Accounting Policies

9 Months Ended

Sep. 30, 2021

The following table summarizes the impact of our leases on our Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in millions)
Operating lease revenues	$	158.2	$	169.1	$	486.2	$	506.4
Variable operating lease revenues	$	18.8	$	9.0	$	44.7	$	32.2

Lessee, Operating Leases

The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021			2020
Consolidated Statements of Operations
Operating lease expense	$	4.2	$	3.7	$	12.1		$	12.2
Short-term lease expense	$	—	$	0.7	$	0.2		$	2.1

					September 30, 2021			December 31, 2020
Consolidated Balance Sheets
Right-of-use assets (1)					$	92.2		$	77.1
Lease liabilities (2)					$	116.2		$	96.9

Weighted average remaining lease term					10.5 years			11.3 years
Weighted average discount rate					3.0		%	3.3		%

					Nine Months Ended September 30,
					2021			2020
Consolidated Statements of Cash Flows
Cash flows from operating activities					$	12.1		$	12.2
Right-of-use assets recognized in exchange for new lease liabilities (3)					$	26.6		$	53.6

(1) Included in other assets in our Consolidated Balance Sheets.

(2) Included in other liabilities in our Consolidated Balance Sheets.

(3) Includes the commencement of the new headquarters facility for the nine months ended September 30, 2020.