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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES As of December 31, 2020, the Company’s lease portfolio was predominately operating leases for real estate, equipment, such as vehicles and industrial equipment utilized in operations, and rail cars. The Company presents operating lease balances separately on the consolidated balance sheet. The Company's finance leases relate to equipment, rail cars and certain real estate. The following table presents our finance lease balances and their classification on the consolidated balance sheets (in thousands):
Finance Lease Balances (Classification) | December 31, 2020 |  | December 31, 2019
ROU assets (Property, plant and equipment, net) | $ | 60,271 |  |  | $ | 32,307 |
Current portion of lease liabilities (Accrued expenses) | 5,840 |  |  | 801 |
Long-term portion of lease liabilities (Other long-term liabilities) | 55,038 |  |  | 34,517 |
The Company’s lease expense was as follows (in thousands):
|  |  | For the year ended December 31, 2020 |  | For the year ended December 31, 2019
Operating lease cost |  |  | $ | 53,194 |  |  | $ | 55,402 |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets |  |  | 4,966 |  |  | 1,142 |
Interest on lease liabilities |  |  | 1,523 |  |  | 1,415 |
Total finance lease cost |  |  | 6,489 |  |  | 2,557 |
Short-term lease cost |  |  | 70,692 |  |  | 84,749 |
Variable lease cost |  |  | 3,691 |  |  | 6,702 |
Total lease cost |  |  | $ | 134,066 |  |  | $ | 149,410 |
Rent expense, including short-term rentals for the year ended December 31, 2018, prior to the Company's adoption of ASC 842, was $141.1 million. Other information related to leases was as follows:
Weighted Average Remaining Lease Term (years) | December 31, 2020 |  | December 31, 2019
Operating leases | 5.1 |  | 5.1
Finance leases | 9.3 |  | 21.3
Weighted Average Discount Rate |  |  |
Operating leases | 4.89 | % |  | 5.29 | %
Finance leases | 3.57 | % |  | 4.97 | %
The weighted average remaining lease term of the finance leases decreased significantly due to the 2020 acquisition of the Company's corporate headquarters which had previously been recognized as a finance lease.
Supplemental Cash Flow Related Disclosures (in thousands) | For the year ended December 31, 2020 |  | For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 53,498 |  |  | $ | 56,240 |
Operating cash flows from finance leases | 1,523 |  |  | 1,415 |
Financing cash flows from finance leases | 4,469 |  |  | 586 |
ROU assets obtained in exchange for operating lease liabilities | 34,358 |  |  | 17,699 |
ROU assets obtained in exchange for finance lease liabilities | 32,526 |  |  | 33,449 |
At December 31, 2020, the Company's future lease payments under non-cancelable leases that have lease terms in excess of one year were as follows (in thousands):
Years ending December 31, | December 31, 2020
Operating Leases |  | Finance Leases
2021 | $ | 45,341 |  |  | $ | 8,407 |
2022 | 37,629 |  |  | 8,972 |
2023 | 29,014 |  |  | 8,281 |
2024 | 21,048 |  |  | 8,248 |
2025 | 14,672 |  |  | 7,573 |
Thereafter | 25,064 |  |  | 31,632 |
Total future lease payments | 172,768 |  |  | 73,113 |
Amount representing interest | (21,760) |  |  | (12,235) |
Total lease liabilities | $ | 151,008 |  |  | $ | 60,878 |
At December 31, 2020, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and its sublease transactions are not material. Additionally, the Company does not have any related party leases, and there were no restrictions or covenants imposed by its leases.
LEASES | LEASES As of December 31, 2020, the Company’s lease portfolio was predominately operating leases for real estate, equipment, such as vehicles and industrial equipment utilized in operations, and rail cars. The Company presents operating lease balances separately on the consolidated balance sheet. The Company's finance leases relate to equipment, rail cars and certain real estate. The following table presents our finance lease balances and their classification on the consolidated balance sheets (in thousands):
Finance Lease Balances (Classification) | December 31, 2020 |  | December 31, 2019
ROU assets (Property, plant and equipment, net) | $ | 60,271 |  |  | $ | 32,307 |
Current portion of lease liabilities (Accrued expenses) | 5,840 |  |  | 801 |
Long-term portion of lease liabilities (Other long-term liabilities) | 55,038 |  |  | 34,517 |
The Company’s lease expense was as follows (in thousands):
|  |  | For the year ended December 31, 2020 |  | For the year ended December 31, 2019
Operating lease cost |  |  | $ | 53,194 |  |  | $ | 55,402 |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets |  |  | 4,966 |  |  | 1,142 |
Interest on lease liabilities |  |  | 1,523 |  |  | 1,415 |
Total finance lease cost |  |  | 6,489 |  |  | 2,557 |
Short-term lease cost |  |  | 70,692 |  |  | 84,749 |
Variable lease cost |  |  | 3,691 |  |  | 6,702 |
Total lease cost |  |  | $ | 134,066 |  |  | $ | 149,410 |
Rent expense, including short-term rentals for the year ended December 31, 2018, prior to the Company's adoption of ASC 842, was $141.1 million. Other information related to leases was as follows:
Weighted Average Remaining Lease Term (years) | December 31, 2020 |  | December 31, 2019
Operating leases | 5.1 |  | 5.1
Finance leases | 9.3 |  | 21.3
Weighted Average Discount Rate |  |  |
Operating leases | 4.89 | % |  | 5.29 | %
Finance leases | 3.57 | % |  | 4.97 | %
The weighted average remaining lease term of the finance leases decreased significantly due to the 2020 acquisition of the Company's corporate headquarters which had previously been recognized as a finance lease.
Supplemental Cash Flow Related Disclosures (in thousands) | For the year ended December 31, 2020 |  | For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 53,498 |  |  | $ | 56,240 |
Operating cash flows from finance leases | 1,523 |  |  | 1,415 |
Financing cash flows from finance leases | 4,469 |  |  | 586 |
ROU assets obtained in exchange for operating lease liabilities | 34,358 |  |  | 17,699 |
ROU assets obtained in exchange for finance lease liabilities | 32,526 |  |  | 33,449 |
At December 31, 2020, the Company's future lease payments under non-cancelable leases that have lease terms in excess of one year were as follows (in thousands):
Years ending December 31, | December 31, 2020
Operating Leases |  | Finance Leases
2021 | $ | 45,341 |  |  | $ | 8,407 |
2022 | 37,629 |  |  | 8,972 |
2023 | 29,014 |  |  | 8,281 |
2024 | 21,048 |  |  | 8,248 |
2025 | 14,672 |  |  | 7,573 |
Thereafter | 25,064 |  |  | 31,632 |
Total future lease payments | 172,768 |  |  | 73,113 |
Amount representing interest | (21,760) |  |  | (12,235) |
Total lease liabilities | $ | 151,008 |  |  | $ | 60,878 |
At December 31, 2020, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and its sublease transactions are not material. Additionally, the Company does not have any related party leases, and there were no restrictions or covenants imposed by its leases.

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