LEASES (Tables)

6 Months Ended

Jun. 30, 2020

LEASES

Schedule of components of lease expenses

The following table reflects the Company’s components of lease expenses for the three and six months ended June 30, 2020 and 2019 (in millions):

		Three Months Ended June 30,				Six Months Ended June 30,
	Classification	2020		2019		2020		2019
Operating lease cost
Revenue equipment	Operations and maintenance	$	6.6	$	7.8	$	13.0	$	13.5
Real estate	Administrative expense		3.7		4.8		7.5		9.1
Total operating lease cost		$	10.3	$	12.6	$	20.5	$	22.6
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	$	1.5	$	1.1	$	3.0	$	2.4
Interest on lease liabilities	Interest expense		0.2		0.3		0.5		0.5
Total finance lease cost		$	1.7	$	1.4	$	3.5	$	2.9
Total lease cost(a)		$	12.0	$	14.0	$	24.0	$	25.5

(a) Short-term lease expense and variable lease expense are immaterial.

Schedule of components of assets and liabilities for operating and finance leases

The components of assets and liabilities for operating and finance leases are as follows as of June 30, 2020 and December 31, 2019 (in millions):

		June 30,		December 31,
	Classification	2020		2019
Assets
Capitalized operating lease right-of-use assets	Right-of-use assets	$	112.3	$	95.9
Finance lease right-of-use assets	Other long-term assets		29.2		25.3
Total lease assets		$	141.5	$	121.2
Liabilities
Capitalized operating lease liabilities:
Current	Other current liabilities	$	29.9	$	27.3
Non-current	Other long-term liabilities		91.6		77.8
Total capitalized operating lease liabilities		$	121.5		105.1
Finance lease liabilities:
Current	Current portion of long-term debt	$	6.7		6.2
Non-current	Long-term debt, net of current portion		22.9		19.3
Total finance lease liabilities		$	29.6		25.5
Total lease liabilities		$	151.1	$	130.6

Summary of supplemental cash flow related to leases

The following table is a summary of supplemental cash flows related to leases for the six months ended June 30, 2020 and 2019 (in millions):

	Six Months Ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from capitalized operating leases	$	(18.8)	$	(17.1)
Operating cash flows from finance leases		(0.6)		(0.4)
Financing cash flows from finance leases		(3.5)		(2.8)
Right-of-use assets obtained in exchange for lease obligations:
Capitalized operating lease right-of-use assets	$	26.8	$	25.7
Finance lease right-of-use assets		5.2		9.2

Summary of Future payments on leases, Operating lease

The following table is the future payments on leases as of June 30, 2020 (in millions):

	Capitalized
	Operating		Finance
Year ending December 31,	leases		leases		Total
2020(1)	$	17.7	$	4.2	$	21.9
2021		32.4		8.4		40.8
2022		28.3		6.4		34.7
2023		22.3		7.0		29.3
2024		11.6		4.3		15.9
Thereafter		25.3		2.0		27.3
Total lease payments		137.6		32.3		169.9
Less: interest		(16.1)		(2.7)		(18.8)
Present value of lease liabilities	$	121.5	$	29.6	$	151.1

(1) Six months ending December 31, 2020

Summary of Future payments on leases, Finance lease

The following table is the future payments on leases as of June 30, 2020 (in millions):

	Capitalized
	Operating		Finance
Year ending December 31,	leases		leases		Total
2020(1)	$	17.7	$	4.2	$	21.9
2021		32.4		8.4		40.8
2022		28.3		6.4		34.7
2023		22.3		7.0		29.3
2024		11.6		4.3		15.9
Thereafter		25.3		2.0		27.3
Total lease payments		137.6		32.3		169.9
Less: interest		(16.1)		(2.7)		(18.8)
Present value of lease liabilities	$	121.5	$	29.6	$	151.1

(1) Six months ending December 31, 2020

Summary of weighted average lease term and discount rate for leases

	June 30,			December 31,
	2020			2019
Weighted-average remaining lease term (years)
Capitalized operating leases		4.96			5.01
Finance leases		3.74			3.83
Weighted-average discount rate
Capitalized operating leases		5.28	%		5.54	%
Finance leases		4.44	%		4.51	%

Schedule of future minimum receipts on leases

The following table is the future minimum receipts on leases as of June 30, 2020 (in millions):

Twelve months ending June 30,	Amount
2021	$	23.3
2022		17.7
2023		10.8
2024		5.8
2025		2.8
Thereafter		0.7
Total minimum lease receipts	$	61.1