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Leases

12 Months Ended

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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- References

No definition available.

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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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