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Leases | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases | Leases The Company has operating leases for corporate offices and datacenters, and finance leases for infrastructure equipment. The Company’s leases have remaining lease terms of 1 year to 16 years, some of which include options to extend the leases for up to 5 years. The Company also has subleases of former corporate offices. Subleases have remaining lease terms of 1 year to 3 years. Sublease income, which is recorded as a reduction of rental expense, was $1.7 million and $3.5 million for the three and six months ended June 30, 2020, respectively, and $1.6 million and $3.5 million for the three and six months ended June 30, 2019, respectively. In 2017, the Company entered into a lease agreement for office space in San Francisco, California, to serve as its new corporate headquarters. The Company took initial possession of the first phase of its new corporate headquarters in June 2018, and began to recognize single lease cost related to the first phase. In that same period, the Company recorded a lease incentive obligation related to tenant improvement reimbursements associated with the first phase. In April 2019, the Company took possession of the second phase, and began to recognize additional lease costs and recorded an additional lease obligation, net of tenant improvement reimbursements related to the second phase. In December 2019, the Company took possession of the final phase, and began to recognize lease costs and lease obligation, net of tenant improvement reimbursements related to the third phase. The Company's total expected minimum obligations for all three phases of the lease are $842.7 million, which exclude expected tenant improvement reimbursements from the landlord of approximately $75.0 million and variable operating expenses. As of June 30, 2020, the remaining total expected minimum obligations are $815.9 million. The Company’s obligations under the lease are supported by a $34.2 million letter of credit, which reduced the borrowing capacity under the revolving credit facility. In the six months ended June 30, 2020, the Company collected tenant improvement reimbursements from the landlord totaling $14.7 million. Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows:
Year ending December 31, | Operating leases(1) |  | Finance leases
2020 (excluding the six months ended June 30, 2020) | $ | 63.3 |  |  | $ | 47.5 |
2021 | 120.3 |  |  | 85.8 |
2022 | 112.2 |  |  | 71.7 |
2023 | 95.6 |  |  | 38.1 |
2024 | 84.5 |  |  | 5.4 |
Thereafter | 644.3 |  |  | — |
Total future minimum lease payments | 1,120.2 |  |  | 248.5 |
Less imputed interest | (251.6 | ) |  | (12.6 | )
Less tenant improvement receivables | (14.7 | ) |  | — |
Total liability | $ | 853.9 |  |  | $ | 235.9 |
(1) Consists of future non-cancelable minimum rental payments under operating leases for the Company’s corporate offices and datacenters where the Company has possession, excluding rent payments from the Company’s sub-tenants and variable operating expenses. As of June 30, 2020, the Company is entitled to non-cancelable rent payments from its sub-tenants of $28.0 million, which will be collected over the next 1 to 3 years. As of June 30, 2020, the Company had commitments of $130.6 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence between 2020 and 2021 with lease terms of 5 years to 15 years.
Leases | Leases The Company has operating leases for corporate offices and datacenters, and finance leases for infrastructure equipment. The Company’s leases have remaining lease terms of 1 year to 16 years, some of which include options to extend the leases for up to 5 years. The Company also has subleases of former corporate offices. Subleases have remaining lease terms of 1 year to 3 years. Sublease income, which is recorded as a reduction of rental expense, was $1.7 million and $3.5 million for the three and six months ended June 30, 2020, respectively, and $1.6 million and $3.5 million for the three and six months ended June 30, 2019, respectively. In 2017, the Company entered into a lease agreement for office space in San Francisco, California, to serve as its new corporate headquarters. The Company took initial possession of the first phase of its new corporate headquarters in June 2018, and began to recognize single lease cost related to the first phase. In that same period, the Company recorded a lease incentive obligation related to tenant improvement reimbursements associated with the first phase. In April 2019, the Company took possession of the second phase, and began to recognize additional lease costs and recorded an additional lease obligation, net of tenant improvement reimbursements related to the second phase. In December 2019, the Company took possession of the final phase, and began to recognize lease costs and lease obligation, net of tenant improvement reimbursements related to the third phase. The Company's total expected minimum obligations for all three phases of the lease are $842.7 million, which exclude expected tenant improvement reimbursements from the landlord of approximately $75.0 million and variable operating expenses. As of June 30, 2020, the remaining total expected minimum obligations are $815.9 million. The Company’s obligations under the lease are supported by a $34.2 million letter of credit, which reduced the borrowing capacity under the revolving credit facility. In the six months ended June 30, 2020, the Company collected tenant improvement reimbursements from the landlord totaling $14.7 million. Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows:
Year ending December 31, | Operating leases(1) |  | Finance leases
2020 (excluding the six months ended June 30, 2020) | $ | 63.3 |  |  | $ | 47.5 |
2021 | 120.3 |  |  | 85.8 |
2022 | 112.2 |  |  | 71.7 |
2023 | 95.6 |  |  | 38.1 |
2024 | 84.5 |  |  | 5.4 |
Thereafter | 644.3 |  |  | — |
Total future minimum lease payments | 1,120.2 |  |  | 248.5 |
Less imputed interest | (251.6 | ) |  | (12.6 | )
Less tenant improvement receivables | (14.7 | ) |  | — |
Total liability | $ | 853.9 |  |  | $ | 235.9 |
(1) Consists of future non-cancelable minimum rental payments under operating leases for the Company’s corporate offices and datacenters where the Company has possession, excluding rent payments from the Company’s sub-tenants and variable operating expenses. As of June 30, 2020, the Company is entitled to non-cancelable rent payments from its sub-tenants of $28.0 million, which will be collected over the next 1 to 3 years. As of June 30, 2020, the Company had commitments of $130.6 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence between 2020 and 2021 with lease terms of 5 years to 15 years.

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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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