Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Lessor, Operating Leases

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

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating lease revenues	$	163.6	$	163.0
Variable operating lease revenues	$	13.2	$	13.4
Interest income on sales-type lease receivables	$	0.1	$	—
Profit recognized at sales-type lease commencement (1)	$	1.3	$	—

(1) Included in gains on dispositions of property – lease portfolio sales on our Consolidated Statements of Operations.

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 March 31,
	2022			2021
Consolidated Statements of Operations
Operating lease expense	$	4.2		$	3.5
Short-term lease expense	$	0.1		$	—
Consolidated Statements of Cash Flows
Cash flows from operating activities	$	4.2		$	3.5
Right-of-use assets recognized in exchange for new lease liabilities	$	11.1		$	11.0
	March 31, 2022			December 31, 2021
Consolidated Balance Sheets
Right-of-use assets (1)	$	88.5		$	82.8
Lease liabilities (2)	$	112.3		$	106.3
Weighted average remaining lease term	10.4 years			10.8 years
Weighted average discount rate	2.9		%	3.0		%

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

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