Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Composition of Total Net Investment in Lease Financing Receivables

The composition of the Company’s total net investment in lease financing receivables included within equipment financing loans in the Consolidated Statements of Condition was as follows:

(in millions)	December 31, 2019
Lease payments receivable	$	1,417.1
Estimated residual value of leased assets	128.0
Gross investment in lease financing receivables	1,545.1
Plus: Deferred origination costs	13.4
Less: Unearned income	(156.9)
Total net investment in lease financing receivables	$	1,401.6

Contractual Maturities of Lease Financing Receivables

The contractual maturities of the Company's lease financing receivables were as follows:

(in millions)	December 31, 2019
2020	$	518.8
2021	414.2
2022	303.3
2023	178.5
2024	93.6
Later years	36.7
Total	$	1,545.1

Lease Costs

The following tables provide the components of lease cost and supplemental information:

	For the Year Ended
(in millions)	December 31, 2019
Operating lease cost	$	61.6
Variable lease cost	8.6
Finance lease cost	0.1
Sublease income	(1.4)
Net lease cost	$	68.9

Lease Right-of-use Assets and Liabilities

(dollars in millions)	As of and for the Year Ended December 31, 2019
Lease ROU assets:
Operating lease	$	276.6
Finance lease	2.6
Lease liabilities:
Operating lease	$	307.9
Finance lease	5.3
Cash payments included in the measurement of lease liabilities:
Reported in operating cash from operating leases	61.7
Reported in financing cash from finance leases	0.1
ROU assets obtained in exchange for lessee:
Operating lease liabilities (1)	89.1
Finance lease liabilities (1)	2.6
Weighted-average discount rate:
Operating leases	3.13		%
Finance leases	2.58
Weighted-average remaining lease term (in years):
Operating leases	7.7
Finance leases	12.2

1.Amount excludes related transition adjustment (see Note 1).

Schedule of Contractual Maturities of Lease Liabilities

The contractual maturities of the Company's lease liabilities as of December 31, 2019 were as follows:

(in millions)	Operating Leases		Finance Leases
2020	$	66.6	$	0.5
2021	63.9		0.5
2022	46.3		0.5
2023	33.9		0.5
2024	28.3		0.5
Later years	111.8		3.7
Total lease payments	350.8		6.2
Less: Interest	(42.9)		(0.9)
Total lease liabilities	$	307.9	$	5.3