LEASES (Tables)

6 Months Ended

Jun. 30, 2020

LEASES

Schedule of supplemental balance sheet

The following table presents the supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019, respectively (in millions):

	June 30,		December 31,
	2020		2019
Operating lease right of use assets	$	117.8	$	53.4
Total leased assets	$	117.8	$	53.4
Accrued liabilities	$	10.7	$	8.7
Non-current operating lease liabilities		137.3		46.7
Total leased liabilities	$	148.0	$	55.4

Schedule of lease cost and other information

The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2020 and 2019, respectively (in millions, except as stated):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020			2019
Operating lease costs (1)	$	5.0	$	3.2	$	9.8		$	6.8
Lease term and discount rate information:
Weighted average remaining lease term (years)						12.8			9.5
Weighted average discount rate						3.4	%		3.5	%
Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of lease liabilities	$	2.6	$	2.7	$	5.4		$	4.8
Lease incentive for leasehold improvements		4.8		—		25.2			—
Right-of-use assets obtained in exchange for lease liabilities (2)		6.7		0.1		70.9			19.0

(1) Includes short-term lease and variable lease costs, which are immaterial.

(2) Excludes right-of-use assets and lease liabilities recognized upon adoption of the lease accounting standard in 2019 of $40.3 million and $42.8 million, respectively.

Schedule of maturities of lease liabilities

The maturities of the lease liabilities are as follows as of June 30, 2020 (in millions):

	June 30,
	2020
Remainder of 2020	$	7.4
2021		16.3
2022		16.9
2023		15.7
2024		11.6
After 2024		118.2
Total lease payments (1)	$	186.1
Less: Interest		(38.1)
Present value of lease liabilities	$	148.0

(1) Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised.