Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of components of operating and finance leased asset

The components of leased assets and liabilities and classification on the Condensed Consolidated Balance Sheet as of September 30, 2019 were as follows:

(millions) (unaudited)	Classification	September 30, 2019
Assets
Operating	Right-of-use assets	$	444.5
Finance	Leasehold improvements, equipment and construction in progress, net (a)	17.7
Total leased assets		$	462.2
Liabilities
Current
Operating	Short-term lease liability	$	117.1
Finance	Current portion of long-term obligations under credit facility and other long-term borrowings	2.8
Noncurrent
Operating	Long-term lease liability	338.4
Finance	Other long-term borrowings	15.1
Total lease liabilities		$	473.4

^(a) Finance lease assets are recorded net of accumulated amortization of $2.1 million as of September 30, 2019

Components of lease cost

The following table presents information on short term and variable lease costs:

	Three Months Ended		Nine Months Ended
(millions) (unaudited)	September 30, 2019		September 30, 2019
Short-term lease cost	$	7.5	$	25.4
Variable lease cost	14.9		43.3
Total short term and variable lease cost	$	22.4	$	68.7

The components of lease cost and classification on the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2019 were as follows:

		Three Months Ended		Nine Months Ended
(millions) (unaudited)	Classification	September 30, 2019		September 30, 2019
Operating lease cost (a)	Cost of services - lease type contracts	$	61.4	$	177.5
Operating lease cost (a) (b)	General and administrative expenses	1.6		3.9
Finance lease cost
Amortization of leased assets	Depreciation and amortization	0.9		1.7
Interest on lease liabilities	Interest expense	0.2		0.6
Net lease cost		$	64.1	$	183.7

^(a) Includes short-term leases and variable lease costs

^(b) Operating lease cost included in General and administrative expenses are related to leases for office space

Schedule of finance lease liabilities

Maturities of lease liabilities as of September 30, 2019 were as follows:

(millions) (unaudited)	Operating  Leases Liabilities		Finance Leases Liabilities		Total
2019	$	36.0	$	0.9	$	36.9
2020	131.0		3.6		134.6
2021	100.9		3.6		104.5
2022	80.6		3.1		83.7
2023	54.1		2.3		56.4
After 2024	126.0		7.1		133.1
Total lease payments	528.6		20.6		549.2
Less: Imputed interest	73.1		2.7		75.8
Present value of lease liabilities	$	455.5	$	17.9	$	473.4

Schedule of operating lease liabilities

Maturities of lease liabilities as of September 30, 2019 were as follows:

(millions) (unaudited)	Operating  Leases Liabilities		Finance Leases Liabilities		Total
2019	$	36.0	$	0.9	$	36.9
2020	131.0		3.6		134.6
2021	100.9		3.6		104.5
2022	80.6		3.1		83.7
2023	54.1		2.3		56.4
After 2024	126.0		7.1		133.1
Total lease payments	528.6		20.6		549.2
Less: Imputed interest	73.1		2.7		75.8
Present value of lease liabilities	$	455.5	$	17.9	$	473.4

Schedule of lease term and discount rates

Lease term and discount rate information was as follows:

(unaudited)	September 30, 2019
Weighted-average remaining lease term (years)
Operating leases	5.6
Finance leases	7.3
Weighted-average discount rate
Operating leases	4.9	%
Finance leases	5.0	%

Schedule of supplemental cash flow information

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
(millions) (unaudited)	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	135.9
Operating cash flows from finance leases	0.6
Financing cash flows from finance leases	1.6
Leased assets obtained in exchange for new operating liabilities	50.1
Leased assets obtained in exchange for new finance lease liabilities	$	5.2