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Leases

12 Months Ended

Dec. 31, 2019

LEASES

Lessor Information related to Intuitive System Leasing

Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):


	December 31,
	2019		2018
Gross lease receivables	$	191.9	$	150.4
Unearned income	(10.1)		(6.3)
Allowance for credit loss	(1.2)		(1.0)
Net investment in sales-type leases	$	180.6	$	143.1
Reported as:
Prepaids and other current assets	$	63.1	$	51.2
Intangible and other assets, net	117.5		91.9
Total, net	$	180.6	$	143.1

Contractual maturities of gross lease receivables as of December 31, 2019, are as follows (in millions):


Fiscal Year	Amount

2020	$	63.5
2021	52.9
2022	36.2
2023	22.1
2024	15.4
2025 and thereafter	1.8
Total	$	191.9

Operating Leases. The Company’s operating lease terms are generally less than seven years. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2019, are as follows (in millions):


Fiscal Year	Amount

2020	$	146.5
2021	134.2
2022	116.0
2023	86.6
2024	40.6
2025 and thereafter	10.8
Total	$	534.7

Contingent rental revenue relating to operating lease arrangements was not material for the years ended December 31, 2019, 2018, and 2017.

Lessee Information

The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $19.1 million for the year ended December 31, 2019. For leases with terms of 12 months or less, the related expense for the year ended December 31, 2019 was not material.

Supplemental cash flow information for the year ended December 31, 2019, related to operating leases was as follows (in millions):


	Amount
Cash paid for leases that were included within operating cash outflows	$	18.8
Right-of-use assets recognized related to new lease obligations	$	21.5

Supplemental balance sheet information, as of December 31, 2019, related to operating leases was as follows (in millions, except lease term and discount rate):


Reported as:	Amount
Intangible and other assets, net (Right-of-use assets)	$	74.4
Other accrued liabilities	$	7.7
Other long-term liabilities	68.7
Total lease liabilities	$	76.4
Weighted average remaining lease term	6.1 years
Weighted average discount rate	3.4		%

As of December 31, 2019, the future payments related to the Company's operating lease liabilities are scheduled as follows (in millions):


Fiscal Year	Amount
2020	$	9.6
2021	19.7
2022	14.7
2023	12.8
2024	8.4
2025 and thereafter	22.4
Total lease payments	$	87.6
Less imputed interest	(11.2)
Total operating lease liabilities	$	76.4

ASC 840 Disclosures

The Company elected the alternative modified transition method and is required to present previously disclosed information under the prior accounting standards for leases.

Lessor Information

Sales-type Leases. Contractual maturities of gross lease receivables as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	50.8
2020	46.5
2021	29.7
2022	14.9
2023	7.5
2024 and thereafter	1.0
Total lease payments	$	150.4

Operating Leases. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	88.0
2020	85.8
2021	68.8
2022	51.3
2023	25.4
2024 and thereafter	1.9
Total lease payments	$	321.2

Lessee Information

Operating Leases. Future minimum lease commitments under the Company's operating leases as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	15.1
2020	14.5
2021	12.7
2022	11.2
2023	11.0
2024 and thereafter	30.9
Total lease payments	$	95.4

Leases

LEASES

Lessor Information related to Intuitive System Leasing

Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):


	December 31,
	2019		2018
Gross lease receivables	$	191.9	$	150.4
Unearned income	(10.1)		(6.3)
Allowance for credit loss	(1.2)		(1.0)
Net investment in sales-type leases	$	180.6	$	143.1
Reported as:
Prepaids and other current assets	$	63.1	$	51.2
Intangible and other assets, net	117.5		91.9
Total, net	$	180.6	$	143.1

Contractual maturities of gross lease receivables as of December 31, 2019, are as follows (in millions):


Fiscal Year	Amount

2020	$	63.5
2021	52.9
2022	36.2
2023	22.1
2024	15.4
2025 and thereafter	1.8
Total	$	191.9


Fiscal Year	Amount

2020	$	146.5
2021	134.2
2022	116.0
2023	86.6
2024	40.6
2025 and thereafter	10.8
Total	$	534.7

Contingent rental revenue relating to operating lease arrangements was not material for the years ended December 31, 2019, 2018, and 2017.

Lessee Information

Supplemental cash flow information for the year ended December 31, 2019, related to operating leases was as follows (in millions):


	Amount
Cash paid for leases that were included within operating cash outflows	$	18.8
Right-of-use assets recognized related to new lease obligations	$	21.5

Supplemental balance sheet information, as of December 31, 2019, related to operating leases was as follows (in millions, except lease term and discount rate):


Reported as:	Amount
Intangible and other assets, net (Right-of-use assets)	$	74.4
Other accrued liabilities	$	7.7
Other long-term liabilities	68.7
Total lease liabilities	$	76.4
Weighted average remaining lease term	6.1 years
Weighted average discount rate	3.4		%

As of December 31, 2019, the future payments related to the Company's operating lease liabilities are scheduled as follows (in millions):


Fiscal Year	Amount
2020	$	9.6
2021	19.7
2022	14.7
2023	12.8
2024	8.4
2025 and thereafter	22.4
Total lease payments	$	87.6
Less imputed interest	(11.2)
Total operating lease liabilities	$	76.4

ASC 840 Disclosures

The Company elected the alternative modified transition method and is required to present previously disclosed information under the prior accounting standards for leases.

Lessor Information

Sales-type Leases. Contractual maturities of gross lease receivables as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	50.8
2020	46.5
2021	29.7
2022	14.9
2023	7.5
2024 and thereafter	1.0
Total lease payments	$	150.4


Fiscal Year	Amount
2019	$	88.0
2020	85.8
2021	68.8
2022	51.3
2023	25.4
2024 and thereafter	1.9
Total lease payments	$	321.2

Lessee Information

Operating Leases. Future minimum lease commitments under the Company's operating leases as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	15.1
2020	14.5
2021	12.7
2022	11.2
2023	11.0
2024 and thereafter	30.9
Total lease payments	$	95.4

Leases

LEASES

Lessor Information related to Intuitive System Leasing

Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):


	December 31,
	2019		2018
Gross lease receivables	$	191.9	$	150.4
Unearned income	(10.1)		(6.3)
Allowance for credit loss	(1.2)		(1.0)
Net investment in sales-type leases	$	180.6	$	143.1
Reported as:
Prepaids and other current assets	$	63.1	$	51.2
Intangible and other assets, net	117.5		91.9
Total, net	$	180.6	$	143.1

Contractual maturities of gross lease receivables as of December 31, 2019, are as follows (in millions):


Fiscal Year	Amount

2020	$	63.5
2021	52.9
2022	36.2
2023	22.1
2024	15.4
2025 and thereafter	1.8
Total	$	191.9


Fiscal Year	Amount

2020	$	146.5
2021	134.2
2022	116.0
2023	86.6
2024	40.6
2025 and thereafter	10.8
Total	$	534.7

Contingent rental revenue relating to operating lease arrangements was not material for the years ended December 31, 2019, 2018, and 2017.

Lessee Information

Supplemental cash flow information for the year ended December 31, 2019, related to operating leases was as follows (in millions):


	Amount
Cash paid for leases that were included within operating cash outflows	$	18.8
Right-of-use assets recognized related to new lease obligations	$	21.5

Supplemental balance sheet information, as of December 31, 2019, related to operating leases was as follows (in millions, except lease term and discount rate):


Reported as:	Amount
Intangible and other assets, net (Right-of-use assets)	$	74.4
Other accrued liabilities	$	7.7
Other long-term liabilities	68.7
Total lease liabilities	$	76.4
Weighted average remaining lease term	6.1 years
Weighted average discount rate	3.4		%

As of December 31, 2019, the future payments related to the Company's operating lease liabilities are scheduled as follows (in millions):


Fiscal Year	Amount
2020	$	9.6
2021	19.7
2022	14.7
2023	12.8
2024	8.4
2025 and thereafter	22.4
Total lease payments	$	87.6
Less imputed interest	(11.2)
Total operating lease liabilities	$	76.4

ASC 840 Disclosures

The Company elected the alternative modified transition method and is required to present previously disclosed information under the prior accounting standards for leases.

Lessor Information

Sales-type Leases. Contractual maturities of gross lease receivables as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	50.8
2020	46.5
2021	29.7
2022	14.9
2023	7.5
2024 and thereafter	1.0
Total lease payments	$	150.4


Fiscal Year	Amount
2019	$	88.0
2020	85.8
2021	68.8
2022	51.3
2023	25.4
2024 and thereafter	1.9
Total lease payments	$	321.2

Lessee Information

Operating Leases. Future minimum lease commitments under the Company's operating leases as of December 31, 2018, are as follows (in millions):


Fiscal Year	Amount
2019	$	15.1
2020	14.5
2021	12.7
2022	11.2
2023	11.0
2024 and thereafter	30.9
Total lease payments	$	95.4