Leases

6 Months Ended

Jun. 30, 2019

LEASES

Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. As of June 30, 2019, operating lease ROUAs included in property and equipment, net were $24.9 million.

The components of total lease cost were as follows:



(in millions)	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Short-term lease cost ^{(a) (b)}	$	6.2	$	8.7
Operating lease cost ^(b)	1.6		3.1
Total lease cost	$	7.8	$	11.8

(a) Includes leases with terms of one month or less

(b) Includes variable lease costs, which were not material

Other information related to operating leases was as follows:



(in millions, except lease term and discount rate)	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities	$	1.3	$	2.3
ROUAs obtained in exchange for lease obligations	$	0.7	$	1.5



Lease Term and Discount Rate	June 30, 2019
Weighted average remaining lease term	7.0 years
Weighted average discount rate	3.9	%

As of June 30, 2019, future minimum operating lease payments on non-cancelable leases were as follows:



(in millions)
Years Ended December 31,	Totals
2019 (excludes six months ended June 30, 2019)	$	2.9
2020	5.2
2021	4.5
2022	3.5
2023	3.0
Thereafter	11.2
Total future minimum lease payments	30.3
Less: Imputed interest	3.8
Present value of lease liabilities	$	26.5

Reported lease liabilities as of June 30, 2019
Accrued expense (current maturities of leases)	$	4.5
Other liabilities (non-current maturities of leases)	22.0
Present value of lease liabilities	$	26.5

As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows:



(in millions)
Years Ended December 31,

2019	$	5.0
2020	4.5
2021	3.8
2022	3.1
2023	3.0
Thereafter	11.2
Total	$	30.6