Leases Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Assets and Liabilities, Lessee

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

Operating leases:	December 31, 2020			December 31, 2019
Other assets, net	$	59.8		$	80.4
Other current liabilities	$	16.3		$	21.1
Other long-term liabilities	$	71.3		$	81.9
Other lease information
Weighted-average remaining lease term—Operating leases	11.1 years			10.6 years
Weighted-average discount rate—Operating leases	5.1		%	5.1		%

Lease, Cost

The components of total lease expense are as follows (in millions):

	Year Ended December 31,
	2020		2019
Finance lease expense:
Amortization of right-of-use asset	$	—	$	5.2
Interest on lease liability	—		0.1
Operating lease expense:
Long-term operating lease expense	23.1		28.7
Short-term lease expense	22.1		32.0
Variable lease expense	11.8		7.7
Impairments	6.8		—
Total lease expense	$	63.8	$	68.4

During the fourth quarter of 2020, we determined that we would cease using a portion of our Dallas, Houston, and Midland offices. We are attempting to sublease the vacated space; however, as we believe the terms of a sublease would be below our current rental rates, we evaluated the related right-of-use assets for impairment by comparing the estimated fair values of the right-of-use assets to their carrying values. Estimated fair values were calculated using a discounted cash flow analysis that utilized Level 3 inputs, which included estimated future cash flows and a discount rate derived from market data. As the carrying value of each right-of-use asset exceeded its estimated fair value, we recognized impairment expense of $6.8 million for the year ended December 31, 2020.

Lessee, Operating Lease, Liability, Maturity

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

	Total		2021		2022		2023		2024		2025		Thereafter
Undiscounted operating lease liability	$	121.7	$	19.6	$	13.7	$	10.2	$	9.5	$	9.8	$	58.9
Reduction due to present value	(34.1)		(4.0)		(3.6)		(3.2)		(2.8)		(2.4)		(18.1)
Operating lease liability	$	87.6	$	15.6	$	10.1	$	7.0	$	6.7	$	7.4	$	40.8

Finance Lease, Liability, Maturity

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

	Total		2021		2022		2023		2024		2025		Thereafter
Undiscounted operating lease liability	$	121.7	$	19.6	$	13.7	$	10.2	$	9.5	$	9.8	$	58.9
Reduction due to present value	(34.1)		(4.0)		(3.6)		(3.2)		(2.8)		(2.4)		(18.1)
Operating lease liability	$	87.6	$	15.6	$	10.1	$	7.0	$	6.7	$	7.4	$	40.8