Lease Accounting (Tables)

12 Months Ended

Dec. 31, 2020

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2020		2019


Components of lease expense:
Operating lease cost (a)	$	23,931	$	29,205
Financing lease cost:
Depreciation	16,504		11,252
Interest on lease liabilities	2,969		2,941
Sublease income (b)	(551)		(499)
Net lease expense	$	42,853	$	42,899

(a) Includes short-term lease and variable lease costs, which are immaterial.

(b) Sublease income relates to two warehouses in the U.S. and New Zealand.

Other information related to leases is as follows:


	Years Ended December 31,
	2020			2019

Supplemental Cash Flow Information (in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(20,070)		$	(24,992)
Operating cash flows from finance leases	$	(2,969)		$	(2,941)
Financing cash flows from finance leases	$	(19,970)		$	(13,339)
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	44,919		$	12,492
Finance leases	$	38,858		$	30,416
Weighted-average remaining lease term (years)
Operating leases	10.5			6.1
Finance leases	4.8			4.4
Weighted-average discount rate
Operating leases	2.9		%	4.1		%
Finance leases	3.6		%	5.5		%

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands):


Years ending December 31,	Operating Lease Payments		Finance Lease Payments		Total Lease Payments

2021	$	41,821	$	41,671	$	83,492
2022	36,000		32,118		68,118
2023	32,809		25,943		58,752
2024	28,185		16,752		44,937
2025	23,923		6,108		30,031
Thereafter	154,991		10,723		165,714
Total future minimum lease payments	317,729		133,315		451,044
Less: Interest	(48,582)		(7,389)		(55,971)
Total future minimum lease payments less interest	$	269,147	$	125,926	$	395,073

Reported as of December 31, 2020
Accounts payable and accrued expenses	$	174	$	120	$	294
Operating lease obligations	268,973		—		268,973
Finance lease obligations	—		125,806		125,806
Total lease obligations	$	269,147	$	125,926	$	395,073

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands):


Years ending December 31,	Operating Lease Payments		Finance Lease Payments		Total Lease Payments

2021	$	41,821	$	41,671	$	83,492
2022	36,000		32,118		68,118
2023	32,809		25,943		58,752
2024	28,185		16,752		44,937
2025	23,923		6,108		30,031
Thereafter	154,991		10,723		165,714
Total future minimum lease payments	317,729		133,315		451,044
Less: Interest	(48,582)		(7,389)		(55,971)
Total future minimum lease payments less interest	$	269,147	$	125,926	$	395,073

Reported as of December 31, 2020
Accounts payable and accrued expenses	$	174	$	120	$	294
Operating lease obligations	268,973		—		268,973
Finance lease obligations	—		125,806		125,806
Total lease obligations	$	269,147	$	125,926	$	395,073

Future minimum lease payments due from our customers on leases as of December 31, 2020 were as follows (in thousands):