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Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LEASES

Lessor Information related to Intuitive System Leasing

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

			December 31,
			2020						2019
Gross lease receivables			$	286.1					$	191.9
Unearned income			(11.1)						(10.1)
Subtotal			$	275.0					$	181.8
Allowance for credit loss			(4.4)						(1.2)
Net investment in sales-type leases			$	270.6					$	180.6
Reported as:
Prepaids and other current assets			$	81.1					$	63.1
Intangible and other assets, net			189.5						117.5
Total, net			$	270.6					$	180.6

Contractual maturities of gross lease receivables as of December 31, 2020, are as follows (in millions):

Fiscal Year			Amount
2021			$	82.7
2022			71.1
2023			55.5
2024			46.3
2025			27.3
2026 and thereafter			3.2
Total			$	286.1

Operating Leases. The Company’s operating lease terms are generally less than seven years. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2020, are as follows (in millions):

Fiscal Year			Amount
2021			$	187.4
2022			177.3
2023			145.9
2024			97.7
2025			45.2
2026 and thereafter			14.7
Total			$	668.2

Variable lease revenue relating to usage-based arrangements was not material for the years ended December 31, 2020, 2019, and 2018.

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $21.0 million for the year ended December 31, 2020. For leases with terms of 12 months or less, the related expense for the year ended December 31, 2020 was not material.

Supplemental cash flow information for the year ended December 31, 2020, related to operating leases was as follows (in millions):

			Amount
Cash paid for leases that were included within operating cash outflows			$	11.0
Right-of-use assets recognized related to new lease obligations			$	9.6

Supplemental balance sheet information, as of December 31, 2020, 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)			$	63.9
Other accrued liabilities			$	21.9
Other long-term liabilities			58.0
Total lease liabilities			$	79.9
Weighted average remaining lease term			5.3 years
Weighted average discount rate			3.2		%

As of December 31, 2020, the future payments related to the Company's operating lease liabilities are scheduled as follows (in millions):

Fiscal Year			Amount
2021			$	22.7
2022			17.7
2023			14.8
2024			9.9
2025			8.7
2026 and thereafter			15.0
Total lease payments			$	88.8
Less imputed interest			(8.9)
Total operating lease liabilities			$	79.9

Leases

LEASES

Lessor Information related to Intuitive System Leasing

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

			December 31,
			2020						2019
Gross lease receivables			$	286.1					$	191.9
Unearned income			(11.1)						(10.1)
Subtotal			$	275.0					$	181.8
Allowance for credit loss			(4.4)						(1.2)
Net investment in sales-type leases			$	270.6					$	180.6
Reported as:
Prepaids and other current assets			$	81.1					$	63.1
Intangible and other assets, net			189.5						117.5
Total, net			$	270.6					$	180.6

Contractual maturities of gross lease receivables as of December 31, 2020, are as follows (in millions):

Fiscal Year			Amount
2021			$	82.7
2022			71.1
2023			55.5
2024			46.3
2025			27.3
2026 and thereafter			3.2
Total			$	286.1

Operating Leases. The Company’s operating lease terms are generally less than seven years. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2020, are as follows (in millions):

Fiscal Year			Amount
2021			$	187.4
2022			177.3
2023			145.9
2024			97.7
2025			45.2
2026 and thereafter			14.7
Total			$	668.2

Variable lease revenue relating to usage-based arrangements was not material for the years ended December 31, 2020, 2019, and 2018.

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $21.0 million for the year ended December 31, 2020. For leases with terms of 12 months or less, the related expense for the year ended December 31, 2020 was not material.

Supplemental cash flow information for the year ended December 31, 2020, related to operating leases was as follows (in millions):

			Amount
Cash paid for leases that were included within operating cash outflows			$	11.0
Right-of-use assets recognized related to new lease obligations			$	9.6

Supplemental balance sheet information, as of December 31, 2020, 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)			$	63.9
Other accrued liabilities			$	21.9
Other long-term liabilities			58.0
Total lease liabilities			$	79.9
Weighted average remaining lease term			5.3 years
Weighted average discount rate			3.2		%

As of December 31, 2020, the future payments related to the Company's operating lease liabilities are scheduled as follows (in millions):

Fiscal Year			Amount
2021			$	22.7
2022			17.7
2023			14.8
2024			9.9
2025			8.7
2026 and thereafter			15.0
Total lease payments			$	88.8
Less imputed interest			(8.9)
Total operating lease liabilities			$	79.9

Leases

LEASES

Lessor Information related to Intuitive System Leasing

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

			December 31,
			2020						2019
Gross lease receivables			$	286.1					$	191.9
Unearned income			(11.1)						(10.1)
Subtotal			$	275.0					$	181.8
Allowance for credit loss			(4.4)						(1.2)
Net investment in sales-type leases			$	270.6					$	180.6
Reported as:
Prepaids and other current assets			$	81.1					$	63.1
Intangible and other assets, net			189.5						117.5
Total, net			$	270.6					$	180.6

Contractual maturities of gross lease receivables as of December 31, 2020, are as follows (in millions):

Fiscal Year			Amount
2021			$	82.7
2022			71.1
2023			55.5
2024			46.3
2025			27.3
2026 and thereafter			3.2
Total			$	286.1

Operating Leases. The Company’s operating lease terms are generally less than seven years. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2020, are as follows (in millions):

Fiscal Year			Amount
2021			$	187.4
2022			177.3
2023			145.9
2024			97.7
2025			45.2
2026 and thereafter			14.7
Total			$	668.2

Variable lease revenue relating to usage-based arrangements was not material for the years ended December 31, 2020, 2019, and 2018.

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $21.0 million for the year ended December 31, 2020. For leases with terms of 12 months or less, the related expense for the year ended December 31, 2020 was not material.

Supplemental cash flow information for the year ended December 31, 2020, related to operating leases was as follows (in millions):

			Amount
Cash paid for leases that were included within operating cash outflows			$	11.0
Right-of-use assets recognized related to new lease obligations			$	9.6

Supplemental balance sheet information, as of December 31, 2020, 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)			$	63.9
Other accrued liabilities			$	21.9
Other long-term liabilities			58.0
Total lease liabilities			$	79.9
Weighted average remaining lease term			5.3 years
Weighted average discount rate			3.2		%

As of December 31, 2020, the future payments related to the Company's operating lease liabilities are scheduled as follows (in millions):

Fiscal Year			Amount
2021			$	22.7
2022			17.7
2023			14.8
2024			9.9
2025			8.7
2026 and thereafter			15.0
Total lease payments			$	88.8
Less imputed interest			(8.9)
Total operating lease liabilities			$	79.9

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The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

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-Name Accounting Standards Codification
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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.

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-Name Accounting Standards Codification
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