Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Components of lease expenses

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Finance lease cost
Amortization of right-of-use assets (1)	$	31,900	21,313		$	85,962	$	61,210
Interest on lease liabilities	28,443		28,039		84,706		82,673
Total finance lease cost	60,343		49,352		170,668		143,883
Operating lease cost	55,135		57,946		161,482		164,505
Total lease cost	$	115,478	$	107,298	$	332,150	$	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, 2020			Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	81,827		$	79,140
Operating cash flows from operating leases	154,262			157,106
Financing cash flows from finance leases	74,446			62,785
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	357,137		$	196,725
Operating leases	65,906			143,144
	As of September 30, 2020			As of December 31, 2019
Weighted-average remaining lease term - finance leases (2)	14 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)	$	1,551,396		$	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 September 30, 2020 and December 31, 2019, the Company recorded accumulated amortization of finance lease assets of $564.8 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 September 30, 2020 are as follows (in thousands):

	Operating Leases		Finance Leases		Total
2020 (3 months remaining)	$	38,827	$	50,507	$	89,334
2021	199,311		208,147		407,458
2022	195,390		208,088		403,478
2023	179,643		202,661		382,304
2024	167,778		200,213		367,991
Thereafter	1,143,207		2,021,849		3,165,056
Total lease payments	1,924,156		2,891,465		4,815,621
Plus amount representing residual property value	—		17,335		17,335
Less imputed interest	(500,797)		(1,114,919)		(1,615,716)
Total	$	1,423,359	$	1,793,881	$	3,217,240

Maturities of lease liabilities

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

	Operating Leases		Finance Leases		Total
2020 (3 months remaining)	$	38,827	$	50,507	$	89,334
2021	199,311		208,147		407,458
2022	195,390		208,088		403,478
2023	179,643		202,661		382,304
2024	167,778		200,213		367,991
Thereafter	1,143,207		2,021,849		3,165,056
Total lease payments	1,924,156		2,891,465		4,815,621
Plus amount representing residual property value	—		17,335		17,335
Less imputed interest	(500,797)		(1,114,919)		(1,615,716)
Total	$	1,423,359	$	1,793,881	$	3,217,240