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Leases (Notes) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Lessee Disclosure [Abstract] | 9. LEASES Substantially all of our operating lease are related to office space we lease in various buildings for our own use. The terms of these non-cancelable operating leases typically require us to pay rent and a share of operating expenses and real estate taxes, generally with an inflation-based rent increase included. We also lease equipment under both operating and finance lease arrangements. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments (e.g. rent) over the lease term beginning at the commencement date. The Operating lease right-of-use assets are adjusted for lease incentives, deferred rent, and initial direct costs, if incurred. Our leases generally do not include an implicit rate; therefore, we use an incremental borrowing rate based on information available at the lease commencement date in determining the present value of future minimum lease payments. The related lease expense is recognized on a straight-line basis over the lease term. Operating lease expense for the three and six months ended June 30, 2019 was $40.7 million and $80.9 million, respectively. In addition, $80.6 million of operating right-of-use assets were obtained in exchange for lease obligations during the six months ended June 30, 2019. Finance leases are included in Property and equipment, net of accumulated depreciation, Short-term borrowings, and Other liabilities on our Condensed Consolidated Balance Sheets. Our finance leases do not represent a significant portion of our leasing activity. As of June 30, 2019, our total commitments related to finance leases was $11.0 million. Leases in which we sublet also do not represent a significant portion of our leasing activity. Minimum future lease payments due in each of the next five years and thereafter, as of June 30, 2019, in accordance with ASC Topic 842, are presented in the table below.
(in millions) |  | ASC 842
2019 (remaining 6 months) |  | $ | 79.5 |
2020 |  | 152.6 |
2021 |  | 132.8 |
2022 |  | 100.9 |
2023 |  | 80.9 |
Thereafter |  | 236.3 |
Total future minimum lease payments |  | $ | 783.0 |
Less imputed interest |  | 97.0 |
Total |  | $ | 686.0 |
Other information related to operating leases was as follows.
|  | June 30, 2019
Weighted Average Remaining Lease Term |  | 6.8 years |
Weighted Average Discount Rate |  | 3.9 | %
Minimum future lease payments due in each of the next five years and thereafter, as of December 31, 2018, in accordance with ASC Topic 840 included in our 2018 Annual Report on Form 10-K, are presented in the table below.
(in millions) |  | ASC 840
2019 |  | $ | 167.8 |
2020 |  | 153.1 |
2021 |  | 132.3 |
2022 |  | 99.4 |
2023 |  | 81.0 |
Thereafter |  | 257.3 |
Total future minimum lease payments |  | $ | 890.9 |

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- Definition 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 + Details
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