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Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases:

We lease real estate, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2037. Our operating and finance leases generally have 1- to 25-year terms, with one or more renewal options, primarily relating to our real estate leases, with terms to be determined at the time of renewal. The exercise of such lease renewal options is at our sole discretion, and to the extent we are reasonably certain we will exercise a renewal option, the years related to that option are included in our determination of the lease term for purposes of classifying and measuring a given lease. Certain leases also include options to purchase the leased property.

The components of lease costs are as follows (in millions):

			For the Year Ended December 31,
			2020						2019
Operating lease cost			$	68.5					$	72.9
Finance lease cost:
Amortization of right-of-use assets			32.1						30.3
Interest on lease liabilities			29.3						29.5
Total finance lease cost			61.4						59.8
Short-term and variable lease cost			3.7						1.5
Sublease income			(3.2)						(3.2)
Total lease cost			$	130.4					$	131.0

Supplemental consolidated balance sheet information related to leases is as follows (in millions):

												As of December 31,
						Classification						2020						2019
Assets
Operating lease						Operating lease right-of-use assets						$	245.7					$	276.5
Finance lease (1)						Property and equipment, net						322.8						327.0
Total leased assets												$	568.5					$	603.5
Liabilities
Current liabilities:
Operating lease						Current operating lease liabilities						$	44.8					$	40.4
Finance lease						Current portion of long-term debt						23.8						21.0
Noncurrent liabilities:
Operating lease						Long-term operating lease liabilities						209.6						243.8
Finance lease						Long-term debt, net of current portion						367.9						363.1
Total leased liabilities												$	646.1					$	668.3

(1)    Finance lease assets are recorded net of accumulated amortization of $129.6 million as of December 31, 2020.

			As of December 31,
			2020						2019
Weighted Average Remaining Lease Term
Operating lease			8.6 years						9.1 years
Finance lease			11.7 years						13.4 years
Weighted Average Discount Rate
Operating lease			6.1		%				6.2		%
Finance lease			8.1		%				7.9		%

Maturities of lease liabilities as of December 31, 2020 are as follows (in millions):

Year Ending December 31,			Operating Leases						Finance Leases
2021			$	58.5					$	53.9
2022			47.7						50.9
2023			42.5						49.6
2024			35.6						48.4
2025			26.5						49.0
2026 and thereafter			127.5						381.8
Total lease payments			338.3						633.6
Less: Interest portion			(83.9)						(241.9)
Total lease liabilities			$	254.4					$	391.7

Supplemental cash flow information related to our leases is as follows (in millions):

			For the Year Ended December 31,
			2020						2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	66.9					$	70.4
Operating cash flows from finance leases			29.6						30.0
Financing cash flows from finance leases			22.5						19.5
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	39.0					$	43.8
Finance leases			29.6						34.2

Leases

Leases:

We lease real estate, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2037. Our operating and finance leases generally have 1- to 25-year terms, with one or more renewal options, primarily relating to our real estate leases, with terms to be determined at the time of renewal. The exercise of such lease renewal options is at our sole discretion, and to the extent we are reasonably certain we will exercise a renewal option, the years related to that option are included in our determination of the lease term for purposes of classifying and measuring a given lease. Certain leases also include options to purchase the leased property.

The components of lease costs are as follows (in millions):

			For the Year Ended December 31,
			2020						2019
Operating lease cost			$	68.5					$	72.9
Finance lease cost:
Amortization of right-of-use assets			32.1						30.3
Interest on lease liabilities			29.3						29.5
Total finance lease cost			61.4						59.8
Short-term and variable lease cost			3.7						1.5
Sublease income			(3.2)						(3.2)
Total lease cost			$	130.4					$	131.0

Supplemental consolidated balance sheet information related to leases is as follows (in millions):

												As of December 31,
						Classification						2020						2019
Assets
Operating lease						Operating lease right-of-use assets						$	245.7					$	276.5
Finance lease (1)						Property and equipment, net						322.8						327.0
Total leased assets												$	568.5					$	603.5
Liabilities
Current liabilities:
Operating lease						Current operating lease liabilities						$	44.8					$	40.4
Finance lease						Current portion of long-term debt						23.8						21.0
Noncurrent liabilities:
Operating lease						Long-term operating lease liabilities						209.6						243.8
Finance lease						Long-term debt, net of current portion						367.9						363.1
Total leased liabilities												$	646.1					$	668.3

(1)    Finance lease assets are recorded net of accumulated amortization of $129.6 million as of December 31, 2020.

			As of December 31,
			2020						2019
Weighted Average Remaining Lease Term
Operating lease			8.6 years						9.1 years
Finance lease			11.7 years						13.4 years
Weighted Average Discount Rate
Operating lease			6.1		%				6.2		%
Finance lease			8.1		%				7.9		%

Maturities of lease liabilities as of December 31, 2020 are as follows (in millions):

Year Ending December 31,			Operating Leases						Finance Leases
2021			$	58.5					$	53.9
2022			47.7						50.9
2023			42.5						49.6
2024			35.6						48.4
2025			26.5						49.0
2026 and thereafter			127.5						381.8
Total lease payments			338.3						633.6
Less: Interest portion			(83.9)						(241.9)
Total lease liabilities			$	254.4					$	391.7

Supplemental cash flow information related to our leases is as follows (in millions):

			For the Year Ended December 31,
			2020						2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	66.9					$	70.4
Operating cash flows from finance leases			29.6						30.0
Financing cash flows from finance leases			22.5						19.5
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	39.0					$	43.8
Finance leases			29.6						34.2

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- References

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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

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