Leases

9 Months Ended

Sep. 30, 2019

Substantially all our operating leases represent leases for office space used to conduct our business. Substantially all our finance leases represent leases for office furniture and technology (IT) equipment leases.

The components of lease cost were (in millions):



	Nine Months Ended September 30, 2019
Operating lease cost	$	243.9
Variable lease cost	25.5
Short-term lease cost	3.9
Sublease income	(3.9		)
Finance lease cost:
Amortization of ROU assets	31.6
Interest	3.8
	35.4
Total lease cost	$	304.8

The balance sheet classification and weighted average remaining lease term and weighted average discount rate related to our operating and finance leases were (in millions):



	September 30, 2019
Operating leases:
ROU asset	$	1,382.7
Lease liability:
Other current liabilities	$	273.7
Long-term liability - operating leases	1,277.0
	$	1,550.7
Weighted average remaining lease term (years)	8.4
Weighted average discount rate	3.8		%
Finance leases:
Property and equipment, net	$	130.0
Lease liability:
Other current liabilities	$	43.2
Long-term liabilities	91.5
	$	134.7
Weighted average remaining lease term (years)	2.8
Weighted average discount rate	4.1		%

The maturity of the undiscounted cash flows for operating and finance leases was (in millions):



	September 30, 2019
	Operating Leases		Finance Leases
2019 Remainder	$	85.3	$	12.4
2020	320.8		46.9
2021	269.1		38.3
2022	217.8		24.9
2023	170.6		12.4
2024	147.8		4.8
Thereafter	626.0		2.6
Total lease payments	1,837.4		142.3
Less: Interest	286.7		7.6
Present value of lease liability	$	1,550.7	$	134.7