Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

(5) Leases

Lease balances are recorded on the consolidated balance sheets as follows (in millions):

	March 31, 2020			December 31, 2019
Operating leases:
Other assets, net	$	74.5		$	80.4
Other current liabilities	$	17.6		$	21.1
Other long-term liabilities	$	78.8		$	81.9
Other lease information
Weighted-average remaining lease term—Operating leases	11.0 years			10.6 years
Weighted-average discount rate—Operating leases	5.2		%	5.1		%

Certain of our lease agreements have options to extend the lease for a certain period after the expiration of the initial term. We recognize the cost of a lease over the expected total term of the lease, including optional renewal periods that we can reasonably expect to exercise. We do not have material obligations whereby we guarantee a residual value on assets we lease, nor do our lease agreements impose restrictions or covenants that could affect our ability to make distributions.

Lease expense is recognized on the consolidated statements of operations as “Operating expenses” and “General and administrative” depending on the nature of the leased asset. The components of total lease expense are as follows (in millions):

	Three Months Ended March 31,
	2020		2019
Finance lease expense:
Amortization of right-of-use asset	$	—	$	0.7
Operating lease expense:
Long-term operating lease expense	6.4		6.3
Short-term lease expense	5.5		6.9
Variable lease expense	2.8		1.6
Total lease expense	$	14.7	$	15.5

Other information about our leases is presented below (in millions):

	Three Months Ended March 31,
	2020		2019
Supplemental cash flow information:
Cash payments for finance leases included in cash flows from financing activities	$	—	$	0.4
Cash payments for operating leases included in cash flows from operating activities	$	7.2	$	7.0
Right-of-use assets obtained in exchange for operating lease liabilities	$	4.8	$	80.6

The following table summarizes the maturity of our lease liability as of March 31, 2020 (in millions):

	Total		2020 (remaining)		2021		2022		2023		2024		Thereafter
Undiscounted operating lease liability	$	133.9	$	16.3	$	17.0	$	12.2	$	10.2	$	9.5	$	68.7
Reduction due to present value	(37.5)		(3.5)		(4.0)		(3.6)		(3.2)		(2.8)		(20.4)
Operating lease liability	$	96.4	$	12.8	$	13.0	$	8.6	$	7.0	$	6.7	$	48.3

Leases

(5) Leases

Lease balances are recorded on the consolidated balance sheets as follows (in millions):

	March 31, 2020			December 31, 2019
Operating leases:
Other assets, net	$	74.5		$	80.4
Other current liabilities	$	17.6		$	21.1
Other long-term liabilities	$	78.8		$	81.9
Other lease information
Weighted-average remaining lease term—Operating leases	11.0 years			10.6 years
Weighted-average discount rate—Operating leases	5.2		%	5.1		%

Certain of our lease agreements have options to extend the lease for a certain period after the expiration of the initial term. We recognize the cost of a lease over the expected total term of the lease, including optional renewal periods that we can reasonably expect to exercise. We do not have material obligations whereby we guarantee a residual value on assets we lease, nor do our lease agreements impose restrictions or covenants that could affect our ability to make distributions.

Lease expense is recognized on the consolidated statements of operations as “Operating expenses” and “General and administrative” depending on the nature of the leased asset. The components of total lease expense are as follows (in millions):

	Three Months Ended March 31,
	2020		2019
Finance lease expense:
Amortization of right-of-use asset	$	—	$	0.7
Operating lease expense:
Long-term operating lease expense	6.4		6.3
Short-term lease expense	5.5		6.9
Variable lease expense	2.8		1.6
Total lease expense	$	14.7	$	15.5

Other information about our leases is presented below (in millions):

	Three Months Ended March 31,
	2020		2019
Supplemental cash flow information:
Cash payments for finance leases included in cash flows from financing activities	$	—	$	0.4
Cash payments for operating leases included in cash flows from operating activities	$	7.2	$	7.0
Right-of-use assets obtained in exchange for operating lease liabilities	$	4.8	$	80.6

The following table summarizes the maturity of our lease liability as of March 31, 2020 (in millions):

	Total		2020 (remaining)		2021		2022		2023		2024		Thereafter
Undiscounted operating lease liability	$	133.9	$	16.3	$	17.0	$	12.2	$	10.2	$	9.5	$	68.7
Reduction due to present value	(37.5)		(3.5)		(4.0)		(3.6)		(3.2)		(2.8)		(20.4)
Operating lease liability	$	96.4	$	12.8	$	13.0	$	8.6	$	7.0	$	6.7	$	48.3