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v3.23.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Sales-Type Lease, Revenue | Leasing revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations. Leasing revenue from sales-type leases consists of the selling price and interest income as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Sales-type lease selling price(1) |  |  |  |  | $ | 8.2 |  |  | $ | 7.1 |
Cost of underlying assets |  |  |  |  | (3.4) |  |  | (3.3) |
Operating profit |  |  |  |  | $ | 4.8 |  |  | $ | 3.8 |
Interest income |  |  |  |  | $ | 1.3 |  |  | $ | 0.9 |
Leasing revenue attributable to sales-type leases |  |  |  |  | $ | 9.5 |  |  | $ | 8.0 |
(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.
Supplemental Balance Sheet Information Related to Leases | Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Leasing receivables, net—short-term | Other current assets |  | $ | 20.1 |  |  | $ | 17.5 |
Leasing receivables, net—long-term | Other assets |  | 59.8 |  |  | 57.5 |
Total Leasing receivables |  |  | $ | 79.9 |  |  | $ | 75.0 |
As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):
| Sales-type Leases
Remainder of 2023 | $ | 19.3 |
2024 | 24.5 |
2025 | 20.3 |
2026 | 13.6 |
2027 | 6.8 |
Thereafter | 4.2 |
Total future lease proceeds | 88.7 |
Less: imputed interest | 8.8 |
Total | $ | 79.9 |
Supplemental balance sheet information related to leases is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Operating Leases |  |  |  |  |
Right-of-use (“ROU”) assets, net | Operating lease ROU assets, net |  | $ | 1,411.3 |  |  | $ | 1,419.1 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 80.0 |  |  | $ | 76.4 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,430.9 |  |  | $ | 1,437.5 |
Finance Leases |  |  |  |  |
ROU assets, net | Other assets |  | $ | 231.9 |  |  | $ | 215.7 |
Lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.6 |  |  | $ | 1.7 |
Lease liabilities, long-term | Other long-term liabilities |  | $ | 245.3 |  |  | $ | 225.9 |
Supplemental balance sheet information related to DLF obligations is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022 |  |  |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 0.9 |  |  | $ | 2.4 |  |  |  |  |
DLF obligations, long-term | Deemed landlord financing obligations, long-term |  | $ | 707.5 |  |  | $ | 658.0 |  |  |  |  |
Components of Lease Expense and Other Information Related to Leases | The components of lease expense are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Operating lease costs |  |  |  |  | $ | 44.0 |  |  | $ | 37.4 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 1.9 |  |  | 0.6 |
Interest on lease liabilities |  |  |  |  | 3.6 |  |  | 2.1 |
Total financing lease costs |  |  |  |  | 5.5 |  |  | 2.7 |
Variable lease costs |  |  |  |  | 2.5 |  |  | 1.9 |
Total lease costs |  |  |  |  | $ | 52.0 |  |  | $ | 42.0 |
Other information related to leases (in millions):
|  | Three Months Ended March 31,
Supplemental Cash Flows Information |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 38.0 |  |  | $ | 39.8 |
Operating cash flows from finance leases |  | $ | 1.2 |  |  | $ | 2.1 |
Financing cash flows from finance leases |  | $ | 1.0 |  |  | $ | 0.1 |
Lease liabilities arising from new ROU assets: |  |  |  |
Operating leases |  | $ | 9.7 |  |  | $ | — |
Finance leases |  | $ | 17.6 |  |  | $ | 30.0 |
| March 31, 2023 |  | December 31, 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 16.4 |  | 16.6
Finance leases | 36.6 |  | 36.5
Weighted average discount rate: |  |  |
Operating leases | 5.6 | % |  | 5.6 | %
Finance leases | 6.1 | % |  | 6.1 | %
The components of DLF obligation expenses are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Amortization of DLF obligations |  |  |  |  | $ | 5.1 |  |  | $ | 3.2 |
Interest on DLF obligations |  |  |  |  | 15.2 |  |  | 10.1 |
Total DLF contract expenses |  |  |  |  | $ | 20.3 |  |  | $ | 13.3 |
Other information related to DLF obligations was as follows (in millions):
|  | Three Months Ended March 31, |  |
Supplemental Cash Flows Information |  | 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from DLF obligations |  | $ | 8.6 |  |  | $ | 9.6 |  |  |
Financing cash flows from DLF obligations |  | $ | 4.4 |  |  | $ | — |  |  |
DLF obligations arising from new properties |  | $ | 45.7 |  |  | $ | 2.6 |  |  |
| March 31, 2023 |  | December 31, 2022 |  |
Weighted average remaining lease term (years) | 38.4 |  | 38.5 |  |
Weighted average discount rate | 8.9 | % |  | 8.8 | % |  |
Future Minimum Operating Lease Obligations | Future minimum lease obligations as of March 31, 2023 were as follows (in millions):
| Operating Leases |  | Finance Leases |  |
Remainder of 2023 | $ | 108.3 |  |  | $ | 8.0 |  |  |
2024 | 155.9 |  |  | 14.4 |  |  |
2025 | 151.0 |  |  | 14.9 |  |  |
2026 | 146.7 |  |  | 15.0 |  |  |
2027 | 145.6 |  |  | 15.2 |  |  |
Thereafter | 1,723.6 |  |  | 567.1 |  |  |
Total future lease payments | 2,431.1 |  |  | 634.6 |  |  |
Less: imputed interest | 920.2 |  |  | 387.7 |  |  |
Total | $ | 1,510.9 |  |  | $ | 246.9 |  |  |
Future Minimum Financing Lease Obligations | Future minimum lease obligations as of March 31, 2023 were as follows (in millions):
| Operating Leases |  | Finance Leases |  |
Remainder of 2023 | $ | 108.3 |  |  | $ | 8.0 |  |  |
2024 | 155.9 |  |  | 14.4 |  |  |
2025 | 151.0 |  |  | 14.9 |  |  |
2026 | 146.7 |  |  | 15.0 |  |  |
2027 | 145.6 |  |  | 15.2 |  |  |
Thereafter | 1,723.6 |  |  | 567.1 |  |  |
Total future lease payments | 2,431.1 |  |  | 634.6 |  |  |
Less: imputed interest | 920.2 |  |  | 387.7 |  |  |
Total | $ | 1,510.9 |  |  | $ | 246.9 |  |  |
Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):
Remainder of 2023 |  | $ | 36.6 |
2024 |  | 56.4 |
2025 |  | 56.8 |
2026 |  | 57.8 |
2027 |  | 59.0 |
Thereafter |  | 2,708.4 |
Total future lease payments |  | 2,975.0 |
Less: imputed interest |  | 2,266.6 |
Total |  | $ | 708.4 |

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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + 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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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