Leases Leases

3 Months Ended

Mar. 31, 2020

Leases of Lessee Disclosure [Text Block]

Leases

The majority of the Company’s facilities are leased under non-cancellable operating leases ranging in terms from five years to fifteen years and which contain renewal options of five years to ten years at the fair rental value at the time of renewal.

As of March 31, 2020 and December 31, 2019, assets recorded under finance leases were $257,750 and $247,246, respectively, and accumulated amortization associated with finance leases was $33,318 and $27,193, respectively, included in property and equipment, net, on the Company's consolidated balance sheet.

The components of lease expense were as follows:



Lease cost	Three months ended March 31, 2020		Three months ended March 31, 2019
Operating lease cost⁽¹⁾:
Fixed lease expense	$	134,733	$	128,110
Variable lease expense	30,059		28,571
Financing lease cost:
Amortization of leased assets	6,077		5,826
Interest on lease liabilities	3,603		3,775
Net lease cost	$	174,472	$	166,282


(1)	Includes short-term lease expense and sublease income, which are immaterial.

Other information related to leases was as follows:



Other information	Three months ended March 31, 2020		Three months ended March 31, 2019
Gains on sale leasebacks, net	$	9,489	$	3,987
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	162,828	$	153,587
Operating cash flows from finance leases	$	5,178	$	5,661
Financing cash flows from finance leases	$	4,180	$	5,344
Net operating lease assets obtained in exchange for new or modified operating lease liabilities	$	101,473	$	45,034



Lease term and discount rate	March 31, 2020
Weighted average remaining lease term (years):
Operating leases	8.9
Finance leases	10.2
Weighted average discount rate:
Operating leases	4.0	%
Finance leases	5.3	%

Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows:



	Operating leases			Finance leases
2020 (remainder of the year)	$	344,537		$	30,291
2021	505,417			34,177
2022	472,643			34,621
2023	426,485			34,700
2024	372,190			34,725
2025	320,079			34,549
Thereafter	1,248,317			153,800
Total future minimum lease payments	$	3,689,668		$	356,863
Less portion representing interest	(599,265		)	(81,771		)
Present value of lease liabilities	$	3,090,403		$	275,092