Leases

3 Months Ended

Mar. 31, 2022

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 components of operating lease cost were as follows:


	Three Months Ended March 31,
(in thousands)		2022		2021
Operating lease cost		$	102,098	$	75,397
Variable and short-term lease cost		10,128		8,982
Total operating lease cost		$	112,226	$	84,379

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Cash paid for the amount used to measure the operating lease liabilities	$	83,063	$	58,116
Operating lease assets obtained in exchange for lease obligations	$	174,824	$	214,745
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations	$	21,761	$	6,938

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


	March 31, 2022		December 31, 2021
Operating leases weighted-average remaining lease term	6.0 years		5.8 years
Operating leases weighted-average discount rate	6.36	%	6.17	%

As of March 31, 2022, the Company had entered into operating leases that have not commenced with future minimum lease payments of $460 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.