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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage. For the twelve months ended December 31, 2020 and 2019, we recognized the following total lease cost related to our lease arrangements (in millions):
| 2020 |  | 2019
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 3.1 |  |  | $ | 4.2 |
Interest on lease liabilities | 0.6 |  |  | 0.5 |
Operating lease cost | 45.6 |  |  | 53.2 |
Short-term lease cost | 25.5 |  |  | 18.3 |
Variable lease cost | 6.4 |  |  | 5.0 |
Sublease income | (4.4) |  |  | (11.4) |
Total lease cost | $ | 76.8 |  |  | $ | 69.6 |
We incurred rental expense for all properties and equipment of $48.7 million for 2018. As of December 31, 2020, our remaining lease payments were as follows (in millions):
| Operating Leases |  | Finance Leases
2021 | $ | 39.8 |  |  | $ | 4.4 |  |  |
2022 | 32.4 |  |  | 4.0 |  |  |
2023 | 26.7 |  |  | 3.3 |  |  |
2024 | 21.3 |  |  | 2.4 |  |  |
2025 | 18.1 |  |  | 2.4 |  |  |
Thereafter | 54.2 |  |  | 3.6 |  |  |
Total remaining lease payments (undiscounted) | 192.5 |  | 20.2 |  |  |
Less: imputed interest | 34.9 |  | 1.9 |  |  |
Present value of lease liabilities | $ | 157.6 |  | $ | 18.2 |  |  |
Supplemental balance sheet information related to leases (in millions):
| Classification |  | As of December 31, 2020 |  | As of December 31, 2019 |  |
Assets |  |  |
Operating Lease Assets | Identifiable intangible and other non-current assets |  | $ | 140.8 |  |  | $ | 153.7 |  |  |
Finance Lease Assets | Property and equipment, net |  | 17.4 |  |  | 17.8 |  |  |
Liabilities |  |  |  |  |  |  |
Operating Lease Liability - Current | Accrued expenses and other current liabilities |  | 33.2 |  |  | 35.6 |  |  |
Operating Lease Liability - Long Term | Other long-term liabilities |  | 124.3 |  |  | 124.7 |  |  |
Finance Lease Liability - Current | Current maturities of long-term debt |  | 3.8 |  |  | 4.3 |  |  |
Finance Lease Liability - Long Term | Long-term debt |  | $ | 14.4 |  |  | $ | 14.4 |  |  |
Other information related to leases for the twelve months ended December 31, 2020 and 2019:
| 2020 |  | 2019 |  |
Weighted-average remaining lease term (years) - finance leases | 5.6 |  | 5.6 |  |
Weighted-average remaining lease term (years) - operating leases | 6.6 |  | 6.5 |  |
Weighted-average discount rate - finance leases | 3.3% |  | 3.2% |  |
Weighted-average discount rate - operating leases | 5.6% |  | 5.9% |  |
Cash paid for amounts included in the measurement of lease liabilities (in millions): |  |  |  |  |
Operating cash flows from finance leases | $ | 0.6 |  | $ | 0.5 |  |
Operating cash flows from operating leases | $ | 49.9 |  | $ | 52.9 |  |
Financing cash flows from finance leases | $ | 4.3 |  | $ | 4.0 |  |
Right of use assets obtained in exchange for new operating lease liability (noncash in millions) | $ | 38.9 |  | $ | 30.2 |  |
Right of use assets obtained in exchange for new finance lease liability (noncash in millions) | $ | 4.1 |  | $ | 8.2 |  |
Leases | Leases We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage. For the twelve months ended December 31, 2020 and 2019, we recognized the following total lease cost related to our lease arrangements (in millions):
| 2020 |  | 2019
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 3.1 |  |  | $ | 4.2 |
Interest on lease liabilities | 0.6 |  |  | 0.5 |
Operating lease cost | 45.6 |  |  | 53.2 |
Short-term lease cost | 25.5 |  |  | 18.3 |
Variable lease cost | 6.4 |  |  | 5.0 |
Sublease income | (4.4) |  |  | (11.4) |
Total lease cost | $ | 76.8 |  |  | $ | 69.6 |
We incurred rental expense for all properties and equipment of $48.7 million for 2018. As of December 31, 2020, our remaining lease payments were as follows (in millions):
| Operating Leases |  | Finance Leases
2021 | $ | 39.8 |  |  | $ | 4.4 |  |  |
2022 | 32.4 |  |  | 4.0 |  |  |
2023 | 26.7 |  |  | 3.3 |  |  |
2024 | 21.3 |  |  | 2.4 |  |  |
2025 | 18.1 |  |  | 2.4 |  |  |
Thereafter | 54.2 |  |  | 3.6 |  |  |
Total remaining lease payments (undiscounted) | 192.5 |  | 20.2 |  |  |
Less: imputed interest | 34.9 |  | 1.9 |  |  |
Present value of lease liabilities | $ | 157.6 |  | $ | 18.2 |  |  |
Supplemental balance sheet information related to leases (in millions):
| Classification |  | As of December 31, 2020 |  | As of December 31, 2019 |  |
Assets |  |  |
Operating Lease Assets | Identifiable intangible and other non-current assets |  | $ | 140.8 |  |  | $ | 153.7 |  |  |
Finance Lease Assets | Property and equipment, net |  | 17.4 |  |  | 17.8 |  |  |
Liabilities |  |  |  |  |  |  |
Operating Lease Liability - Current | Accrued expenses and other current liabilities |  | 33.2 |  |  | 35.6 |  |  |
Operating Lease Liability - Long Term | Other long-term liabilities |  | 124.3 |  |  | 124.7 |  |  |
Finance Lease Liability - Current | Current maturities of long-term debt |  | 3.8 |  |  | 4.3 |  |  |
Finance Lease Liability - Long Term | Long-term debt |  | $ | 14.4 |  |  | $ | 14.4 |  |  |
Other information related to leases for the twelve months ended December 31, 2020 and 2019:
| 2020 |  | 2019 |  |
Weighted-average remaining lease term (years) - finance leases | 5.6 |  | 5.6 |  |
Weighted-average remaining lease term (years) - operating leases | 6.6 |  | 6.5 |  |
Weighted-average discount rate - finance leases | 3.3% |  | 3.2% |  |
Weighted-average discount rate - operating leases | 5.6% |  | 5.9% |  |
Cash paid for amounts included in the measurement of lease liabilities (in millions): |  |  |  |  |
Operating cash flows from finance leases | $ | 0.6 |  | $ | 0.5 |  |
Operating cash flows from operating leases | $ | 49.9 |  | $ | 52.9 |  |
Financing cash flows from finance leases | $ | 4.3 |  | $ | 4.0 |  |
Right of use assets obtained in exchange for new operating lease liability (noncash in millions) | $ | 38.9 |  | $ | 30.2 |  |
Right of use assets obtained in exchange for new finance lease liability (noncash in millions) | $ | 4.1 |  | $ | 8.2 |  |

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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 + Details
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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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