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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Components of ROU Assets and Lease Liabilities

The components of ROU assets and lease liabilities and classification on the Consolidated Balance Sheet as of December 31, 2020 and 2019 were as follows:

 

(millions)

 

Classification

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

 

 

Operating

 

Right-of-use assets

 

$

235.1

 

 

$

431.7

 

Finance

 

Leasehold improvements, equipment and construction in progress, net

 

 

28.8

 

 

 

18.6

 

Total leased assets

 

 

 

$

263.9

 

 

$

450.3

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

Operating

 

Short-term lease liabilities

 

$

82.1

 

 

$

115.2

 

Finance

 

Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings

 

 

7.8

 

 

 

3.1

 

Noncurrent

 

 

 

 

 

 

 

 

 

 

Operating

 

Long-term lease liabilities

 

 

243.4

 

 

 

327.7

 

Finance

 

Long-term borrowings, excluding current portion

 

 

20.5

 

 

 

15.6

 

Total lease liabilities

 

 

 

$

353.8

 

 

$

461.6

 

Schedule of Components of Lease Cost

The components of lease cost and classification on the Consolidated Statement of Income for the year ended December 31, 2020 and 2019 were as follows:

 

(millions)

 

Classification

 

2020

 

 

2019

 

Operating lease (a)(b)

 

Cost of services - lease type contracts

 

$

81.1

 

 

$

150.9

 

Short-term lease (a)

 

Cost of services - lease type contracts

 

 

22.6

 

 

 

33.1

 

Variable lease

 

Cost of services - lease type contracts

 

 

20.1

 

 

 

58.1

 

Operating lease cost

 

 

 

 

123.8

 

 

 

242.1

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

4.2

 

 

 

2.3

 

Interest on lease liabilities

 

Interest expense

 

 

1.1

 

 

 

0.9

 

Lease Impairment

 

Lease impairment

 

 

97.1

 

 

 

 

Lease Impairment

 

General and administrative expenses

 

 

1.6

 

 

 

 

Net lease cost

 

 

 

$

227.8

 

 

$

245.3

 

(a)

Operating lease cost included in General and administrative expenses are related to leases for office space amounting to $5.7 million and $6.0 million for the years ended December 31, 2020 and 2019, respectively.

(b)

Includes rent concessions amounting to $26.0 million for the year ended December 31, 2020. No rent concessions were recognized for the year ended December 31, 2019.

Schedule of Maturities of Lease Liabilities

Maturities, lease term, and discount rate information of lease liabilities as of December 31, 2020 were as follows:

 

 

 

Operating

 

 

Finance

 

 

 

 

 

(millions)

 

Leases

 

 

Leases

 

 

Total

 

2021

 

$

94.7

 

 

$

8.8

 

 

$

103.5

 

2022

 

 

80.0

 

 

 

7.5

 

 

 

87.5

 

2023

 

 

59.1

 

 

 

5.3

 

 

 

64.4

 

2024

 

 

41.8

 

 

 

3.4

 

 

 

45.2

 

2025

 

 

29.5

 

 

 

1.7

 

 

 

31.2

 

After 2025

 

 

69.3

 

 

 

5.0

 

 

 

74.3

 

Total lease payments

 

 

374.4

 

 

 

31.7

 

 

 

406.1

 

Less: Imputed interest

 

 

48.9

 

 

 

3.4

 

 

 

52.3

 

Present value of lease liabilities

 

$

325.5

 

 

$

28.3

 

 

$

353.8

 

Weighted-average remaining lease term (years)

 

 

5.6

 

 

 

5.1

 

 

 

 

 

Weighted-average discount rate

 

 

5.0

%

 

 

4.2

%

 

 

 

 

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 were as follows:

 

(millions)

 

2020

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash outflows related to operating leases

 

$

120.3

 

 

$

179.0

 

Operating cash outflows related to interest on finance leases

 

 

1.1

 

 

 

0.9

 

Financing cash outflows related to finance leases

 

 

5.2

 

 

 

2.3

 

Leased assets obtained in exchange for new operating liabilities

 

 

38.2

 

 

 

68.6

 

Leased assets obtained in exchange for new finance lease liabilities

 

 

16.5

 

 

 

6.8