Leases (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

As of December 31, 2020 and 2019, the majority of our operating leases, for which we serve as the lessee, consist primarily of real-estate property for our offices around the world, and we do not have a material amount of finance leases. Both the right-of-use asset and lease liability are measured at the present value of the future lease payments, with the asset being subject to adjustments such as initial direct costs, prepaid lease payments, and lease incentives. Many of our leases provide for renewal and/or termination options, as well as escalation clauses, which are also factored into our lease payments when appropriate. As of December 31, 2020, our leases have remaining lease terms of 1 year to 19 years. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or using the Company's collateralized credit-adjusted borrowing rate.

The following tables present information on our operating leases for the full years of 2020 and 2019.

	Years ended December 31,
	2020			2019
Operating lease cost	$	318.5		$	325.2
Short-term lease cost	10.6			13.8
Sublease income	(15.8)			(12.9)
Total lease cost	$	313.3		$	326.1
Cash paid related to operating lease liabilities	$	335.7		$	334.1
Right-of-use assets obtained in exchange for lease liabilities	$	274.4		$	422.8
	As of December 31,
	2020			2019
Weighted-average remaining lease term	Eight years			Eight years
Weighted-average discount rate	4.00		%	4.26		%

Our future payments of our operating leases as of December 31, 2020 are listed in the table below.

Period	Net Rent
2021	$	322.9
2022	302.6
2023	241.2
2024	212.2
2025	194.7
Thereafter	735.2
Total future lease payments	2,008.8
Less: imputed interest	299.3
Present value of future lease payments	1,709.5
Less: current portion of operating leases	268.5
Non-current operating leases	$	1,441.0

As of December 31, 2020, we had additional operating leases that had not yet commenced with future lease payments of approximately $52.0 commencing in 2021 with lease terms of 1 to 10 years.