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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | Leases As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands) | Operating |  | Finance
2021 (remaining) | $ | 31,653 |  |  | $ | 10,193 |
2022 | 56,891 |  |  | 18,747 |
2023 | 46,544 |  |  | 15,296 |
2024 | 38,183 |  |  | 12,375 |
2025 | 31,384 |  |  | 12,482 |
Thereafter | 74,309 |  |  | 18,932 |
Total lease payments | 278,964 |  |  | 88,025 |
Less: interest | (44,484) |  |  | (6,496) |
Present value of lease liabilities | $ | 234,480 |  |  | $ | 81,529 |
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets. The Company’s lease activity during the six months ended June 30, 2021 and 2020 was as follows:
(in thousands) | Six Months Ended June 30,
Financial Statement Line | 2021 |  | 2020
Finance Lease Expense |  |  |
Amortization of finance lease assets | $ | 9,514 |  |  | $ | — |
Interest on obligations under finance leases | 1,098 |  |  | — |
Total finance lease expense | $ | 10,612 |  |  | $ | — |
Operating Lease Expense |  |  |
Fixed lease expense |  |  |
Cost of leasing and services | $ | 2,131 |  |  | $ | 3,074 |
Selling, general and administrative | 29,359 |  |  | 16,866
Lease impairment expense and other related charges | 1,107 |  |  | 1,359 |
Short-term lease expense |  |  |
Cost of leasing and services | 11,575 |  |  | 13,603
Selling, general and administrative | 723 |  |  | 851
Lease impairment expense and other related charges | — |  |  | 466 |
Variable lease expense |  |  |
Cost of leasing and services | 3,373 |  |  | 3,657
Selling, general and administrative | 3,792 |  |  | 2,131
Lease impairment expense and other related charges | 335 |  |  | 511 |
Total operating lease expense | $ | 52,395 |  |  | $ | 42,518 |
Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $0.2 million loss on lease exit and impairment charges and $1.5 million in closed location rent expense. During the six months ended June 30, 2020, the Company recorded $3.1 million in lease impairment expense and other related charges which is comprised of $0.8 million loss on lease exit and $2.3 million in closed location rent expense. Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:
(in thousands) | Six Months Ended June 30,
Supplemental Cash Flow Information | 2021 |  | 2020
Cash paid for the amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows from operating leases | $ | 33,409 |  |  | $ | 20,271 |
Financing cash outflows from finance leases | $ | 8,030 |  |  | $ | — |
Right of use assets obtained in exchange for lease obligations | $ | 28,288 |  |  | $ | 19,242 |
Assets obtained in exchange for finance leases | $ | 11,530 |  |  | $ | — |
Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2021 and December 31, 2020 were as follows:
Lease Terms and Discount Rates | June 30, 2021 |  | December 31, 2020
Weighted-average remaining lease term - operating leases | 6.2 years |  | 6.4 years
Weighted-average discount rate - operating leases | 5.6 | % |  | 5.7 | %
Weighted-average remaining lease term - finance leases | 4.5 years |  | 4.6 years
Weighted-average discount rate - finance leases | 2.9 | % |  | 2.9 | %
The Company presents information related to leasing revenues in Note 3.
Leases | Leases As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands) | Operating |  | Finance
2021 (remaining) | $ | 31,653 |  |  | $ | 10,193 |
2022 | 56,891 |  |  | 18,747 |
2023 | 46,544 |  |  | 15,296 |
2024 | 38,183 |  |  | 12,375 |
2025 | 31,384 |  |  | 12,482 |
Thereafter | 74,309 |  |  | 18,932 |
Total lease payments | 278,964 |  |  | 88,025 |
Less: interest | (44,484) |  |  | (6,496) |
Present value of lease liabilities | $ | 234,480 |  |  | $ | 81,529 |
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets. The Company’s lease activity during the six months ended June 30, 2021 and 2020 was as follows:
(in thousands) | Six Months Ended June 30,
Financial Statement Line | 2021 |  | 2020
Finance Lease Expense |  |  |
Amortization of finance lease assets | $ | 9,514 |  |  | $ | — |
Interest on obligations under finance leases | 1,098 |  |  | — |
Total finance lease expense | $ | 10,612 |  |  | $ | — |
Operating Lease Expense |  |  |
Fixed lease expense |  |  |
Cost of leasing and services | $ | 2,131 |  |  | $ | 3,074 |
Selling, general and administrative | 29,359 |  |  | 16,866
Lease impairment expense and other related charges | 1,107 |  |  | 1,359 |
Short-term lease expense |  |  |
Cost of leasing and services | 11,575 |  |  | 13,603
Selling, general and administrative | 723 |  |  | 851
Lease impairment expense and other related charges | — |  |  | 466 |
Variable lease expense |  |  |
Cost of leasing and services | 3,373 |  |  | 3,657
Selling, general and administrative | 3,792 |  |  | 2,131
Lease impairment expense and other related charges | 335 |  |  | 511 |
Total operating lease expense | $ | 52,395 |  |  | $ | 42,518 |
Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $0.2 million loss on lease exit and impairment charges and $1.5 million in closed location rent expense. During the six months ended June 30, 2020, the Company recorded $3.1 million in lease impairment expense and other related charges which is comprised of $0.8 million loss on lease exit and $2.3 million in closed location rent expense. Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:
(in thousands) | Six Months Ended June 30,
Supplemental Cash Flow Information | 2021 |  | 2020
Cash paid for the amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows from operating leases | $ | 33,409 |  |  | $ | 20,271 |
Financing cash outflows from finance leases | $ | 8,030 |  |  | $ | — |
Right of use assets obtained in exchange for lease obligations | $ | 28,288 |  |  | $ | 19,242 |
Assets obtained in exchange for finance leases | $ | 11,530 |  |  | $ | — |
Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2021 and December 31, 2020 were as follows:
Lease Terms and Discount Rates | June 30, 2021 |  | December 31, 2020
Weighted-average remaining lease term - operating leases | 6.2 years |  | 6.4 years
Weighted-average discount rate - operating leases | 5.6 | % |  | 5.7 | %
Weighted-average remaining lease term - finance leases | 4.5 years |  | 4.6 years
Weighted-average discount rate - finance leases | 2.9 | % |  | 2.9 | %
The Company presents information related to leasing revenues in Note 3.

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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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