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Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

15. 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.

We recognized the following total lease cost related to our lease arrangements (in millions):

			Year Ended December 31,
			2021						2020						2019
Finance lease cost:
Amortization of right-of-use assets			$	4.6					$	3.1					$	4.2
Interest on lease liabilities			0.7						0.6						0.5
Operating lease cost			41.4						45.6						53.2
Short-term lease cost			24.6						25.5						18.3
Variable lease cost			6.8						6.4						5.0
Sublease income			(4.8)						(4.4)						(11.4)
Total lease cost			$	73.3					$	76.8					$	69.6

As of December 31, 2021, our remaining lease payments were as follows (in millions):

			Operating Leases						Finance Leases
2022			$	38.0					$	5.3
2023			32.6						4.6
2024			27.1						3.4
2025			23.1						3.4
2026			17.9						3.3
Thereafter			59.2						3.6
Total remaining lease payments (undiscounted)			197.9						23.5
Less: imputed interest			33.0						2.2
Present value of lease liabilities			$	164.9					$	21.2

Supplemental balance sheet information related to leases (in millions):

									December 31,
			Classification						2021						2020
Assets:
Operating lease assets			Identifiable intangible and other non-current assets						$	150.6					$	140.8
Finance lease assets			Property and equipment, net						$	20.2					$	17.4
Liabilities:
Operating lease liability - current			Accrued expenses and other current liabilities						$	31.1					$	33.2
Operating lease liability - long-term			Other long-term liabilities						$	133.8					$	124.3
Finance lease liability - current			Current maturities of long-term debt						$	4.6					$	3.8
Finance lease liability - long-term			Long-term debt						$	16.6					$	14.4

Other information related to leases:

			December 31,
			2021						2020
Weighted average remaining lease term of finance leases (in years)			5.6						5.6
Weighted average remaining lease term of operating leases (in years)			6.9						6.6
Weighted average discount rate of finance leases			3.4%						3.3%
Weighted average discount rate of operating leases			5.2%						5.6%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases			$	0.7					$	0.6
Operating cash flows from operating leases			$	44.8					$	49.9
Financing cash flows from finance leases			$	4.5					$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability			$	45.9					$	38.9
Right of use assets obtained in exchange for new finance lease liability			$	6.8					$	4.1

Leases

15. 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.

We recognized the following total lease cost related to our lease arrangements (in millions):

			Year Ended December 31,
			2021						2020						2019
Finance lease cost:
Amortization of right-of-use assets			$	4.6					$	3.1					$	4.2
Interest on lease liabilities			0.7						0.6						0.5
Operating lease cost			41.4						45.6						53.2
Short-term lease cost			24.6						25.5						18.3
Variable lease cost			6.8						6.4						5.0
Sublease income			(4.8)						(4.4)						(11.4)
Total lease cost			$	73.3					$	76.8					$	69.6

As of December 31, 2021, our remaining lease payments were as follows (in millions):

			Operating Leases						Finance Leases
2022			$	38.0					$	5.3
2023			32.6						4.6
2024			27.1						3.4
2025			23.1						3.4
2026			17.9						3.3
Thereafter			59.2						3.6
Total remaining lease payments (undiscounted)			197.9						23.5
Less: imputed interest			33.0						2.2
Present value of lease liabilities			$	164.9					$	21.2

Supplemental balance sheet information related to leases (in millions):

									December 31,
			Classification						2021						2020
Assets:
Operating lease assets			Identifiable intangible and other non-current assets						$	150.6					$	140.8
Finance lease assets			Property and equipment, net						$	20.2					$	17.4
Liabilities:
Operating lease liability - current			Accrued expenses and other current liabilities						$	31.1					$	33.2
Operating lease liability - long-term			Other long-term liabilities						$	133.8					$	124.3
Finance lease liability - current			Current maturities of long-term debt						$	4.6					$	3.8
Finance lease liability - long-term			Long-term debt						$	16.6					$	14.4

Other information related to leases:

			December 31,
			2021						2020
Weighted average remaining lease term of finance leases (in years)			5.6						5.6
Weighted average remaining lease term of operating leases (in years)			6.9						6.6
Weighted average discount rate of finance leases			3.4%						3.3%
Weighted average discount rate of operating leases			5.2%						5.6%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases			$	0.7					$	0.6
Operating cash flows from operating leases			$	44.8					$	49.9
Financing cash flows from finance leases			$	4.5					$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability			$	45.9					$	38.9
Right of use assets obtained in exchange for new finance lease liability			$	6.8					$	4.1

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- References

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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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