Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases

Lessee

As of June 30, 2020, we have operating lease assets of $1.5 billion, short-term operating lease liabilities of $182.2 million and non-current operating lease liabilities of $1.3 billion. As of December 31, 2019, we had operating lease assets of $1.5 billion, short-term operating lease liabilities of $168.3 million and non-current operating lease liabilities of $1.3 billion. As of June 30, 2020, the weighted-average remaining lease term was 10.2 years and the weighted-average discount rate was 5.7%.

For the three months ended June 30, 2020, we recorded operating lease costs of $93.3 million in Operating expenses and $2.1 million in Selling, general and administrative expenses. For the three months ended June 30, 2020, these costs include $14.6 million of variable operating lease costs. For the three months ended June 30, 2019, we recorded operating lease costs of $102.6 million in Operating expenses and $2.3 million in Selling, general and administrative expenses. For the three months ended June 30, 2019, these costs include $20.4 million of variable operating lease costs. For the six months ended June 30, 2020, we recorded operating lease costs of $195.8 million in Operating expenses and $4.3 million in Selling, general and administrative expenses. For the six months ended June 30, 2020, these costs include $36.7 million of variable operating lease costs. For the six months ended June 30, 2019, we recorded operating lease costs of $197.0 million in Operating expenses and $4.4 million in Selling, general and administrative expenses. For the six months ended June 30, 2019, these costs include $39.9 million of variable operating lease costs. For each of the three and six months ended June 30, 2020 and 2019, sublease income was immaterial.

For the six months ended June 30, 2020, cash paid for operating leases was $199.0 million and leased assets obtained in exchange for new operating lease liabilities was $116.4 million. For the six months ended June 30, 2019, cash paid for operating leases was $195.5 million and leased assets obtained in exchange for new operating lease liabilities was $252.5 million.

Lessor

We recorded rental income of $182.0 million for the three months ended June 30, 2020, $296.1 million for the three months ended June 30, 2019, $444.3 million on for the six months ended June 30, 2020, and $538.1 million for the six months ended June 30, 2019, in Revenues on our Consolidated Statement of Operations.