Leases

3 Months Ended

Mar. 31, 2020

We are party to operating lease arrangements primarily for leased real estate for restaurants and office space. Right-of-use assets and lease liabilities related to operating leases are recorded at commencement when we are party to a contract which conveys the right for the Company to control an asset for a specified period of time. We are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities related to operating leases are recorded as Lease assets and Lease liabilities, respectively, on the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019.

There have been no changes in our accounting for leases as of or during the three months ended March 31, 2020.

As a result of the Blue Ribbon Reorganization, we deconsolidated Blue Ribbon as of January 27, 2020. Future payments under operating lease arrangements as of March 31, 2020 are now as follows (in millions):



2020 (remaining)	$	28.8
2021	37.4
2022	29.9
2023	25.9
2024	17.0
Thereafter	88.3
Total lease payments, undiscounted	$	227.3
Less: discount	62.2
Total operating lease liability as of March 31, 2020, at present value	$	165.1
Less: operating lease liability as of March 31, 2020, current	26.7
Operating lease liability as of March 31, 2020, long term	$	138.4