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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leasing revenue attributed to sales-type leases consists of the selling price and interest income as follows (in thousands):


	December 31, 2021
Sales-type lease selling price(1)	$	29,789
Cost of underlying assets	(11,862)
Operating profit	$	17,927

Interest income	$	4,327

____________

(1) Selling price is equal to the present value of lease payments over the non-cancelable term.

Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in thousands):


	Balance Sheet Location	December 31, 2021
Leasing receivables, net - short-term	Other current assets	$	12,843
Leasing receivables - long-term	Other assets	44,080
		$	56,923

Supplemental balance sheet information related to leases is as follows (in thousands):


		December 31,
	Balance Sheet Location	2021		2020
Operating leases:
ROU assets, net	Operating lease right-of-use assets, net	$	1,384,501	$	194,776
Lease liabilities, short-term	Operating lease liabilities, short-term	$	72,326	$	29,579
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,385,364	$	177,996

Finance Leases:
ROU assets, net,	Other assets	$	129,500	$	1,003
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1,838	$	252
Lease liabilities, long-term	Long-term other	$	132,461	$	447

Supplemental balance sheet information related to DLF obligations is as follows (in thousands):


	Balance Sheet Location	December 31, 2021
DLF obligation liabilities, short-term	Accrued expenses	$	903
DLF obligation liabilities, long-term	Deemed landlord financing, long-term	$	460,634

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


	Year Ended December 31,
	2021		2020		2019
Operating lease costs	$	146,286	$	42,520	$	38,449
Financing lease costs:
Amortization of right-of-use assets	3,182		870		845
Interest on lease liabilities	4,542		47		83
Total financing lease costs	7,724		917		928
Variable lease costs	6,511		2,473		4,361
Total lease costs	$	160,521	$	45,910	$	43,738

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


	December 31,
Supplemental Cash Flows Information	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	123,637		$	39,774
Operating cash flows from finance leases	$	2,802		$	47
Operating cash flows from DLF leases	$	17,695		$	—
Financing cash flows from finance leases	$	830		$	792

Lease liabilities arising from new ROU assets:
Operating leases	$	19,625		$	65,547
Finance leases	$	52,742		$	139

Weighted average remaining lease term (years):
Operating leases	14.1			9.8
Finance leases	36.2			3.0

Weighted average discount rate:
Operating leases	5.3		%	5.3		%
Finance leases	5.3		%	3.9		%

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


	Income Statement Location	December 31, 2021
Amortization of DLF obligations	Amortization expense	$	5,707
Interest on DLF obligations	Interest expense, net	28,039
Total DLF contracts expenses		$	33,746

Payments on DLF obligations represent payments related to interest accretion for the year ended December 31, 2021.


Supplemental Cash Flows Information (dollars in thousands)	December 31, 2021
Operating cash outflows from DLF obligations	$	17,695

Weighted average remaining term (years)	39.0
Weighted average discount rate	9.2		%

Future minimum lease obligations as of December 31, 2021 were as follows (in thousands):

Future minimum lease obligations as of December 31, 2021 were as follows (in thousands):

Future minimum financing obligations related to DLF obligations as of December 31, 2021 were as follows (in thousands):