Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of Lease Income

The following table shows the components of our lease income (in millions):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Finance lease income	$	2.2	$	7.7
Operating lease income:
Fixed lease income	254.4		762.2
Variable lease income	14.9		50.0
Total operating lease income	269.3		812.2
Total lease income	$	271.5	$	819.9

Components of Lease Income

The following table shows the components of our lease income (in millions):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Finance lease income	$	2.2	$	7.7
Operating lease income:
Fixed lease income	254.4		762.2
Variable lease income	14.9		50.0
Total operating lease income	269.3		812.2
Total lease income	$	271.5	$	819.9

Components of Direct Finance Leases

The following table shows the components of our direct finance leases (in millions):

	September 30, 2019
Total contractual lease payments receivable	$	89.5
Estimated unguaranteed residual value of leased assets	41.0
Unearned income	(37.2		)
Finance leases	$	93.3

Components of Lease Expense and Supplemental Cash Flows

The following table shows other information related to leases (in millions):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	18.8	$	58.8
Operating cash flows for finance leases	0.1		0.3
Financing cash flows for finance leases	10.7		11.3
Total cash from leases	$	29.6	$	70.4

The following table shows the components of lease expense (in millions):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.6
Interest on lease liabilities	0.1		0.3
Operating lease cost (1):
Fixed lease cost - operating leases	15.0		45.4
Total lease cost	$	15.3	$	46.3

________

(1)

Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Lease Terms and Discount Rates

The following table shows the lease terms and discount rates related to leases:

	September 30, 2019
Weighted-average remaining lease term (years):
Operating leases	9.8
Weighted-average discount rate:
Operating leases	3.68	%