LEASESWe have commitments as lessees under lease agreements primarily for real estate, equipment and vehicles. Our leases have remaining lease terms ranging from approximately two months to 41 years.
The following table presents lease related costs:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2021 | | 2020 | | 2019 |
| Finance leases | | | | | |
| Amortization of right-of-use assets | $ | 380 | | | $ | — | | | $ | — | |
| Interest on lease liabilities | 27 | | | — | | | — | |
| Finance lease expense | 407 | | | — | | | — | |
| Operating lease expense | 6,564 | | | 4,719 | | | 5,857 | |
| Short-term lease expense | 995 | | | 778 | | | 3,605 | |
| Variable lease expense | 1,590 | | | 1,379 | | | 3,263 | |
| Sublease income | — | | | — | | | (1,032) | |
| Lease expense from continuing operations | 9,556 | | | 6,876 | | | 11,693 | |
| | | | | |
| Finance lease expense | — | | | — | | | 304 | |
| Operating lease expense | — | | | — | | | 3,705 | |
| Lease expense from discontinued operations | — | | | — | | | 4,009 | |
| | | | | |
| Total lease expense | $ | 9,556 | | | $ | 6,876 | | | $ | 15,702 | |
The following table presents information related to our operating leases as of and for the year ended December 31, 2021:
| | | | | |
| Right-of-use assets, net | $ | 75,344 | |
| Lease liabilities | $ | 73,594 | |
| |
| Weighted average remaining lease term | 33.5 years |
| Weighted average incremental borrowing rate | 5.6 | % |
| |
| Cash paid for amounts included in the measurement of operating lease liabilities | |
| Continuing operations | $ | 6,114 | |
| |
The following table presents future minimum lease payments under non-cancellable operating leases as of December 31, 2021:
| | | | | |
| 2022 | $ | 9,723 | |
| 2023 | 8,009 | |
| 2024 | 7,035 | |
| 2025 | 6,719 | |
| 2026 | 5,583 | |
| Thereafter | 142,878 | |
| Total undiscounted lease payments | 179,947 | |
| Less: Imputed interest | 106,353 | |
| Total lease liabilities | $ | 73,594 | |
In July 2021, in connection with our acquisition of Transtar, we assumed ROU assets of approximately $12.2 million with a weighted average remaining term of 5.5 years.
Additionally, during the year ended December 31, 2021, we entered into a new lease for real estate, which had a ROU asset value of $2.7 million and a lease term of approximately five years at commencement.
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.