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Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Components of ROU Assets and Lease Liabilities

The components of ROU assets and lease liabilities and the classification on the Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows:

 

(millions)

 

Classification

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

 

 

Operating

 

Right-of-use assets

 

$

201.2

 

 

$

235.1

 

Finance

 

Leasehold improvements, equipment and construction in progress, net

 

 

22.4

 

 

 

28.8

 

Total leased assets

 

 

 

$

223.6

 

 

$

263.9

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

Operating

 

Short-term lease liabilities

 

$

65.4

 

 

$

82.1

 

Finance

 

Current portion of long-term borrowings

 

 

6.7

 

 

 

7.8

 

Noncurrent

 

 

 

 

 

 

 

 

 

 

Operating

 

Long-term lease liabilities

 

 

200.3

 

 

 

243.4

 

Finance

 

Long-term borrowings, excluding current portion

 

 

14.0

 

 

 

20.5

 

Total lease liabilities

 

 

 

$

286.4

 

 

$

353.8

 

Schedule of Components of Lease Cost

The components of lease cost and classification on the Consolidated Statement of Income (Loss) for the years ended December 31, 2021 and 2020 were as follows:

 

(millions)

 

Classification

 

2021

 

 

2020

 

Operating lease (a)(b)

 

Cost of services - lease type contracts

 

$

57.5

 

 

$

81.1

 

Short-term lease (a)

 

Cost of services - lease type contracts

 

 

15.9

 

 

 

22.6

 

Variable lease

 

Cost of services - lease type contracts

 

 

36.7

 

 

 

20.1

 

Operating lease cost

 

 

 

 

110.1

 

 

 

123.8

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

5.7

 

 

 

4.2

 

Interest on lease liabilities

 

Interest expense

 

 

1.0

 

 

 

1.1

 

Lease Impairment

 

Lease impairment

 

 

3.6

 

 

 

97.1

 

Lease Impairment

 

General and administrative expenses

 

 

 

 

 

1.6

 

Net lease cost

 

 

 

$

120.4

 

 

$

227.8

 

(a)

Operating lease cost included in General and administrative expenses are related to leases for office space amounting to $4.1 million and $5.7 million for the years ended December 31, 2021 and 2020, respectively.

(b)

Includes rent concessions amounting to $16.6 and $26.0 million for the years ended December 31, 2021 and 2020, respectively.

Schedule of Maturities of Lease Liabilities

Maturities, lease term and discount rate information of lease liabilities as of December 31, 2021 were as follows:

 

 

 

Operating

 

 

Finance

 

 

 

 

 

(millions)

 

Leases

 

 

Leases

 

 

Total

 

2022

 

$

76.9

 

 

$

7.5

 

 

$

84.4

 

2023

 

 

62.1

 

 

 

5.4

 

 

 

67.5

 

2024

 

 

46.3

 

 

 

3.5

 

 

 

49.8

 

2025

 

 

35.9

 

 

 

1.7

 

 

 

37.6

 

2026

 

 

28.6

 

 

 

1.1

 

 

 

29.7

 

After 2026

 

 

59.6

 

 

 

4.0

 

 

 

63.6

 

Total lease payments

 

 

309.4

 

 

 

23.2

 

 

 

332.6

 

Less: Imputed interest

 

 

43.7

 

 

 

2.5

 

 

 

46.2

 

Present value of lease liabilities

 

$

265.7

 

 

$

20.7

 

 

$

286.4

 

Weighted-average remaining lease term (years)

 

 

5.7

 

 

 

4.8

 

 

 

 

 

Weighted-average discount rate

 

 

5.2

%

 

 

4.3

%

 

 

 

 

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows:

 

(millions)

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash outflows related to operating leases

 

$

96.4

 

 

$

120.3

 

Operating cash outflows related to interest on finance leases

 

 

1.0

 

 

 

1.1

 

Financing cash outflows related to finance leases

 

 

7.7

 

 

 

5.2

 

Leased assets obtained in exchange for new operating lease liabilities

 

 

40.7

 

 

 

38.2

 

Leased assets obtained in exchange for new finance lease liabilities

 

 

0.4

 

 

 

16.5