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LEASES

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

LEASES

LEASES

Lessor Information

Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Condensed Consolidated Balance Sheets as follows (in millions):

			As of
			September 30, 2019						December 31, 2018
Gross lease receivables			$	162.1					$	150.4
Unearned income			(8.2)						(6.3)
Allowance for credit loss			(1.0)						(1.0)
Net investment in sales-type leases			$	152.9					$	143.1
Reported as:
Prepaids and other current assets			$	52.7					$	51.2
Intangible and other assets, net			100.2						91.9
Total, net			$	152.9					$	143.1

Contractual maturities of gross lease receivables at September 30, 2019, are as follows (in millions):

Fiscal Year			Amount
2019			$	11.1
2020			57.7
2021			41.6
2022			25.5
2023			16.6
2024 and thereafter			9.6
Total			$	162.1

Operating Leases. The Company’s operating lease terms are generally five years or less with its customers. As of September 30, 2019, the maturities of lease payments are as follows (in millions):

Fiscal Year			Amount
2019			$	29.9
2020			130.7
2021			116.2
2022			98.5
2023			67.4
2024 and thereafter			22.9
Total			$	465.6

Contingent rental revenue relating to operating lease arrangements was not material for the periods presented.

The components of operating lease assets, which are presented within property, plant, and equipment, net, on the Condensed Consolidated Balance Sheets, are as follows (in millions):

			As of
			September 30, 2019						December 31, 2018
Gross operating lease assets			$	244.6					$	150.2
Less: Accumulated depreciation			(51.0)						(32.1)
Total operating lease assets, net			$	193.6					$	118.1

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $4.9 million and $13.8 million for the three and nine months ended September 30, 2019, respectively. For leases with terms of 12 months or less, the related expense for the three and nine months ended September 30, 2019, was not material.

Supplemental cash flow information for the nine months ended September 30, 2019, related to operating leases was as follows (in millions):

			Amount
Cash paid for leases that were included within operating cash outflows			$	13.2
Right-of-use assets recognized related to new lease obligations			$	17.8

Supplemental balance sheet information, as of September 30, 2019, related to operating leases was as follows (in millions, except lease term and discount rate):

Reported as:			Amount
Intangible and other assets, net (Right-of-use assets)			$	74.0
Other accrued liabilities			$	4.8
Other long-term liabilities			72.2
Total lease liabilities			$	77.0
Weighted average remaining lease term			6.2 years
Weighted average discount rate			3.5%

As of September 30, 2019, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):

Fiscal Year			Amount
2019			$	—
2020			13.3
2021			18.3
2022			13.5
2023			12.0
2024 and thereafter			31.3
Total lease payments			$	88.4
Less imputed interest			(11.4)
Total operating lease liabilities			$	77.0

ASC 840 Disclosures

The Company elected the alternative modified transition method and is required to present previously disclosed information under the prior accounting standards for leases.

Lessor Information

Sales-type Leases. Contractual maturities of gross lease receivables as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	50.8
2020			46.5
2021			29.7
2022			14.9
2023			7.5
2024 and thereafter			1.0
Total			$	150.4

Operating Leases. Future minimum lease payments related to non-cancellable portion of operating leases as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	88.0
2020			85.8
2021			68.8
2022			51.3
2023			25.4
2024 and thereafter			1.9
Total			$	321.2

Lessee Information

Operating Leases. Future minimum lease commitments under the Company’s operating leases as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	15.1
2020			14.5
2021			12.7
2022			11.2
2023			11.0
2024 and thereafter			30.9
Total			$	95.4

LEASES

LEASES

Lessor Information

Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Condensed Consolidated Balance Sheets as follows (in millions):

			As of
			September 30, 2019						December 31, 2018
Gross lease receivables			$	162.1					$	150.4
Unearned income			(8.2)						(6.3)
Allowance for credit loss			(1.0)						(1.0)
Net investment in sales-type leases			$	152.9					$	143.1
Reported as:
Prepaids and other current assets			$	52.7					$	51.2
Intangible and other assets, net			100.2						91.9
Total, net			$	152.9					$	143.1

Contractual maturities of gross lease receivables at September 30, 2019, are as follows (in millions):

Fiscal Year			Amount
2019			$	11.1
2020			57.7
2021			41.6
2022			25.5
2023			16.6
2024 and thereafter			9.6
Total			$	162.1

Operating Leases. The Company’s operating lease terms are generally five years or less with its customers. As of September 30, 2019, the maturities of lease payments are as follows (in millions):

Fiscal Year			Amount
2019			$	29.9
2020			130.7
2021			116.2
2022			98.5
2023			67.4
2024 and thereafter			22.9
Total			$	465.6

Contingent rental revenue relating to operating lease arrangements was not material for the periods presented.

The components of operating lease assets, which are presented within property, plant, and equipment, net, on the Condensed Consolidated Balance Sheets, are as follows (in millions):

			As of
			September 30, 2019						December 31, 2018
Gross operating lease assets			$	244.6					$	150.2
Less: Accumulated depreciation			(51.0)						(32.1)
Total operating lease assets, net			$	193.6					$	118.1

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $4.9 million and $13.8 million for the three and nine months ended September 30, 2019, respectively. For leases with terms of 12 months or less, the related expense for the three and nine months ended September 30, 2019, was not material.

Supplemental cash flow information for the nine months ended September 30, 2019, related to operating leases was as follows (in millions):

			Amount
Cash paid for leases that were included within operating cash outflows			$	13.2
Right-of-use assets recognized related to new lease obligations			$	17.8

Supplemental balance sheet information, as of September 30, 2019, related to operating leases was as follows (in millions, except lease term and discount rate):

Reported as:			Amount
Intangible and other assets, net (Right-of-use assets)			$	74.0
Other accrued liabilities			$	4.8
Other long-term liabilities			72.2
Total lease liabilities			$	77.0
Weighted average remaining lease term			6.2 years
Weighted average discount rate			3.5%

As of September 30, 2019, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):

Fiscal Year			Amount
2019			$	—
2020			13.3
2021			18.3
2022			13.5
2023			12.0
2024 and thereafter			31.3
Total lease payments			$	88.4
Less imputed interest			(11.4)
Total operating lease liabilities			$	77.0

ASC 840 Disclosures

The Company elected the alternative modified transition method and is required to present previously disclosed information under the prior accounting standards for leases.

Lessor Information

Sales-type Leases. Contractual maturities of gross lease receivables as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	50.8
2020			46.5
2021			29.7
2022			14.9
2023			7.5
2024 and thereafter			1.0
Total			$	150.4

Operating Leases. Future minimum lease payments related to non-cancellable portion of operating leases as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	88.0
2020			85.8
2021			68.8
2022			51.3
2023			25.4
2024 and thereafter			1.9
Total			$	321.2

Lessee Information

Operating Leases. Future minimum lease commitments under the Company’s operating leases as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	15.1
2020			14.5
2021			12.7
2022			11.2
2023			11.0
2024 and thereafter			30.9
Total			$	95.4

LEASES

LEASES

Lessor Information

Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Condensed Consolidated Balance Sheets as follows (in millions):

			As of
			September 30, 2019						December 31, 2018
Gross lease receivables			$	162.1					$	150.4
Unearned income			(8.2)						(6.3)
Allowance for credit loss			(1.0)						(1.0)
Net investment in sales-type leases			$	152.9					$	143.1
Reported as:
Prepaids and other current assets			$	52.7					$	51.2
Intangible and other assets, net			100.2						91.9
Total, net			$	152.9					$	143.1

Contractual maturities of gross lease receivables at September 30, 2019, are as follows (in millions):

Fiscal Year			Amount
2019			$	11.1
2020			57.7
2021			41.6
2022			25.5
2023			16.6
2024 and thereafter			9.6
Total			$	162.1

Operating Leases. The Company’s operating lease terms are generally five years or less with its customers. As of September 30, 2019, the maturities of lease payments are as follows (in millions):

Fiscal Year			Amount
2019			$	29.9
2020			130.7
2021			116.2
2022			98.5
2023			67.4
2024 and thereafter			22.9
Total			$	465.6

Contingent rental revenue relating to operating lease arrangements was not material for the periods presented.

The components of operating lease assets, which are presented within property, plant, and equipment, net, on the Condensed Consolidated Balance Sheets, are as follows (in millions):

			As of
			September 30, 2019						December 31, 2018
Gross operating lease assets			$	244.6					$	150.2
Less: Accumulated depreciation			(51.0)						(32.1)
Total operating lease assets, net			$	193.6					$	118.1

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $4.9 million and $13.8 million for the three and nine months ended September 30, 2019, respectively. For leases with terms of 12 months or less, the related expense for the three and nine months ended September 30, 2019, was not material.

Supplemental cash flow information for the nine months ended September 30, 2019, related to operating leases was as follows (in millions):

			Amount
Cash paid for leases that were included within operating cash outflows			$	13.2
Right-of-use assets recognized related to new lease obligations			$	17.8

Supplemental balance sheet information, as of September 30, 2019, related to operating leases was as follows (in millions, except lease term and discount rate):

Reported as:			Amount
Intangible and other assets, net (Right-of-use assets)			$	74.0
Other accrued liabilities			$	4.8
Other long-term liabilities			72.2
Total lease liabilities			$	77.0
Weighted average remaining lease term			6.2 years
Weighted average discount rate			3.5%

As of September 30, 2019, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):

Fiscal Year			Amount
2019			$	—
2020			13.3
2021			18.3
2022			13.5
2023			12.0
2024 and thereafter			31.3
Total lease payments			$	88.4
Less imputed interest			(11.4)
Total operating lease liabilities			$	77.0

ASC 840 Disclosures

The Company elected the alternative modified transition method and is required to present previously disclosed information under the prior accounting standards for leases.

Lessor Information

Sales-type Leases. Contractual maturities of gross lease receivables as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	50.8
2020			46.5
2021			29.7
2022			14.9
2023			7.5
2024 and thereafter			1.0
Total			$	150.4

Operating Leases. Future minimum lease payments related to non-cancellable portion of operating leases as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	88.0
2020			85.8
2021			68.8
2022			51.3
2023			25.4
2024 and thereafter			1.9
Total			$	321.2

Lessee Information

Operating Leases. Future minimum lease commitments under the Company’s operating leases as of December 31, 2018, are as follows (in millions):

Fiscal Year			Amount
2019			$	15.1
2020			14.5
2021			12.7
2022			11.2
2023			11.0
2024 and thereafter			30.9
Total			$	95.4

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=77888252

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 55
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