Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease, Cost

The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2019:

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2019		September 30, 2019
Operating lease cost including variable costs	$	90.0	$	273.4
Short-term lease costs	4.1		19.0
Less: sublease income	2.5		6.5
Net lease cost	$	91.6	$	285.9

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases for the nine months ended September 30, 2019 is as follows:

	Nine Months Ended
(In millions)	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	289.4
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	36.3

Schedule of supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases as of September 30, 2019 is as follows:

(In millions, except lease term and discount rate)	September 30, 2019
Weighted average remaining lease term
Operating leases	7.0 years
Weighted average discount rate
Operating leases	4.4	%

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 September 30, 2019:

(in millions)	Operating Leases
2019	$	305.0
2020	230.2
2021	129.1
2022	101.2
2023	77.2
Thereafter	334.6
Total lease payments	1,177.3
Less: Imputed interest (a)	209.6
Total lease liabilities (b)	$	967.7

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 $224.3 million for operating leases.

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2018, future minimum rental payments under noncancellable operating leases under ASC Topic 840 were:

(In millions)
2019	$	329.8
2020	286.1
2021	192.3
2022	123.8
2023	102.1
Thereafter	485.6
Total lease payment	1,519.7
Less income from sub-leases	25.6
Net minimum operating lease payments	$	1,494.1

Lease revenue

The following table is a summary of the Company’s components of lease revenue for the three and nine months ended September 30, 2019:

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2019		September 30, 2019
Operating lease revenue including variable revenue	$	85.7	$	200.9

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	$	6.2
2020	14.9
2021	17.5
2022	18.0
2023	2.5
Thereafter	—
Total undiscounted cash flows	$	59.1