Leases (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of New Accounting Pronouncements

The following table presents the cumulative effect of the changes made to the condensed consolidated balance sheet as of January 1, 2019 as a result of the adoption of ASC 842:



	December 31, 2018		Adjustments due to ASC 842			January 1, 2019
Prepaid expenses	$	63.9	$	(0.2	)	$	63.7
Operating lease right-of-use assets, net	$	—	$	247.8		$	247.8
Accounts payable and accrued liabilities	$	250.8	$	(2.0	)	$	248.8
Operating lease liabilities, current	$	—	$	39.5		$	39.5
Operating lease liabilities, noncurrent	$	—	$	236.4		$	236.4
Other liabilities	$	75.7	$	(26.3	)	$	49.4

Lease, Cost and Other Information

The following table presents lease cost, cash paid for amounts included in the measurement of lease liabilities, ROU assets obtained, weighted-average remaining lease terms, and weighted-average discount rates for finance and operating leases for the three and nine months ended September 30, 2019.



	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2019			2019
Lease cost:
Operating lease cost ⁽¹⁾	$	11.8		$	35.9
Finance lease cost
Depreciation of finance lease assets ⁽²⁾		4.0			10.1
Interest on finance lease liabilities ⁽³⁾		0.4			1.2
Total lease cost	$	16.2		$	47.2

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	(10.8	)	$	(34.4	)
Operating cash outflows from finance leases	$	(0.4	)	$	(1.2	)
Financing cash outflows from finance leases	$	(6.9	)	$	(11.4	)
Weighted-average remaining lease term - operating leases		9.5 years			9.5 years
Weighted-average remaining lease term - finance leases		2.8 years			2.8 years
Weighted-average discount rate - operating leases		3.9%			3.9%
Weighted-average discount rate - finance leases		4.5%			4.5%

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⁽¹⁾Included in "Cost of revenues" and "Selling, general and administrative" expenses in the accompanying condensed consolidated statements of operations

⁽²⁾Included in "Depreciation and amortization of fixed assets" in the accompanying condensed consolidated statements of operations

⁽³⁾Included in "Interest expense" in the accompanying condensed consolidated statements of operations

Finance Lease, Liability, Maturity

Maturities of lease liabilities for the remainder of 2019 and the years through 2025 and thereafter are as follows:



	September 30, 2019
Years Ending	Operating Leases			Finance Leases
2019	$	13.3		$	4.9
2020		47.5			15.0
2021		37.5			12.5
2022		34.1			4.9
2023		29.3			0.6
2024		20.1			—
2025 and thereafter		127.6			—
Total lease payments		309.4			37.9
Less: Amount representing interest		(57.7	)		(2.2	)
Present value of total lease payments	$	251.7		$	35.7

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities for the remainder of 2019 and the years through 2025 and thereafter are as follows:



	September 30, 2019
Years Ending	Operating Leases			Finance Leases
2019	$	13.3		$	4.9
2020		47.5			15.0
2021		37.5			12.5
2022		34.1			4.9
2023		29.3			0.6
2024		20.1			—
2025 and thereafter		127.6			—
Total lease payments		309.4			37.9
Less: Amount representing interest		(57.7	)		(2.2	)
Present value of total lease payments	$	251.7		$	35.7

Operating Leases and Capital Leases, Fiscal Year Maturity

The following table summarizes the minimum rentals under long-term noncancelable leases for all leased premises, computer equipment and automobiles under ASC 840, Leases, as filed in the annual report on Form 10-K for the year ended December 31, 2018:



Years Ending	Operating Leases		Capital Leases
2019	$	46.0	$	8.3
2020		46.3		9.5
2021		37.2		8.6
2022		33.8		2.8
2023		28.9		—
2024 and thereafter		147.6		—
Net minimum lease payments	$	339.8		29.2
Less: Amount representing interest				(1.9	)
Present value of net minimum lease capital payments			$	27.3