Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Cumulative Effect of Adjustments for Adoption of Topic 842 The adoption of ASC 842 did not have a material affect on our unaudited condensed consolidated statements of income or unaudited condensed consolidated statements of cash flows. The effect of the adoption of ASC 842, “Leases,” on our unaudited condensed consolidated balance sheet as of January 1, 2019 and March 31, 2019 was as follows:
Before Impact of ASC 842 Effects of Adoption of ASC 842 After Impact of ASC 842
December 31, 2018 January 1, 2019
Balance Sheet (In thousands)
Assets:
Property and Equipment, net $ 1,178,489  $ (18,948) $ 1,159,541 
Other Intangible Assets, net 69,705 (4,005) 65,700 
Right-of-Use Assets —  406,918  406,918 
Liabilities:
Current lease liabilities $ —  $ 48,832  $ 48,832 
Other accrued liabilities 257,823  (1,987) 255,836 
Long-Term Debt 918,779  (20,557) 898,222 
Long-Term Lease Liabilities —  370,647  370,647 
Other Long-Term Liabilities 75,887  (2,508) 73,379 
Deferred Income Taxes 33,178  (3,034) 30,144 
Stockholders' Equity:
Retained earnings $ 670,691  $ (7,428) $ 663,263 

Adoption
of ASC 842 as of
January 1, 2019		 New
Leases		 Modifications (1) Amortization As Reported
March 31, 2019
(In thousands)
Right-of-Use Assets:
Finance Leases $ 18,948  $ —  $ 21,520  $ (709) $ 39,759 
Operating Leases 387,970  —  (33,697) (11,052) 343,221 
Total Right-of-Use Assets $ 406,918  $ —  $ (12,177) $ (11,761) $ 382,980 
Current Lease Liabilities:
Finance Leases $ 728  $ —  $ 4,510  $ —  $ 5,238 
Operating Leases 48,104  21  (1,473) (1,295) 45,357 
Total Current Lease Liabilities $ 48,832  $ 21  $ 3,037  $ (1,295) $ 50,595 
Long-Term Lease Liabilities:
Finance Leases $ 19,829  $ —  $ 16,935  $ —  $ 36,764 
Operating Leases 350,818  —  (32,262) (10,397) 308,159 
Total Long-Term Lease Liabilities $ 370,647  $ —  $ (15,327) $ (10,397) $ 344,923 
Lease Expenses
Three Months Ended March 31, 2019
Lease Expense (In thousands)
Finance lease expense:
Amortization of right-of use assets $ 709 
Interest on lease liabilities 1,176 
Operating lease expense (1) 17,997 
Short-term lease expense (1) 427 
Variable lease expense 114 
Sublease income (3,578)
Total $ 16,845 
(1) Included in operating cash flows in the accompanying condensed consolidated statements of cash flows.
Three Months Ended March 31, 2019
(In thousands, except lease term)
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases $ 281 
Operating cash flows for finance leases $ 1,176 
Operating cash flows for operating leases $ 18,469 
Right-of-use assets obtained in exchange for lease liabilities:
Finance leases $ 9,983 
Operating leases (1) $ (10,711)
Weighted-average remaining lease term (in years):
Finance leases 11.42
Operating leases 9.76
Weighted-average discount rate:
Finance leases 18.31  %
Operating leases 6.86  %

(1) Includes the impact of reclassification of right-of-use assets from operating to finance due to remeasurement.
Lessee, Operating Lease, Liability, Maturity
Undiscounted Lease Cash Flows Under ASC 842 as of March 31, 2019
Finance Operating Receipts from Subleases
Year Ending December 31, (In thousands)
2019 $ 8,786  $ 51,413  $ (11,855)
2020 6,530  62,828  (12,274)
2021 6,662  55,693  (9,234)
2022 6,662  47,966  (6,547)
2023 6,714  46,198  (6,547)
Thereafter 49,893  234,758  (9,592)
Total $ 85,247  $ 498,856  $ (56,049)
Less: Present value discount (43,414) (145,173)
Lease liabilities $ 41,833  $ 353,683 
For comparison purposes the following table provides the future minimum lease payments as presented in our Annual Report on Form 10-K for the year ended December 31, 2018 in accordance with ASC 840.
Undiscounted Lease Cash Flows Under ASC 840 as of December 31, 2018
Finance Operating Receipts from Subleases
Year Ending December 31, (In thousands)
2019 $ 6,985  $ 82,177  $ (13,430)
2020 7,165  66,023  (10,508)
2021 7,357  51,501  (8,534)
2022 7,374  37,152  (7,232)
2023 7,609  33,486  (7,013)
Thereafter 482,390  127,026  (13,116)
Total minimum lease payments (receipts) $ 518,880  $ 397,365  $ (59,833)
Less: Present value discount (498,291)
Lease liabilities $ 20,589 
Current portion of lease liabilities $ 643 
Long-term portion of lease liabilities $ 19,946 
Finance Lease, Liability, Maturity
Undiscounted Lease Cash Flows Under ASC 842 as of March 31, 2019
Finance Operating Receipts from Subleases
Year Ending December 31, (In thousands)
2019 $ 8,786  $ 51,413  $ (11,855)
2020 6,530  62,828  (12,274)
2021 6,662  55,693  (9,234)
2022 6,662  47,966  (6,547)
2023 6,714  46,198  (6,547)
Thereafter 49,893  234,758  (9,592)
Total $ 85,247  $ 498,856  $ (56,049)
Less: Present value discount (43,414) (145,173)
Lease liabilities $ 41,833  $ 353,683 
For comparison purposes the following table provides the future minimum lease payments as presented in our Annual Report on Form 10-K for the year ended December 31, 2018 in accordance with ASC 840.
Undiscounted Lease Cash Flows Under ASC 840 as of December 31, 2018
Finance Operating Receipts from Subleases
Year Ending December 31, (In thousands)
2019 $ 6,985  $ 82,177  $ (13,430)
2020 7,165  66,023  (10,508)
2021 7,357  51,501  (8,534)
2022 7,374  37,152  (7,232)
2023 7,609  33,486  (7,013)
Thereafter 482,390  127,026  (13,116)
Total minimum lease payments (receipts) $ 518,880  $ 397,365  $ (59,833)
Less: Present value discount (498,291)
Lease liabilities $ 20,589 
Current portion of lease liabilities $ 643 
Long-term portion of lease liabilities $ 19,946