Lease Obligations

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease Obligations

Lease Obligations

Finance Leases

The gross amount of assets held under finance leases as of December 31, 2021 and 2020 totaled $653.5 million and $563.0 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $468.5 million and $418.7 million as of December 31, 2021 and 2020, respectively. Depreciation expense associated with finance leases totaled $80.1 million, $68.0 million and $48.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Operating Leases

Operating lease additions for the year ended December 31, 2021 totaled $172.9 million, of which $149.3 million was acquisition-related. Operating lease additions for the years ended December 31, 2020 and 2019 totaled $28.0 million and $103.3 million, respectively.

For the years ended December 31, 2021, 2020 and 2019, rent expense for leases that have terms in excess of one year totaled approximately $107.7 million, $113.0 million and $114.5 million, respectively, of which $10.1 million, $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 $494.7 million, $312.0 million and $448.2 million for the years ended December 31, 2021, 2020, and 2019, 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 December 31, 2021 were as follows (in millions):

	Finance  Leases		Operating Leases
2022	$	143.4	$	104.6
2023	90.1		65.5
2024	50.0		49.6
2025	19.6		32.5
2026	1.5		18.2
Thereafter	—		17.1
Total minimum lease payments	$	304.6	$	287.5
Less amounts representing interest	(11.6)		(15.7)
Total lease obligations, net of interest	$	293.0	$	271.8
Less current portion	135.8		95.4
Long-term portion of lease obligations, net of interest	$	157.2	$	176.4

As of December 31, 2021, finance leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 3.2%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 2.9% as of December 31, 2021.

Lease Obligations

Lease Obligations

Finance Leases

The gross amount of assets held under finance leases as of December 31, 2021 and 2020 totaled $653.5 million and $563.0 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $468.5 million and $418.7 million as of December 31, 2021 and 2020, respectively. Depreciation expense associated with finance leases totaled $80.1 million, $68.0 million and $48.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Operating Leases

Operating lease additions for the year ended December 31, 2021 totaled $172.9 million, of which $149.3 million was acquisition-related. Operating lease additions for the years ended December 31, 2020 and 2019 totaled $28.0 million and $103.3 million, respectively.

For the years ended December 31, 2021, 2020 and 2019, rent expense for leases that have terms in excess of one year totaled approximately $107.7 million, $113.0 million and $114.5 million, respectively, of which $10.1 million, $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 $494.7 million, $312.0 million and $448.2 million for the years ended December 31, 2021, 2020, and 2019, 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 December 31, 2021 were as follows (in millions):

	Finance  Leases		Operating Leases
2022	$	143.4	$	104.6
2023	90.1		65.5
2024	50.0		49.6
2025	19.6		32.5
2026	1.5		18.2
Thereafter	—		17.1
Total minimum lease payments	$	304.6	$	287.5
Less amounts representing interest	(11.6)		(15.7)
Total lease obligations, net of interest	$	293.0	$	271.8
Less current portion	135.8		95.4
Long-term portion of lease obligations, net of interest	$	157.2	$	176.4

As of December 31, 2021, finance leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 3.2%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 2.9% as of December 31, 2021.