Leases (Tables)

3 Months Ended

Mar. 31, 2019

The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2019:



	Three Months Ended
(In millions)	March 31, 2019
Operating lease cost including variable costs	$	91.4
Short-term lease costs	5.5
Less: sublease income	2.3
Net lease cost	$	94.6

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases for the three months ended March 31, 2019 is as follows:



	Three Months Ended
(In millions)	March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	86.4

Right-of-use assets obtained in exchange for lease liabilities
Operating leases	$	21.7

Schedule of supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases as of March 31, 2019 is as follows:



(In millions, except lease term and discount rate)	March 31, 2019
Weighted average remaining lease term
Operating leases	7.3 years

Weighted average discount rate
Operating leases	4.3	%

Schedule of maturities of operating and finance leases liabilities

The following table is a summary of the maturity of lease liabilities under operating leases as of March 31, 2019:



(in millions)	Operating Leases
2019	$	361.7
2020	271.1
2021	144.7
2022	106.7
2023	85.3
Thereafter	412.5
Total lease payments	1,382.0
Less: Imputed interest ^(a)	248.1
Total lease liabilities ^(b)	$	1,133.9

Note: For leases commencing prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance.


(a)	Calculated using the interest rate for each lease.


(b)	Includes the current portion of $308.7 million for operating leases.

Lease revenue

The following table is a summary of the Company’s components of lease revenue for the three months ended March 31, 2019:



	Three Months Ended
(In millions)	March 31, 2019
Operating lease revenue including variable revenue	$	62.6

Schedule of maturities of operating and finance leases receivables

The following table is a summary of the maturity analysis of the undiscounted cash flows to be received on an annual basis for each of the first five years, and a total of the amounts for the remaining years.



(in millions)	Operating Leases
2019	$	49.8
2020	20.2
2021	21.1
2022	22.3
2023	9.2
Thereafter	—
Total undiscounted cash flows	$	122.6