Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Components of lease expenses

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Finance lease cost
Amortization of right-of-use assets (1)	$	28,897	19,811		$	54,062	$	39,897
Interest on lease liabilities	28,438		27,111		56,263		54,634
Total finance lease cost	57,335		46,922		110,325		94,531
Operating lease cost	52,556		54,920		106,347		106,559
Total lease cost	$	109,891	$	101,842	$	216,672	$	201,090

⁽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):

	Six Months Ended June 30, 2020			Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	54,417		$	52,701
Operating cash flows from operating leases	102,146			101,875
Financing cash flows from finance leases	42,681			43,112
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	311,951		$	2,597
Operating leases	14,114			77,905
	As of June 30, 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)	$	1,516,351		$	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 June 30, 2020 and December 31, 2019, the Company recorded accumulated amortization of finance lease assets of $528.6 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 June 30, 2020 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2020 (6 months remaining)	$	87,527		$	95,454		$	182,981
2021	192,368			205,435			397,803
2022	184,049			202,461			386,510
2023	168,561			197,071			365,632
2024	156,627			194,842			351,469
Thereafter	1,094,015			1,975,440			3,069,455
Total lease payments	1,883,147			2,870,703			4,753,850
Plus amount representing residual property value	—			17,626			17,626
Less imputed interest	(499,952		)	(1,127,481		)	(1,627,433		)
Total	$	1,383,195		$	1,760,848		$	3,144,043

Maturities of lease liabilities

Maturities of lease liabilities as of June 30, 2020 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2020 (6 months remaining)	$	87,527		$	95,454		$	182,981
2021	192,368			205,435			397,803
2022	184,049			202,461			386,510
2023	168,561			197,071			365,632
2024	156,627			194,842			351,469
Thereafter	1,094,015			1,975,440			3,069,455
Total lease payments	1,883,147			2,870,703			4,753,850
Plus amount representing residual property value	—			17,626			17,626
Less imputed interest	(499,952		)	(1,127,481		)	(1,627,433		)
Total	$	1,383,195		$	1,760,848		$	3,144,043