Leases

6 Months Ended

Jun. 30, 2021

The Company is obligated under operating leases primarily for vehicles, equipment, warehouses, and facilities that expire over the next eleven 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 June 30, 2021 and December 31, 2020 were not material and are included in property and equipment, net, on the Company's condensed consolidated balance sheets.

The components of operating lease cost were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Operating lease cost	$	84,355	$	43,809	$	159,752	$	77,328
Variable and short-term lease cost	7,907		4,836		16,889		9,980
Total operating lease cost	$	92,262	$	48,645	$	176,641	$	87,308

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


	Six Months Ended June 30,
(in thousands)	2021		2020
Cash paid for the amount used to measure the operating lease liabilities	$	128,892	$	63,377
Operating lease assets obtained in exchange for lease obligations	$	358,204	$	341,920
Net increase (decrease) to operating lease ROU assets resulting from remeasurements of lease obligations	$	27,278	$	(9,226)

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


	June 30, 2021		December 31, 2020
Operating leases weighted-average remaining lease term	6.2 years		6.2 years
Operating leases weighted-average discount rate	6.03	%	5.88	%

As of June 30, 2021, the Company had entered into operating leases that have not commenced with future minimum lease payments of $424 million, that have not been recognized on the Company's condensed consolidated balance sheets. These leases have non-cancellable lease terms of 2 to 10 years.