Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

ROU Assets and Lease Liabilities By Lease Type

The following table presents the components of ROU assets and lease liabilities by lease type at September 30, 2019.

	September 30, 2019
	(in thousands)
ROU assets:
Operating leases	$	286,014
Finance leases	946
Total	$	286,960
Lease liabilities:
Operating leases	$	309,228
Finance leases	1,917
Total	$	311,145

Components of Lease, Supplemental Cash Flow and Supplemental Information

The following table presents the components by lease type, of total lease cost recognized in the consolidated statement of income for the three and nine months ended September 30, 2019:

	Three Months Ended			Nine Months Ended
	September 30, 2019			September 30, 2019
	(in thousands)
Finance lease cost:
Amortization of ROU assets	$	72		$	218
Interest on lease liabilities	47			148
Operating lease cost	9,096			25,019
Short-term lease cost	134			268
Variable lease cost	723			2,695
Sublease income	(779		)	(2,465		)
Total lease cost (included in net occupancy and equipment expense)	$	9,293		$	25,883

The following table presents supplemental cash flow information related to leases for the nine months ended September 30, 2019:

	Nine Months Ended
	September 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,813
Operating cash flows from finance leases	148
Financing cash flows from finance leases	365

The following table presents supplemental information related to leases at September 30, 2019:

	September 30, 2019
Weighted-average remaining lease term
Operating leases	12.95 years
Finance leases	3.25 years
Weighted-average discount rate
Operating leases	3.69	%
Finance leases	8.25	%

Sales-type Leases

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of September 30, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2019	$	34,982		$	8,865		$	171
2020	125,406			35,660			684
2021	107,213			35,068			684
2022	84,768			33,520			684
2023	61,462			30,124			—
Thereafter	48,374			253,421			—
Total lease payments	462,205			396,658			2,223
Less: present value discount	(40,201		)	(87,430		)	(306		)
Total	$	422,004		$	309,228		$	1,917

Direct Financing Leases

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of September 30, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2019	$	34,982		$	8,865		$	171
2020	125,406			35,660			684
2021	107,213			35,068			684
2022	84,768			33,520			684
2023	61,462			30,124			—
Thereafter	48,374			253,421			—
Total lease payments	462,205			396,658			2,223
Less: present value discount	(40,201		)	(87,430		)	(306		)
Total	$	422,004		$	309,228		$	1,917

Finance Leases Maturity

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of September 30, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2019	$	34,982		$	8,865		$	171
2020	125,406			35,660			684
2021	107,213			35,068			684
2022	84,768			33,520			684
2023	61,462			30,124			—
Thereafter	48,374			253,421			—
Total lease payments	462,205			396,658			2,223
Less: present value discount	(40,201		)	(87,430		)	(306		)
Total	$	422,004		$	309,228		$	1,917

Operating Lease Maturity

The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of September 30, 2019:

	Lessor			Lessee
	Direct Financing and Sales-Type Leases			Operating Leases			Finance Leases
	(in thousands)
2019	$	34,982		$	8,865		$	171
2020	125,406			35,660			684
2021	107,213			35,068			684
2022	84,768			33,520			684
2023	61,462			30,124			—
Thereafter	48,374			253,421			—
Total lease payments	462,205			396,658			2,223
Less: present value discount	(40,201		)	(87,430		)	(306		)
Total	$	422,004		$	309,228		$	1,917

Minimum Aggregate Lease Payments In Accordance With Topic 840

The following table presents minimum aggregate lease payments in accordance with Topic 840 at September 30, 2018:

	Gross Rents		Sublease Income		Net Rents
	(in thousands)
2018	$	6,916	$	556	$	6,360
2019	27,781		2,196		25,585
2020	27,930		2,152		25,778
2021	27,103		2,086		25,017
2022	26,100		1,970		24,130
Thereafter	273,997		8,707		265,290
Total lease payments	$	389,827	$	17,667	$	372,160