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Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Asset and lease liability

The ROU asset and lease liability balances as of March 31, 2019 were as follows:

(in Millions)	Classification		Balance at March 31, 2019
Assets
Operating lease ROU assets	Other assets including long-term receivables, net		$	175.5
Liabilities
Operating lease current liabilities	Accrued and other liabilities		$	31.1
Operating lease noncurrent liabilities	Other long-term liabilities		175.5

Components of lease expense, lease term and discount rate

The components of lease expense for the three months ended March 31, 2019 were as follows:

(in Millions)	Lease Cost Classification	Three Months Ended March 31, 2019
Operating lease cost	Cost of sales and services / Selling, general and administrative expenses	$	10.0
Variable lease cost	Cost of sales and services / Selling, general and administrative expenses	1.3
Total lease cost		$	11.3

(in Millions)	Three Months Ended March 31, 2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(10.3	)
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	0.3

Lease terms

	March 31, 2019
Operating Lease Term and Discount Rate
Weighted-average remaining lease term (years)	10.5
Weighted-average discount rate	4.30	%

Future minimum lease payments

The following table represents our future minimum operating lease payments as of, and subsequent to, March 31, 2019 under ASC 842:

(in Millions)	Operating Leases Total
Maturity of Lease Liabilities
2019 (excluding the three months ending March 31, 2019)	$	29.2
2020	34.7
2021	24.1
2022	20.7
2023	16.7
Thereafter	136.5
Total undiscounted lease payments	$	261.9
Less: Present value adjustment	(55.3		)
Present value of lease liabilities	$	206.6

Future minimum operating lease payments under ASC 840

Our future minimum lease payments as of December 31, 2018 under ASC 840 were as follows:

	Future Minimum Lease Payments
(in Millions)	2019				2020				2021				2022				2023				Thereafter
Operating Leases	$	36.7			$	31.7			$	21.0			$	17.5			$	13.5			$	107.5
Capital Lease	2.9				2.9				3.1				3.1				3.1				4.3

Future minimum capital lease payments under ASC 840

Our future minimum lease payments as of December 31, 2018 under ASC 840 were as follows:

	Future Minimum Lease Payments
(in Millions)	2019				2020				2021				2022				2023				Thereafter
Operating Leases	$	36.7			$	31.7			$	21.0			$	17.5			$	13.5			$	107.5
Capital Lease	2.9				2.9				3.1				3.1				3.1				4.3

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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