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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | 5. Leases As of June 30, 2021, the Company leased 1,172 of the convenience stores that it operates, 159 dealer locations and certain office spaces in the U.S., including land and buildings in certain cases. Most of the lease agreements are for long-term periods, ranging from 15 to 20 years, and generally include several renewal options for extension periods for five to 25 years each. Additionally, the Company leases certain store equipment, office equipment, automatic tank gauges, store lighting and fuel dispensers. Under ASC 842, the components of lease cost recorded on the condensed consolidated statements of operations were as follows:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of right-of-use assets |  | $ | 3,410 |  |  | $ | 3,156 |  |  | $ | 6,727 |  |  | $ | 6,348 |
Interest on lease liabilities |  |  | 4,374 |  |  |  | 4,359 |  |  |  | 8,820 |  |  |  | 8,685 |
Operating lease costs included in store operating expenses |  |  | 32,491 |  |  |  | 27,138 |  |  |  | 64,825 |  |  |  | 54,382 |
Operating lease costs included in general and administrative expenses |  |  | 458 |  |  |  | 320 |  |  |  | 854 |  |  |  | 647 |
Lease cost related to variable lease payments, short-term leases and leases of low value assets |  |  | 458 |  |  |  | 170 |  |  |  | 833 |  |  |  | 320 |
Right-of-use asset impairment charges |  |  | 412 |  |  |  | 290 |  |  |  | 523 |  |  |  | 929 |
Total lease costs |  | $ | 41,603 |  |  | $ | 35,433 |  |  | $ | 82,582 |  |  | $ | 71,311 |
Supplemental data related to leases was as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Operating leases |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  | 13.2 |  |  |  | 13.4 |
Weighted average discount rate |  |  | 7.7 | % |  |  | 7.7 | %
Financing leases |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  | 23.9 |  |  |  | 23.7 |
Weighted average discount rate |  |  | 7.3 | % |  |  | 7.7 | %
As of June 30, 2021, maturities of lease liabilities for operating lease obligations and financing lease obligations having initial or remaining non-cancellable lease terms in excess of one year were as follows. The minimum lease payments presented below include periods where an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments for these agreements.
|  | Operating |  |  | Financing |
|  | (in thousands) |
2021 |  | $ | 63,498 |  |  | $ | 12,719 |
2022 |  |  | 125,538 |  |  |  | 23,331 |
2023 |  |  | 126,011 |  |  |  | 21,777 |
2024 |  |  | 126,682 |  |  |  | 20,722 |
2025 |  |  | 126,874 |  |  |  | 20,840 |
Thereafter |  |  | 1,100,536 |  |  |  | 468,299 |
Gross lease payments |  | $ | 1,669,139 |  |  | $ | 567,688 |
Less: imputed interest |  |  | (638,136 | ) |  |  | (328,257 | )
Total lease liabilities |  | $ | 1,031,003 |  |  | $ | 239,431 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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