LEASES (Tables)

12 Months Ended

Dec. 31, 2020

LEASES

Schedule of components of lease expenses

The following table reflects the Company’s components of lease expenses for the year ended December 31, 2020 and 2019 (in millions):

		Year Ended December 31,
	Classification	2020		2019
Operating lease cost
Revenue equipment	Operations and maintenance	$	24.3	$	22.2
Real estate	Administrative expense		8.7		13.8
Total operating lease cost		$	33.0	$	36.0
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	$	5.1	$	5.4
Interest on lease liabilities	Interest expense		1.2		0.9
Total finance lease cost		$	6.3	$	6.3
Total lease cost(a)		$	39.3	$	42.3

(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 December 31, 2020 and 2019 (in millions):

		December 31,
	Classification	2020		2019
Assets
Operating lease right-of-use assets	Right-of-use assets	$	121.1	$	95.9
Finance lease right-of-use assets	Property and equipment, net		30.6		25.3
Total lease assets		$	151.7	$	121.2
Liabilities
Operating lease liabilities:
Current	Current operating lease liabilities	$	30.9	$	27.3
Non-current	Non-current operating lease liabilities		96.0		77.8
Total operating lease liabilities		$	126.9	$	105.1
Finance lease liabilities:
Current	Current portion of long-term debt	$	8.5	$	6.2
Non-current	Long-term debt, net of current portion		22.7		19.3
Total finance lease liabilities		$	31.2	$	25.5
Total lease liabilities		$	158.1	$	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 year ended December 31, 2020 and 2019 (in millions):

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(37.8)	$	(35.6)
Operating cash flows from finance leases		(1.1)		(0.9)
Financing cash flows from finance leases		(6.6)		(5.9)
Right-of-use assets obtained in exchange for lease obligations:
Operating lease right-of-use assets	$	54.6	$	39.2
Finance lease right-of-use assets		11.6		13.1

Summary of Future payments on leases, Operating lease

The following table is the future payments on leases as of December 31, 2020 (in millions):

	Operating		Finance
Year ending December 31,	leases		leases		Total
2021	$	36.2	$	9.6	$	45.8
2022		32.1		7.5		39.6
2023		26.3		8.1		34.4
2024		15.1		5.4		20.5
2025		8.9		2.5		11.4
Thereafter		27.1		—		27.1
Total lease payments		145.7		33.1		178.8
Less: interest		(18.8)		(1.9)		(20.7)
Present value of lease liabilities	$	126.9	$	31.2	$	158.1

Summary of Future payments on leases, Finance lease

	Operating		Finance
Year ending December 31,	leases		leases		Total
2021	$	36.2	$	9.6	$	45.8
2022		32.1		7.5		39.6
2023		26.3		8.1		34.4
2024		15.1		5.4		20.5
2025		8.9		2.5		11.4
Thereafter		27.1		—		27.1
Total lease payments		145.7		33.1		178.8
Less: interest		(18.8)		(1.9)		(20.7)
Present value of lease liabilities	$	126.9	$	31.2	$	158.1

Summary of weighted average lease term and discount rate for leases

	December 31,
	2020			2019
Weighted-average remaining lease term (years)
Operating leases		5.59			5.01
Finance leases		3.57			3.83
Weighted-average discount rate
Operating leases		5.04	%		5.54	%
Finance leases		4.40	%		4.51	%

Schedule of future minimum receipts on leases

The following table is the future minimum receipts on leases as of December 31, 2020 (in millions):

Year ending December 31,	Amount
2021	$	24.1
2022		18.7
2023		12.0
2024		6.7
2025		3.1
Thereafter		0.4
Total minimum lease receipts	$	65.0