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Leases | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases | Leases Real Estate Operating Leases The Company leases real estate property at approximately 87 locations of which all leases have commenced as of March 31, 2021. These leases are classified as operating leases. As of March 31, 2021, the remaining lease terms vary from approximately one month to nine years. For certain leases the Company has options to extend the lease term for periods varying from one to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost. Flexdrive Program The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of March 31, 2021, the remaining lease terms vary between one month to four years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component. Lease Position as of March 31, 2021 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
| March 31, 2021 |  | December 31, 2020
Operating Leases |  |  |
Assets |  |  |
Operating lease right-of-use assets | $ | 260,877 |  |  | $ | 275,756 |
Liabilities |  |  |
Operating lease liabilities, current | $ | 54,203 |  |  | $ | 49,291 |
Operating lease liabilities, non-current | 252,026 |  |  | 265,803 |
Total operating lease liabilities | $ | 306,229 |  |  | $ | 315,094 |
Finance Leases |  |  |
Assets |  |  |
Finance lease right-of-use assets(1) | $ | 19,491 |  |  | $ | 28,108 |
Liabilities |  |  |
Finance lease liabilities, current(2) | 15,658 |  |  | 20,795 |
Finance lease liabilities, non-current(3) | 4,716 |  |  | 6,593 |
Total finance lease liabilities | $ | 20,374 |  |  | $ | 27,388 |
Weighted-average remaining lease term (years) |  |  |
Operating leases | 6.0 |  | 6.3
Finance leases | 1.6 |  | 1.5
Weighted-average discount rate |  |  |
Operating leases | 6.5 | % |  | 6.4 | %
Finance leases | 4.6 | % |  | 4.7 | %
_______________ (1)This balance is included within property and equipment, net on the condensed consolidated balance sheets. (2)This balance is included within other current liabilities on the condensed consolidated balance sheets. (3)This balance is included within other liabilities on the condensed consolidated balance sheets. Lease Costs The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2021 and 2020 (in thousands):
| Three Months Ended March 31,
| 2021 |  | 2020
Operating Leases |  |  |
Operating lease cost | $ | 17,861 |  |  | $ | 26,230 |
Finance Leases |  |  |
Amortization of right-of-use assets | 7,806 |  |  | 6,167 |
Interest on lease liabilities | 294 |  |  | 440 |
Other Lease Costs |  |  |
Short-term lease cost | 1,855 |  |  | 1,014 |
Variable lease cost (1) | 1,961 |  |  | 3,740 |
Total lease cost | $ | 29,777 |  |  | $ | 37,591 |
_______________ (1)Consist primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program. The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
| Three Months Ended March 31,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 21,158 |  |  | $ | 13,273 |
Operating cash flows from finance leases | 279 |  |  | 440 |
Financing cash flows from finance leases | 9,894 |  |  | 6,167 |
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2021 (in thousands):
| Operating Leases |  | Finance Leases |  | Total Leases
Remainder of 2021 | $ | 60,889 |  |  | $ | 14,243 |  |  | $ | 75,132 |
2022 | 74,171 |  |  | 4,958 |  |  | 79,129 |
2023 | 57,387 |  |  | 1,932 |  |  | 59,319 |
2024 | 52,459 |  |  | 1,221 |  |  | 53,680 |
2025 | 42,324 |  |  | — |  |  | 42,324 |
Thereafter | 96,608 |  |  | — |  |  | 96,608 |
Total minimum lease payments | 383,838 |  |  | 22,354 |  |  | 406,192 |
Less: amount of lease payments representing interest | (77,609) |  |  | (1,980) |  |  | (79,589) |
Present value of future lease payments | 306,229 |  |  | 20,374 |  |  | 326,603 |
Less: current obligations under leases | (54,203) |  |  | (15,658) |  |  | (69,861) |
Long-term lease obligations | $ | 252,026 |  |  | $ | 4,716 |  |  | $ | 256,742 |
As of March 31, 2021, the Company had no real estate leases that had not yet commenced. Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.
Leases | Leases Real Estate Operating Leases The Company leases real estate property at approximately 87 locations of which all leases have commenced as of March 31, 2021. These leases are classified as operating leases. As of March 31, 2021, the remaining lease terms vary from approximately one month to nine years. For certain leases the Company has options to extend the lease term for periods varying from one to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. Any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost. Flexdrive Program The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of March 31, 2021, the remaining lease terms vary between one month to four years. These leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component. Lease Position as of March 31, 2021 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
| March 31, 2021 |  | December 31, 2020
Operating Leases |  |  |
Assets |  |  |
Operating lease right-of-use assets | $ | 260,877 |  |  | $ | 275,756 |
Liabilities |  |  |
Operating lease liabilities, current | $ | 54,203 |  |  | $ | 49,291 |
Operating lease liabilities, non-current | 252,026 |  |  | 265,803 |
Total operating lease liabilities | $ | 306,229 |  |  | $ | 315,094 |
Finance Leases |  |  |
Assets |  |  |
Finance lease right-of-use assets(1) | $ | 19,491 |  |  | $ | 28,108 |
Liabilities |  |  |
Finance lease liabilities, current(2) | 15,658 |  |  | 20,795 |
Finance lease liabilities, non-current(3) | 4,716 |  |  | 6,593 |
Total finance lease liabilities | $ | 20,374 |  |  | $ | 27,388 |
Weighted-average remaining lease term (years) |  |  |
Operating leases | 6.0 |  | 6.3
Finance leases | 1.6 |  | 1.5
Weighted-average discount rate |  |  |
Operating leases | 6.5 | % |  | 6.4 | %
Finance leases | 4.6 | % |  | 4.7 | %
_______________ (1)This balance is included within property and equipment, net on the condensed consolidated balance sheets. (2)This balance is included within other current liabilities on the condensed consolidated balance sheets. (3)This balance is included within other liabilities on the condensed consolidated balance sheets. Lease Costs The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2021 and 2020 (in thousands):
| Three Months Ended March 31,
| 2021 |  | 2020
Operating Leases |  |  |
Operating lease cost | $ | 17,861 |  |  | $ | 26,230 |
Finance Leases |  |  |
Amortization of right-of-use assets | 7,806 |  |  | 6,167 |
Interest on lease liabilities | 294 |  |  | 440 |
Other Lease Costs |  |  |
Short-term lease cost | 1,855 |  |  | 1,014 |
Variable lease cost (1) | 1,961 |  |  | 3,740 |
Total lease cost | $ | 29,777 |  |  | $ | 37,591 |
_______________ (1)Consist primarily of common area maintenance, taxes and utilities for real estate leases, and certain vehicle-related charges under the Flexdrive program. The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
| Three Months Ended March 31,
| 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 21,158 |  |  | $ | 13,273 |
Operating cash flows from finance leases | 279 |  |  | 440 |
Financing cash flows from finance leases | 9,894 |  |  | 6,167 |
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2021 (in thousands):
| Operating Leases |  | Finance Leases |  | Total Leases
Remainder of 2021 | $ | 60,889 |  |  | $ | 14,243 |  |  | $ | 75,132 |
2022 | 74,171 |  |  | 4,958 |  |  | 79,129 |
2023 | 57,387 |  |  | 1,932 |  |  | 59,319 |
2024 | 52,459 |  |  | 1,221 |  |  | 53,680 |
2025 | 42,324 |  |  | — |  |  | 42,324 |
Thereafter | 96,608 |  |  | — |  |  | 96,608 |
Total minimum lease payments | 383,838 |  |  | 22,354 |  |  | 406,192 |
Less: amount of lease payments representing interest | (77,609) |  |  | (1,980) |  |  | (79,589) |
Present value of future lease payments | 306,229 |  |  | 20,374 |  |  | 326,603 |
Less: current obligations under leases | (54,203) |  |  | (15,658) |  |  | (69,861) |
Long-term lease obligations | $ | 252,026 |  |  | $ | 4,716 |  |  | $ | 256,742 |
As of March 31, 2021, the Company had no real estate leases that had not yet commenced. Future lease payments receivable in car rental transactions under the Flexdrive Program are not material since the lease term is less than a month.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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