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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Operating lease expense and operating cash flows The following table provides details of our operating lease expense:
 
Three months ended March 31,
 
 
2019
 
2018 (a)
 
in millions
 
 
 
 
Operating lease expense:
 
 
 
Operating lease cost
$
10.7

 
$
12.1

Short-term lease cost
2.1

 

Total operating lease expense
$
12.8

 
$
12.1

(a)
Amounts reflect operating lease expense recorded under Accounting Standards Codification (ASC) 840, Leases (ASC 840), prior to adoption of ASU 2016-02 on January 1, 2019. Accordingly, amounts are not necessarily comparable.
Other lease information The following table provides certain other details of our operating leases at March 31, 2019:
For the three months ended March 31, 2019 (in millions):
 
Operating cash flows from operating leases
$
11.2

Right-of-use assets obtained in exchange for new operating lease liabilities (a)
$
3.3

 
 
Weighted-average remaining lease term (in years)
6.2 years

 
 
Weighted-average discount rate (b)
6.3
%
(a)
Represents non-cash transactions associated with operating leases entered into during three months ended March 31, 2019.
(b)
We use a credit-adjusted discount rate to measure our operating lease liabilities. We derive the discount rates associated with each of our borrowing groups starting with a risk free rate, generally the U.S. Treasury Bill rate. To determine credit risk, we create an industry benchmark credit default swap (CDS) curve from an observable high-yield debt index using comparable telecommunication companies as a proxy. We then determine the maximum curve shift against this CDS curve derived from our own tradable debt within each borrowing group, and make adjustments to correct for the collateralized interest rate spread by comparing unsecured debt to asset-backed securities (secured debt) trades, which is based on the
spread between the BB- and B+ industrial curves. We determine the discount factor from this adjusted curve for each borrowing group.
Maturities of operating lease liabilities Maturities of our operating lease liabilities on an undiscounted basis as of March 31, 2019 are presented below along with the current and noncurrent operating lease liabilities on a discounted basis. Such amounts represent U.S. dollar equivalents (in millions) based on March 31, 2019 exchange rates.
Years ending December 31:
 
2019 (remainder of year)
$
29.5

2020
33.8

2021
27.0

2022
21.7

2023
17.1

2024
14.2

Thereafter
23.7

Total operating lease liabilities on an undiscounted basis
167.0

Amount representing interest
(31.6
)
Present value of operating lease liabilities
$
135.4

 
 
Current portion
$
32.6

 
 
Noncurrent portion
$
102.8

Operating lease commitments The following table sets forth the U.S. dollar equivalents (in millions) of our operating lease commitments under ASC 840 as of December 31, 2018, which is required pursuant to ASU 2016-02 when using the effective date transition method.
Years ending December 31:
 
2019
$
40.4

2020
34.5

2021
27.8

2022
22.7

2023
17.2

Thereafter
34.5

Total
$
177.1