Leases

12 Months Ended

Dec. 31, 2021

The Company is obligated under operating leases primarily for vehicles, equipment, warehouses, and facilities that expire over the next ten years. These leases generally contain renewal options. Because the Company is not reasonably certain to exercise these renewal options, or the renewal options are not solely within the Company’s discretion, the options are not considered in determining the lease term, and the associated potential option payments are excluded from expected minimum lease payments. The Company’s leases generally do not include termination options for either party or restrictive financial or other covenants.

The Company’s finance leases as of December 31, 2021 and 2020 were not material and are included in property and equipment, net, on the Company's consolidated balance sheets.

The components of operating lease cost were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Operating lease cost	$	340,565	$	196,936	$	103,413
Variable and short-term lease cost	38,089		24,157		28,280
Total operating lease cost	$	378,654	$	221,093	$	131,693

Supplemental disclosure of cash flow information related to operating leases were as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cash paid for the amount used to measure the operating lease liabilities	$	288,099	$	156,675	$	84,305
Operating lease assets obtained in exchange for lease obligations	$	599,170	$	613,517	$	407,503
Net increase (decrease) to operating lease ROU assets resulting from remeasurements of lease obligations	$	109,430	$	(7,793)	$	(7,455)

Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments, and new leases.

The assumptions used to value operating leases for the periods presented were as follows:


	December 31, 2021		December 31, 2020
Weighted-average remaining lease term	5.8 years		6.2 years
Weighted-average discount rate	6.17	%	5.88	%

As of December 31, 2021, the Company had entered into operating leases that have not commenced with future minimum lease payments of $315 million, that have not been recognized on the Company's consolidated balance sheets. These leases have non-cancellable lease terms of 2 to 10 years.