Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases

Leases consist of the following (in millions):

		Year Ended December 31,
Assets	Classification	2020		2019
Operating	Operating lease ROU assets	$	203.6	$	199.8
Finance	Property and equipment, net	94.8		59.8
Total leases		$	298.4	$	259.6
Liabilities
Current:
Operating	Operating lease liabilities	$	32.9	$	39.5
Finance	Accrued liabilities	15.3		8.4
Non-current:
Operating	Long-term operating lease liabilities	179.7		173.4
Finance	Long-term debt	86.5		57.3
Total lease liabilities		$	314.4	$	278.6

The components of lease costs were as follows (in millions):

	Year Ended December 31,
	2020		2019
Operating lease cost	$	48.6	$	51.8
Finance lease cost:
Amortization of leased assets	14.0		6.0
Interest on lease liabilities	3.9		2.2
Short-term lease cost	1.5		1.7
Variable lease cost	5.9		20.7
Net lease cost	$	73.9	$	82.4

Maturity of lease liabilities as of December 31, 2020, were as follows (in millions):

	Operating leases		Finance leases		Total
2021	$	41.8	$	19.0	$	60.8
2022	38.5		18.5		57.0
2023	31.9		17.9		49.8
2024	27.9		17.3		45.2
2025	25.0		15.0		40.0
2026 and thereafter	91.8		28.9		120.7
Total lease payments	256.9		116.6		373.5
Less: interest	(44.3)		(14.8)		(59.1)
Present value of lease liabilities	$	212.6	$	101.8	$	314.4

Weighted-average remaining lease term and weighted-average discount rate regarding the Company’s leases were as follows:

	Year Ended December 31,
Lease term	2020		2019
Weighted-average remaining lease term (years):
Operating	7.3		7.3
Finance	7.4		7.6
Discount rate
Weighted-average discount rate:
Operating	4.7	%	4.9	%
Finance	4.7	%	4.8	%

Other information regarding the Company’s leases were as follows (in millions):

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$	48.5	$	51.3
Operating cash flows used by finance leases	3.8		2.2
Financing cash flows used by finance leases	13.1		5.6
Lease liabilities arising from obtaining new ROU assets:
Operating leases	$	41.8	$	11.1
Finance leases	41.3		41.9

As of December 31, 2020, the Company had $31.0 million of leases, primarily for trailers, that had not yet commenced. The Company expects substantially all of these leases to commence during the first half of 2021.

Leases

Leases

Leases consist of the following (in millions):

		Year Ended December 31,
Assets	Classification	2020		2019
Operating	Operating lease ROU assets	$	203.6	$	199.8
Finance	Property and equipment, net	94.8		59.8
Total leases		$	298.4	$	259.6
Liabilities
Current:
Operating	Operating lease liabilities	$	32.9	$	39.5
Finance	Accrued liabilities	15.3		8.4
Non-current:
Operating	Long-term operating lease liabilities	179.7		173.4
Finance	Long-term debt	86.5		57.3
Total lease liabilities		$	314.4	$	278.6

The components of lease costs were as follows (in millions):

	Year Ended December 31,
	2020		2019
Operating lease cost	$	48.6	$	51.8
Finance lease cost:
Amortization of leased assets	14.0		6.0
Interest on lease liabilities	3.9		2.2
Short-term lease cost	1.5		1.7
Variable lease cost	5.9		20.7
Net lease cost	$	73.9	$	82.4

Maturity of lease liabilities as of December 31, 2020, were as follows (in millions):

	Operating leases		Finance leases		Total
2021	$	41.8	$	19.0	$	60.8
2022	38.5		18.5		57.0
2023	31.9		17.9		49.8
2024	27.9		17.3		45.2
2025	25.0		15.0		40.0
2026 and thereafter	91.8		28.9		120.7
Total lease payments	256.9		116.6		373.5
Less: interest	(44.3)		(14.8)		(59.1)
Present value of lease liabilities	$	212.6	$	101.8	$	314.4

Weighted-average remaining lease term and weighted-average discount rate regarding the Company’s leases were as follows:

	Year Ended December 31,
Lease term	2020		2019
Weighted-average remaining lease term (years):
Operating	7.3		7.3
Finance	7.4		7.6
Discount rate
Weighted-average discount rate:
Operating	4.7	%	4.9	%
Finance	4.7	%	4.8	%

Other information regarding the Company’s leases were as follows (in millions):

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$	48.5	$	51.3
Operating cash flows used by finance leases	3.8		2.2
Financing cash flows used by finance leases	13.1		5.6
Lease liabilities arising from obtaining new ROU assets:
Operating leases	$	41.8	$	11.1
Finance leases	41.3		41.9

As of December 31, 2020, the Company had $31.0 million of leases, primarily for trailers, that had not yet commenced. The Company expects substantially all of these leases to commence during the first half of 2021.