Lease Obligations

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Obligations

Note 8 – Lease Obligations

Finance Leases

The gross amount of assets held under finance leases as of December 31, 2020 and 2019 totaled $563.0 million and $463.5 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $418.7 million and $375.9 million as of December 31, 2020 and 2019, respectively. Depreciation expense associated with finance leases totaled $68.0 million and $48.6 million for the years ended December 31, 2020 and 2019, respectively.

Operating Leases

Operating lease additions for the years ended December 31, 2020 and 2019 totaled $28.0 million and $103.3 million, respectively, and the effect of adoption in 2019 of ASU 2016-02, Leases (Topic 842) was approximately $230.0 million.

For the years ended December 31, 2020 and 2019, rent expense for leases that have terms in excess of one year totaled approximately $113.0 million and $114.5 million, respectively, of which $10.0 million and $10.4 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $312.0 million and $448.2 million for the years ended December 31, 2020 and 2019, respectively. For the year ended December 31, 2018, rent and related expense for leases that have non-cancelable terms in excess of one year totaled approximately $115.0 million, and rent and related expense for leases having original terms of one year or less totaled approximately $472.1 million. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of December 31, 2020 were as follows (in millions):

	Finance Leases		Operating Leases
2021	$	141.5	$	82.8
2022	101.5		49.2
2023	47.6		25.4
2024	11.7		16.2
2025	0.5		10.4
Thereafter	—		20.0
Total minimum lease payments	$	302.8	$	204.0
Less amounts representing interest	(14.3)		(15.0)
Total lease obligations, net of interest	$	288.5	$	189.0
Less current portion	132.6		72.5
Long-term portion of lease obligations, net of interest	$	155.9	$	116.5

As of December 31, 2020, finance leases had a weighted average remaining lease term of 2.4 years and a weighted average discount rate of 3.9%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 3.7% as of December 31, 2020.