LEASES

3 Months Ended

Mar. 31, 2020

LEASES

LEASES

10. LEASES

The Company has operating leases for general office properties, warehouses, data centers, call centers, automobiles and certain equipment. As of March 31, 2020, the Company’s leases have remaining lease terms of less than 1 year to 18 years, some of which may include renewal options. For leases in which the implicit rate is not readily determinable, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease.

Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and nonlease components as a single lease component for its identified asset classes.

The components of lease expense were as follows:

	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
	(in millions)
Operating lease cost	$	10.2	$	10.3
Short-term lease cost		0.3		0.6
Variable lease cost		0.2		1.9
Total	$	10.7	$	12.8

Other information related to leases was as follows:

	March 31,
	2020
Weighted-average remaining lease term (in years):
Operating leases		11.3
Weighted-average discount rate:
Operating leases		5.2%

Supplemental cash flow information related to leases was as follows:

	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14.4	$	15.3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2.6	$	8.6

Maturities of the lease liabilities as of March 31, 2020 were as follows:

	Operating
Year	Leases
	(in millions)
2020 (excluding the three months ended March 31, 2020)	$	27.5
2021		39.5
2022		38.6
2023		36.7
2024		35.3
Thereafter		234.6
Total undiscounted lease liabilities		412.2
Less: Amount representing interest		(107.3)
Total present value of minimum lease payments	$	304.9
Amounts recognized in the March 31, 2020 consolidated balance sheet:
Current operating lease liabilities	$	22.3
Long-term operating lease liabilities		282.6
Total	$	304.9