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Leases
 3 Months Ended
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, 2021December 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-current252,026 265,803 
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 leases6.06.3
Finance leases1.61.5
Weighted-average discount rate
Operating leases6.5 %6.4 %
Finance leases4.6 %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,
20212020
Operating Leases
Operating lease cost$17,861 $26,230 
Finance Leases
Amortization of right-of-use assets7,806 6,167 
Interest on lease liabilities294 440 
Other Lease Costs
Short-term lease cost1,855 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,
20212020
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 leases279 440 
Financing cash flows from finance leases9,894 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 LeasesFinance LeasesTotal Leases
Remainder of 2021$60,889 $14,243 $75,132 
202274,171 4,958 79,129 
202357,387 1,932 59,319 
202452,459 1,221 53,680 
202542,324 — 42,324 
Thereafter96,608 — 96,608 
Total minimum lease payments383,838 22,354 406,192 
Less: amount of lease payments representing interest(77,609)(1,980)(79,589)
Present value of future lease payments306,229 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, 2021December 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-current252,026 265,803 
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 leases6.06.3
Finance leases1.61.5
Weighted-average discount rate
Operating leases6.5 %6.4 %
Finance leases4.6 %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,
20212020
Operating Leases
Operating lease cost$17,861 $26,230 
Finance Leases
Amortization of right-of-use assets7,806 6,167 
Interest on lease liabilities294 440 
Other Lease Costs
Short-term lease cost1,855 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,
20212020
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 leases279 440 
Financing cash flows from finance leases9,894 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 LeasesFinance LeasesTotal Leases
Remainder of 2021$60,889 $14,243 $75,132 
202274,171 4,958 79,129 
202357,387 1,932 59,319 
202452,459 1,221 53,680 
202542,324 — 42,324 
Thereafter96,608 — 96,608 
Total minimum lease payments383,838 22,354 406,192 
Less: amount of lease payments representing interest(77,609)(1,980)(79,589)
Present value of future lease payments306,229 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.