XML 23 R14.htm IDEA: XBRL DOCUMENT

Note 5 - Leases

9 Months Ended

Sep. 30, 2022

Lessee, Operating and Finance Leases [Text Block]

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842, Leases ("ASC 842"). The lease term for our corporate headquarters ends in 2033 and includes the options to extend for one 10-year renewal period and two 5-year renewal periods. The lease of our Jakarta, Indonesia office may be terminated in three months without penalty.

The following table presents lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three and nine months ended September 30, 2022 and 2021, respectively:

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2022*			*2021*			*2022*			*2021*
Lease cost:
Operating lease cost (1)	$	11.6		$	13.0		$	36.8		$	39.4
Sublease income		(0.5	)		(0.4	)		(1.6	)		(1.2	)
Finance lease costs
Depreciation of finance lease assets (2)		3.1			3.9			9.6			10.7
Interest on finance lease liabilities (3)		—			0.2			0.4			0.6
Total lease cost	$	14.2		$	16.7		$	45.2		$	49.5

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	(12.7	)	$	(12.9	)	$	(37.9	)	$	(38.3	)
Operating cash outflows from finance leases	$	—		$	(0.2	)	$	(0.4	)	$	(0.6	)
Financing cash outflows from finance leases	$	(11.7	)	$	(11.1	)	$	(13.5	)	$	(14.8	)

_______________

⁽¹⁾Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations

⁽²⁾Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations

⁽³⁾Included in "Interest expense" in our accompanying condensed consolidated statements of operations

The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of September 30, 2022 and 2021, respectively:

	*September 30,*
	*2022*			*2021*
Weighted-average remaining lease term - operating leases (in years)		8.5			8.6
Weighted-average remaining lease term - finance leases (in years)		1.5			1.7
Weighted-average discount rate - operating leases		3.9	%		3.8	%
Weighted-average discount rate - finance leases		2.6	%		3.9	%

Our ROU assets and lease liabilities for finance leases were $13.6 million and $4.9 million, respectively, as of September 30, 2022. Our ROU assets and lease liabilities for finance leases were $19.0 million and $13.5 million, respectively, as of December 31, 2021. Our ROU assets for finance leases were included in "Fixed assets, net" in our accompanying condensed consolidated balance sheets. Our lease liabilities for finance leases were included in the "Short-term debt and current portion of long-term debt" and "Long-term debt" in our accompanying condensed consolidated balance sheets (see Note 10. Debt).

Maturities of lease liabilities for the remainder of 2022 and the years through 2027 and thereafter are as follows:

	*September 30, 2022*
Years Ending	*Operating Leases*			*Finance Leases*
2022	$	11.3		$	2.0
2023		44.1			2.0
2024		36.5			0.8
2025		33.1			0.2
2026		30.2			0.1
2027 and thereafter		145.6			—
Total lease payments		300.8			5.1
Less: Amount representing interest		(47.7	)		(0.2	)
Present value of total lease payments	$	253.1		$	4.9