Leases

9 Months Ended

Sep. 30, 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 that 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 that are to be 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 September 30, 2020 and December 31, 2019.

There have been no changes in our accounting for leases as of or during the three months ended September 30, 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 September 30, 2020 are as follows (in millions):


2020 (remaining)	$	9.3
2021	36.9
2022	29.6
2023	25.7
2024	17.1
Thereafter	87.2
Total lease payments, undiscounted	$	205.8
Less: discount	55.8
Total operating lease liability as of September 30, 2020, at present value	$	150.0
Less: operating lease liability as of September 30, 2020, current	26.7
Operating lease liability as of September 30, 2020, long term	$	123.3