Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Balance Sheet Information Related to Leases

Balance sheet information related to leases consisted of the following for the periods presented:

 

 

 

 

 

As of

 

 

 

Classification

 

December 31, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Operating right of use assets, net

 

$

718,533

 

 

$

681,538

 

Finance

 

Property and equipment, net

 

 

15,204

 

 

 

16,173

 

Total lease assets

 

 

 

$

733,737

 

 

$

697,711

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Current maturities of operating lease liability

 

$

37,345

 

 

$

33,485

 

Finance

 

Current maturities of finance lease liability

 

 

559

 

 

 

495

 

Long-term

 

 

 

 

 

 

 

 

Operating

 

Operating lease liability

 

 

717,552

 

 

 

685,479

 

Finance

 

Financing lease liability

 

 

15,359

 

 

 

15,917

 

Total lease liabilities

 

 

 

$

770,815

 

 

$

735,376

 

Summary of Components of Total Lease Cost

Components of total lease cost, net, consisted of the following for the periods presented:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Operating lease expense(1)

 

$

79,420

 

 

$

78,261

 

Finance lease expense

 

 

 

 

 

 

Amortization of lease assets

 

 

970

 

 

 

324

 

Interest on lease liabilities

 

 

1,164

 

 

 

408

 

Short-term lease expense

 

 

50

 

 

 

23

 

Variable lease expense(2)

 

 

12,045

 

 

 

9,818

 

Total

 

$

93,649

 

 

$

88,834

 

(1)
Operating lease expense includes an immaterial amount of sublease income and is included in equipment and facilities and general and administrative on the consolidated statement of operating and comprehensive income (loss).
(2)
Variable lease costs consist primarily of property taxes, property insurance, and common area or other maintenance costs for the Company’s building leases.
Summary of Supplemental Information of Leases

The following includes supplemental information for the periods presented:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Operating cash flows from operating leases

 

$

80,831

 

 

$

76,012

 

Operating cash flows from finance leases

 

$

1,164

 

 

$

408

 

Financing cash flows from finance leases

 

$

495

 

 

$

223

 

 

 

 

 

 

 

 

Operating lease liabilities arising from obtaining ROU assets

 

$

72,944

 

 

$

37,996

 

Finance lease liabilities arising from obtaining ROU assets

 

$

-

 

 

$

15,597

 

 

 

 

 

 

 

 

Weighted-average remaining operating lease term

 

 

14.44

 

 

 

15.01

 

Weighted-average remaining finance lease term

 

 

17.30

 

 

 

18.17

 

 

 

 

 

 

 

 

Weighted-average operating lease discount rate

 

 

6.61

%

 

 

6.27

%

Weighted-average finance lease discount rate

 

 

7.33

%

 

 

7.33

%

Schedule of Lease Obligation Maturities

As of December 31, 2021, lease obligation maturities were as follows:

 

Fiscal Year Ending:

 

Operating Leases

 

 

Finance Leases

 

2022

 

$

85,439

 

 

$

1,684

 

2023

 

 

85,029

 

 

 

1,716

 

2024

 

 

84,423

 

 

 

1,741

 

2025

 

 

84,082

 

 

 

1,766

 

2026

 

 

83,125

 

 

 

1,792

 

Thereafter

 

 

770,373

 

 

 

22,090

 

Total future minimum obligations

 

$

1,192,471

 

 

$

30,789

 

Less: Present value discount

 

 

(437,574

)

 

 

(14,871

)

Present value of net future minimum lease obligations

 

$

754,897

 

 

$

15,918

 

Less: current portion

 

 

(37,345

)

 

 

(559

)

Long-term obligations

 

$

717,552

 

 

$

15,359