LEASES

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

LEASES

NOTE 5 – LEASES

We have operating leases for transfer sites, processing facilities, communication centers, corporate and regional offices, vehicles, and certain equipment.

The components of net lease cost were as follows:

In millions
	Three Months Ended March 31, 2019
Operating lease cost	$	29.2
Finance lease cost
Amortization of leased assets		1.1
Interest on lease liabilities		0.2
Net lease cost (1)	$	30.5

^{(1) Short-term lease cost, variable lease cost and sublease income were not significant during the period.}

Supplemental cash flow information related to leases was as follows:

In millions
	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(29.3	)
Operating cash flows from finance leases		(0.2	)
Financing cash flows from finance leases	$	(0.8	)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	29.2
Finance leases	$	-

Finance lease assets, net of accumulated amortization, were $21.4 million as of March 31, 2019 and are include in Property, Plant and Equipment, net on the Condensed Consolidated Balance Sheet.

Information regarding lease terms and discount rates is as follows:

In millions
	March 31, 2019
Weighted average remaining lease term (years):
Operating leases		6.0
Finance leases		6.5
Weighted average discount rate:
Operating leases		3.9	%
Finance leases		5.9	%

Maturities of lease liabilities were as follows:

In millions
	Operating Leases		Finance Leases
2019 (remaining 9 months)	$	81.8	$	3.7
2020		91.9		5.3
2021		73.7		2.5
2022		54.8		2.2
2023		40.0		2.0
thereafter		95.3		5.8
Total lease payments		437.5		21.5
Less: interest		47.1		2.8
Present value of lease liabilities	$	390.4	$	18.7

As of March 31, 2019, we had additional operating leases, primarily related to our new corporate headquarters, which have not yet commenced of $49.3 million. These operating leases are expected to commence in fiscal years 2019 and 2020 with lease terms of 1 to 15 years.