
	As of March 31, 2020			As of December 31, 2019
Weighted-average remaining lease term - finance leases (2)	15 years			15 years
Weighted-average remaining lease term - operating leases (2)	13 years			13 years
Weighted-average discount rate - finance leases	8		%	9		%
Weighted-average discount rate - operating leases	4		%	4		%
Finance lease assets (3)	$	1,343,406		$	1,277,614

⁽¹⁾ Represents all non-cash changes in ROU assets.

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

⁽³⁾ As of March 31, 2020 and December 31, 2019, the Company recorded accumulated amortization of finance lease assets of $498.1 million and $474.8 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.

Maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2020 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2020 (9 months remaining)	$	137,567		$	141,162		$	278,729
2021	190,031			191,679			381,710
2022	182,747			188,362			371,109
2023	167,266			183,177			350,443
2024	155,392			181,116			336,508
Thereafter	1,080,313			1,796,773			2,877,086
Total lease payments	1,913,316			2,682,269			4,595,585
Plus amount representing residual property value	—			17,639			17,639
Less imputed interest	(510,756		)	(1,120,701		)	(1,631,457		)
Total	$	1,402,560		$	1,579,207		$	2,981,767

Maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2020 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2020 (9 months remaining)	$	137,567		$	141,162		$	278,729
2021	190,031			191,679			381,710
2022	182,747			188,362			371,109
2023	167,266			183,177			350,443
2024	155,392			181,116			336,508
Thereafter	1,080,313			1,796,773			2,877,086
Total lease payments	1,913,316			2,682,269			4,595,585
Plus amount representing residual property value	—			17,639			17,639
Less imputed interest	(510,756		)	(1,120,701		)	(1,631,457		)
Total	$	1,402,560		$	1,579,207		$	2,981,767