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Leased Assets and Liabilities
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leased Assets and Liabilities Leased Assets and Liabilities
We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include an option to extend the lease for up to 5 years. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases are as follows:
LeasesBalance Sheet LocationDecember 31, 2020December 31, 2019
Assets
Operating Operating lease assets$201,916 $200,752 
Finance Property, plant and equipment, net23,973 10,443 
Total leased assets$225,889 $211,195 
Liabilities
Operating Current operating lease liabilities$39,182 $36,060 
Noncurrent operating lease liabilities180,292 177,711 
FinanceAccounts payable and accrued liabilities4,714 2,879 
Other noncurrent liabilities18,862 7,927 
Total lease liabilities$243,050 $224,577 
Years Ended December 31,
Lease Cost202020192018
Operating lease expense$54,718 $48,503 $43,727 
Finance lease expense
Amortization of leased assets3,792 3,372 2,697 
Interest on lease liabilities949 700 527 
Variable lease expense21,413 23,188 21,864 
Sublease income(979)(1,948)(1,735)
Total expense$79,893 $73,815 $67,080 
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.
Future Lease PaymentsOperating LeasesFinance LeasesTotal
2021$52,010 $6,206 $58,216 
202242,934 5,642 48,576 
202335,758 4,899 40,657 
202432,127 3,972 36,099 
202525,471 2,853 28,324 
Thereafter91,000 5,074 96,074 
Total279,300 28,646 307,946 
Less: present value discount59,826 5,070 64,896 
Lease liability$219,474 $23,576 $243,050 
Future lease payments exclude $31 million of payments for leases signed but not yet commenced at December 31, 2020.
Lease Term and Discount RateDecember 31, 2020December 31, 2019
Weighted-average remaining lease term
Operating leases7.2 years7.7 years
Finance leases5.6 years3.9 years
Weighted-average discount rate
Operating leases7.1%6.1%
Finance leases7.1%6.8%
Years Ended December 31,
Cash Flow Information202020192018
Operating cash outflows - operating leases$52,565 $44,252 $40,599 
Operating cash outflows - finance leases$949 $700 $527 
Financing cash outflows - finance leases$4,223 $3,096 $2,564 
Leased assets obtained in exchange for new lease obligations
Operating leases$38,641 $87,160 $36,260 
Finance leases$17,741 $4,072 $5,715 
Leased Assets and Liabilities Leased Assets and Liabilities
We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include an option to extend the lease for up to 5 years. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases are as follows:
LeasesBalance Sheet LocationDecember 31, 2020December 31, 2019
Assets
Operating Operating lease assets$201,916 $200,752 
Finance Property, plant and equipment, net23,973 10,443 
Total leased assets$225,889 $211,195 
Liabilities
Operating Current operating lease liabilities$39,182 $36,060 
Noncurrent operating lease liabilities180,292 177,711 
FinanceAccounts payable and accrued liabilities4,714 2,879 
Other noncurrent liabilities18,862 7,927 
Total lease liabilities$243,050 $224,577 
Years Ended December 31,
Lease Cost202020192018
Operating lease expense$54,718 $48,503 $43,727 
Finance lease expense
Amortization of leased assets3,792 3,372 2,697 
Interest on lease liabilities949 700 527 
Variable lease expense21,413 23,188 21,864 
Sublease income(979)(1,948)(1,735)
Total expense$79,893 $73,815 $67,080 
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.
Future Lease PaymentsOperating LeasesFinance LeasesTotal
2021$52,010 $6,206 $58,216 
202242,934 5,642 48,576 
202335,758 4,899 40,657 
202432,127 3,972 36,099 
202525,471 2,853 28,324 
Thereafter91,000 5,074 96,074 
Total279,300 28,646 307,946 
Less: present value discount59,826 5,070 64,896 
Lease liability$219,474 $23,576 $243,050 
Future lease payments exclude $31 million of payments for leases signed but not yet commenced at December 31, 2020.
Lease Term and Discount RateDecember 31, 2020December 31, 2019
Weighted-average remaining lease term
Operating leases7.2 years7.7 years
Finance leases5.6 years3.9 years
Weighted-average discount rate
Operating leases7.1%6.1%
Finance leases7.1%6.8%
Years Ended December 31,
Cash Flow Information202020192018
Operating cash outflows - operating leases$52,565 $44,252 $40,599 
Operating cash outflows - finance leases$949 $700 $527 
Financing cash outflows - finance leases$4,223 $3,096 $2,564 
Leased assets obtained in exchange for new lease obligations
Operating leases$38,641 $87,160 $36,260 
Finance leases$17,741 $4,072 $5,715