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Lease Obligations
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Lease Obligations Lease Obligations
In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of June 30, 2021, the Company’s leases have remaining lease terms of up to nine years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one to five years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.
Finance Leases
The gross amount of assets held under finance leases as of June 30, 2021 and December 31, 2020 totaled $628.8 million and $563.0 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $466.3 million and $418.7 million as of June 30, 2021 and December 31, 2020, respectively. Depreciation expense associated with finance leases totaled $18.7 million and $16.8 million for the three month periods ended June 30, 2021 and 2020, respectively, and totaled $37.7 million and $32.6 million for the six month periods ended June 30, 2021 and 2020, respectively.
Operating Leases
Operating lease additions for the three and six month periods ended June 30, 2021 totaled $79.7 million and $85.3 million, respectively, which included additions from recent acquisitions. For the six month period ended June 30, 2021, acquisition-related operating lease additions totaled $74.6 million. Operating lease additions for the three and six month periods ended June 30, 2020 totaled $7.5 million and $13.3 million, respectively.
For the three month periods ended June 30, 2021 and 2020, rent expense for leases that have terms in excess of one year totaled approximately $28.1 million and $26.8 million, respectively, of which $2.9 million and $2.8 million, respectively, represented variable lease costs. For the six month periods ended June 30, 2021 and 2020, rent expense for such leases totaled approximately $55.5 million and $62.1 million, respectively, of which $5.1 million and $5.7 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $130.8 million and $72.9 million for the three month periods ended June 30, 2021 and 2020, respectively. Rent expense for such leases totaled approximately $240.9 million and $150.4 million for the six month periods ended June 30, 2021 and 2020, respectively. 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 June 30, 2021 were as follows (in millions):
 Finance
Leases
Operating
Leases
2021, remaining six months$81.9 $54.0 
2022127.7 72.6 
202374.2 42.9 
202434.1 30.0 
20257.4 18.6 
Thereafter
1.0 24.9 
Total minimum lease payments
$326.3 $243.0 
Less amounts representing interest
(13.6)(14.6)
Total lease obligations, net of interest
$312.7 $228.4 
Less current portion
145.4 85.6 
Long-term portion of lease obligations, net of interest
$167.3 $142.8 
As of June 30, 2021, finance leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 3.5%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 3.1% as of June 30, 2021.
Lease Obligations Lease Obligations
In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of June 30, 2021, the Company’s leases have remaining lease terms of up to nine years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one to five years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.
Finance Leases
The gross amount of assets held under finance leases as of June 30, 2021 and December 31, 2020 totaled $628.8 million and $563.0 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $466.3 million and $418.7 million as of June 30, 2021 and December 31, 2020, respectively. Depreciation expense associated with finance leases totaled $18.7 million and $16.8 million for the three month periods ended June 30, 2021 and 2020, respectively, and totaled $37.7 million and $32.6 million for the six month periods ended June 30, 2021 and 2020, respectively.
Operating Leases
Operating lease additions for the three and six month periods ended June 30, 2021 totaled $79.7 million and $85.3 million, respectively, which included additions from recent acquisitions. For the six month period ended June 30, 2021, acquisition-related operating lease additions totaled $74.6 million. Operating lease additions for the three and six month periods ended June 30, 2020 totaled $7.5 million and $13.3 million, respectively.
For the three month periods ended June 30, 2021 and 2020, rent expense for leases that have terms in excess of one year totaled approximately $28.1 million and $26.8 million, respectively, of which $2.9 million and $2.8 million, respectively, represented variable lease costs. For the six month periods ended June 30, 2021 and 2020, rent expense for such leases totaled approximately $55.5 million and $62.1 million, respectively, of which $5.1 million and $5.7 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $130.8 million and $72.9 million for the three month periods ended June 30, 2021 and 2020, respectively. Rent expense for such leases totaled approximately $240.9 million and $150.4 million for the six month periods ended June 30, 2021 and 2020, respectively. 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 June 30, 2021 were as follows (in millions):
 Finance
Leases
Operating
Leases
2021, remaining six months$81.9 $54.0 
2022127.7 72.6 
202374.2 42.9 
202434.1 30.0 
20257.4 18.6 
Thereafter
1.0 24.9 
Total minimum lease payments
$326.3 $243.0 
Less amounts representing interest
(13.6)(14.6)
Total lease obligations, net of interest
$312.7 $228.4 
Less current portion
145.4 85.6 
Long-term portion of lease obligations, net of interest
$167.3 $142.8 
As of June 30, 2021, finance leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 3.5%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 3.1% as of June 30, 2021.