Leases (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| Leases [Abstract] |
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| Lease Cost, Weighted-Average Remaining Lease Terms , Discount Rates and Supplemental Cash Flow Information |
Lease cost included in our condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 consisted of the following:
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Three Months Ended
March 31, |
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Classification in Condensed
Consolidated Statements of Operations |
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2023 |
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2022 |
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| Lease cost: |
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| Operating lease cost |
$ |
63,785 |
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$ |
54,753 |
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Rent |
| Short-term lease cost |
386 |
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356 |
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Rent |
| Variable lease cost |
2,366 |
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855 |
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Rent |
| Finance lease cost: |
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| Amortization of right-of-use assets |
251 |
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355 |
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Depreciation and amortization |
| Interest on lease liabilities |
19 |
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32 |
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Interest expense, net of interest income |
| Interest on financing obligations |
579 |
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— |
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Interest expense, net of interest income |
| Total lease cost |
$ |
67,386 |
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$ |
56,351 |
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The weighted-average remaining lease terms and discount rates associated with our lease-related liabilities at March 31, 2023 were as follows:
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March 31, 2023 |
Weighted-average remaining lease term (1)
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| Operating leases |
17.6 years |
| Finance leases |
2.4 years |
| Financing obligations |
24.4 years |
| Weighted-average discount rate |
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| Operating leases |
8.32% |
| Finance leases |
6.46% |
| Financing obligations |
10.84% |
(1) The weighted-average remaining lease term associated with our operating and finance lease liabilities does not include all of the optional renewal periods available to us under our current lease arrangements. Rather, the weighted-average remaining lease term only includes periods covered by an option to extend a lease if we are reasonably certain to exercise that option.
Supplemental cash flow information associated with our operating and finance leases is as follows:
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Three Months Ended
March 31, |
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2023 |
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2022 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
$ |
53,662 |
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$ |
48,022 |
| Operating cash flows from finance leases |
19 |
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32 |
| Operating cash flows from financing obligations |
556 |
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— |
| Financing cash flows from finance leases |
244 |
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358 |
| Non-cash information: |
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| Right-of-use assets obtained in exchange for initial lease liabilities: |
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| Operating leases |
17,615 |
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67,940 |
| Finance leases |
163 |
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— |
| Right-of-use asset adjustments recognized as a result of the remeasurement of existing lease liabilities: |
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| Operating leases |
18,869 |
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2,882 |
| Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions |
— |
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15,600 |
| Non-cash increase in financing obligations as a result of interest accretion |
23 |
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— |
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| Operating and Finance Lease Right-of-Use Assets and Lease Liabilities |
Operating and finance lease right-of-use assets and lease-related liabilities were as follows:
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March 31, 2023 |
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December 31, 2022 |
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Classification on Condensed
Consolidated Balance Sheets |
| Lease right-of-use assets: |
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| Operating leases |
$ |
2,135,203 |
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$ |
2,116,761 |
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Operating lease right-of-use assets |
Finance leases (1)
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996 |
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1,083 |
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Other assets |
| Total lease right-of-use assets |
$ |
2,136,199 |
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$ |
2,117,844 |
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| Lease liabilities: |
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| Current |
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| Operating leases |
$ |
52,786 |
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$ |
51,892 |
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Current maturities of operating lease liabilities |
| Finance leases |
682 |
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796 |
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Accrued expenses and other current liabilities |
| Non-Current |
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| Operating leases |
2,189,470 |
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2,162,424 |
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Operating lease liabilities, net of current portion |
| Finance leases |
336 |
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312 |
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Other liabilities |
| Financing obligations |
21,580 |
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21,557 |
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Other liabilities |
| Total lease-related liabilities |
$ |
2,264,854 |
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$ |
2,236,981 |
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| Maturities of Finance Lease Liabilities |
The maturities associated with our operating and finance lease liabilities at March 31, 2023 are as follows:
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Operating Leases |
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Finance Leases |
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Financing Obligations |
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Total |
| April 2023 through March 2024 |
$ |
229,155 |
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$ |
756 |
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$ |
2,243 |
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$ |
232,154 |
| April 2024 through March 2025 |
237,017 |
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245 |
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2,277 |
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239,539 |
| April 2025 through March 2026 |
240,974 |
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109 |
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2,311 |
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243,394 |
| April 2026 through March 2027 |
242,177 |
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2 |
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2,346 |
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244,525 |
| April 2027 through March 2028 |
244,282 |
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— |
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2,381 |
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246,663 |
| Thereafter |
3,240,075 |
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— |
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54,266 |
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3,294,341 |
| Total lease payments |
4,433,680 |
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1,112 |
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65,824 |
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4,500,616 |
| Less: Imputed interest |
2,191,424 |
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94 |
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44,244 |
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2,235,762 |
| Present value of lease liabilities |
$ |
2,242,256 |
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$ |
1,018 |
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$ |
21,580 |
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$ |
2,264,854 |
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| Maturities of Operating Lease Liabilities |
The maturities associated with our operating and finance lease liabilities at March 31, 2023 are as follows:
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Operating Leases |
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Finance Leases |
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Financing Obligations |
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Total |
| April 2023 through March 2024 |
$ |
229,155 |
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$ |
756 |
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$ |
2,243 |
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$ |
232,154 |
| April 2024 through March 2025 |
237,017 |
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245 |
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2,277 |
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239,539 |
| April 2025 through March 2026 |
240,974 |
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109 |
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2,311 |
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243,394 |
| April 2026 through March 2027 |
242,177 |
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2 |
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2,346 |
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244,525 |
| April 2027 through March 2028 |
244,282 |
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— |
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2,381 |
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246,663 |
| Thereafter |
3,240,075 |
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— |
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54,266 |
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3,294,341 |
| Total lease payments |
4,433,680 |
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1,112 |
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65,824 |
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4,500,616 |
| Less: Imputed interest |
2,191,424 |
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94 |
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44,244 |
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2,235,762 |
| Present value of lease liabilities |
$ |
2,242,256 |
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$ |
1,018 |
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$ |
21,580 |
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$ |
2,264,854 |
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