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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Lease Balances | A summary of our consolidated ROU assets as of March 31, 2019 is set forth below (in millions):
Operating leases (a) | $ | 518.4 |
Finance leases (b) | 557.4 |
Total | $ | 1,075.8 |
_______________
(a) | Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheet.
(b) | Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheet.
A summary of additions to our ROU assets during the three months ended March 31, 2019 is set forth below (in millions):
ROU assets recorded during the period associated with: |
Operating leases | $ | 3.5 |
Finance leases (a) | 12.2 |
Total | $ | 15.7 |
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(a) | During the three months ended March 31, 2018, we recorded additions to our ROU assets associated with finance leases of $23.9 million.
A summary of our consolidated lease liabilities as of March 31, 2019 is set forth below (in millions):
Operating leases (a) | $ | 525.4 |
Finance leases (b) | 631.5 |
Total | $ | 1,156.9 |
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(a) | The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheet.
(b) The current and long-term portions of our finance lease obligations are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets. As of December 31, 2018, we had $621.3 million of finance lease liabilities included on our condensed consolidated balance sheet.
Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense for the three months ended March 31, 2019 is set forth below (in millions):
Finance lease expense: |
Depreciation and amortization | $ | 22.7 |
Interest expense | 8.1 |
Total finance lease expense | 30.8 |
Operating lease expense (a) | 33.2 |
Short-term lease expense (a) | 1.9 |
Variable lease expense (b) | 1.1 |
Total lease expense | $ | 67.0 |
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(a) | Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations.
(b) | Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations.
A summary of our cash outflows from operating and finance leases recorded during the three months ended March 31, 2019 is set forth below (in millions):
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash outflows from operating leases | $ | 35.7 |
Operating cash outflows from finance leases | 8.1 |
Financing cash outflows from finance leases | 18.1 |
Total cash outflows from operating and finance leases | $ | 61.9 |
Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease obligations as of March 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2019 exchange rates:
| Operating leases |  | Finance leases
| in millions
Year ending December 31: |  |  |
2019 (remainder of year) | $ | 95.5 |  |  | $ | 91.6 |
2020 | 107.8 |  |  | 103.4 |
2021 | 88.5 |  |  | 94.7 |
2022 | 74.6 |  |  | 92.7 |
2023 | 63.3 |  |  | 91.2 |
2024 | 75.1 |  |  | 51.5 |
Thereafter | 161.1 |  |  | 421.9 |
Total payments | 665.9 |  |  | 947.0 |
Less: present value discount | (140.5 | ) |  | (315.5 | )
Present value of lease payments | $ | 525.4 |  |  | $ | 631.5 |
Current portion | $ | 106.6 |  |  | $ | 81.0 |
Noncurrent portion | $ | 418.8 |  |  | $ | 550.5 |
Maturities of Financing Lease Liabilities | Maturities of our operating and finance lease obligations as of March 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2019 exchange rates:
| Operating leases |  | Finance leases
| in millions
Year ending December 31: |  |  |
2019 (remainder of year) | $ | 95.5 |  |  | $ | 91.6 |
2020 | 107.8 |  |  | 103.4 |
2021 | 88.5 |  |  | 94.7 |
2022 | 74.6 |  |  | 92.7 |
2023 | 63.3 |  |  | 91.2 |
2024 | 75.1 |  |  | 51.5 |
Thereafter | 161.1 |  |  | 421.9 |
Total payments | 665.9 |  |  | 947.0 |
Less: present value discount | (140.5 | ) |  | (315.5 | )
Present value of lease payments | $ | 525.4 |  |  | $ | 631.5 |
Current portion | $ | 106.6 |  |  | $ | 81.0 |
Noncurrent portion | $ | 418.8 |  |  | $ | 550.5 |
Schedule of Future Minimum Rental Payments for Operating Leases | Maturities of our operating and finance lease obligations as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates:
| Operating leases |  | Finance leases
| in millions
Year ending December 31: |  |  |
2019 | $ | 123.9 |  |  | $ | 101.4 |
2020 | 85.4 |  |  | 107.3 |
2021 | 66.6 |  |  | 96.7 |
2022 | 54.3 |  |  | 94.5 |
2023 | 46.8 |  |  | 93.5 |
Thereafter | 178.6 |  |  | 464.0 |
Total payments | $ | 555.6 |  |  | $ | 957.4 |
Schedule of Future Minimum Lease Payments for Capital Leases | Maturities of our operating and finance lease obligations as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates:
| Operating leases |  | Finance leases
| in millions
Year ending December 31: |  |  |
2019 | $ | 123.9 |  |  | $ | 101.4 |
2020 | 85.4 |  |  | 107.3 |
2021 | 66.6 |  |  | 96.7 |
2022 | 54.3 |  |  | 94.5 |
2023 | 46.8 |  |  | 93.5 |
Thereafter | 178.6 |  |  | 464.0 |
Total payments | $ | 555.6 |  |  | $ | 957.4 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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