Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LEASES

A summary of the lease classification on our consolidated balance sheet as of December 31, 2020 and 2019 follows:

		2020		2019
Assets
Operating right-of-use lease assets	Other assets	$	218.8	$	243.6
Finance lease assets	Property and equipment, net	227.7		134.8
Total lease assets		$	446.5	$	378.4
Liabilities
Current
Operating	Other accrued liabilities	$	33.5	$	51.5
Finance	Notes payable and current maturities of long-term debt	5.8		8.9
Long-term
Operating	Other long-term liabilities	206.6		212.5
Finance	Long-term debt, net of current maturities	200.7		110.4
Total lease liabilities		$	446.6	$	383.3

A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31 follow:

		2020		2019
Operating lease cost
Fixed lease cost	Cost of operations	$	44.0	$	41.6
Short-term lease cost	Cost of operations	23.4		37.0
Variable lease cost	Cost of operations	18.6		17.8
Finance lease cost
Amortization of leased assets	Depreciation amortization, and depletion	7.6		5.5
Interest on lease liabilities	Interest expense	8.2		7.5
Variable lease cost	Interest expense	14.0		5.6
Total lease cost		$	115.8	$	115.0

During the years ended December 31, 2020 and 2019, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $34.1 million and $36.3 million, respectively.

As of December 31, 2020, maturities for operating and finance lease liabilities were as follows:

	Operating Leases		Finance Leases		Total
2021	$	41.5	$	15.2	$	56.7
2022	37.9		14.8		52.7
2023	35.6		37.3		72.9
2024	30.9		10.8		41.7
2025	29.4		10.9		40.3
Thereafter	105.8		299.1		404.9
Total lease payments	281.1		388.1		669.2
Less: interest	(41.0)		(181.6)		(222.6)
Present value of lease liabilities	$	240.1	$	206.5	$	446.6

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2020 and 2019 follows:

	2020		2019
Weighted-average remaining lease term (years)
Operating leases	8.4		9.2
Finance leases	30.4		14.3
Weighted-average discount rate
Operating leases	3.8	%	3.9	%
Finance leases	4.3	%	6.7	%

Supplemental cash flow and other non-cash information for the years ended December 31 follow:

	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	86.9	$	97.3
Operating cash flows from finance leases	$	22.2	$	13.1
Financing cash flows from finance leases	$	8.1	$	6.3
Leased assets obtained in exchange for new finance lease liabilities	$	108.0	$	15.9
Leased assets obtained in exchange for new operating lease liabilities	$	24.8	$	47.6

Leases

LEASES

A summary of the lease classification on our consolidated balance sheet as of December 31, 2020 and 2019 follows:

		2020		2019
Assets
Operating right-of-use lease assets	Other assets	$	218.8	$	243.6
Finance lease assets	Property and equipment, net	227.7		134.8
Total lease assets		$	446.5	$	378.4
Liabilities
Current
Operating	Other accrued liabilities	$	33.5	$	51.5
Finance	Notes payable and current maturities of long-term debt	5.8		8.9
Long-term
Operating	Other long-term liabilities	206.6		212.5
Finance	Long-term debt, net of current maturities	200.7		110.4
Total lease liabilities		$	446.6	$	383.3

A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31 follow:

		2020		2019
Operating lease cost
Fixed lease cost	Cost of operations	$	44.0	$	41.6
Short-term lease cost	Cost of operations	23.4		37.0
Variable lease cost	Cost of operations	18.6		17.8
Finance lease cost
Amortization of leased assets	Depreciation amortization, and depletion	7.6		5.5
Interest on lease liabilities	Interest expense	8.2		7.5
Variable lease cost	Interest expense	14.0		5.6
Total lease cost		$	115.8	$	115.0

During the years ended December 31, 2020 and 2019, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $34.1 million and $36.3 million, respectively.

As of December 31, 2020, maturities for operating and finance lease liabilities were as follows:

	Operating Leases		Finance Leases		Total
2021	$	41.5	$	15.2	$	56.7
2022	37.9		14.8		52.7
2023	35.6		37.3		72.9
2024	30.9		10.8		41.7
2025	29.4		10.9		40.3
Thereafter	105.8		299.1		404.9
Total lease payments	281.1		388.1		669.2
Less: interest	(41.0)		(181.6)		(222.6)
Present value of lease liabilities	$	240.1	$	206.5	$	446.6

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2020 and 2019 follows:

	2020		2019
Weighted-average remaining lease term (years)
Operating leases	8.4		9.2
Finance leases	30.4		14.3
Weighted-average discount rate
Operating leases	3.8	%	3.9	%
Finance leases	4.3	%	6.7	%

Supplemental cash flow and other non-cash information for the years ended December 31 follow:

	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	86.9	$	97.3
Operating cash flows from finance leases	$	22.2	$	13.1
Financing cash flows from finance leases	$	8.1	$	6.3
Leased assets obtained in exchange for new finance lease liabilities	$	108.0	$	15.9
Leased assets obtained in exchange for new operating lease liabilities	$	24.8	$	47.6