Leases (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of future minimum rental payments for operating leases

The following table presents the Company’s future minimum rental payments under ASC 840 for all operating leases having initial or remaining noncancelable lease terms in excess of one year as of December 31, 2018 ($ in millions). Future minimum lease payments differ from the future lease liability recognized under ASC 842, as the lease liability recognized under ASC 842 discounts the lease payments while the minimum lease payments presented below are not discounted. Additionally, under ASC 842 the Company elected to combine any non-lease components in an arrangement with the lease components for the calculation of the lease liability, while the minimum lease payments under ASC 840 excluded any non-lease components.



2019	$	173.6
2020	143.4
2021	111.4
2022	97.3
2023	83.2
Thereafter	226.5

Lease, cost

The components of operating lease expense for the year ended December 31, 2019 were as follows ($ in millions):



Fixed operating lease expense ^(a)	$	195.9
Variable operating lease expense	45.0
Total operating lease expense	$	240.9

^(a)Includes short-term leases and sublease income, both of which were immaterial.

Supplemental cash flow information related to the Company’s operating leases for the year ended December 31, 2019 was as follows ($ in millions):



Cash paid for amounts included in the measurement of operating lease liabilities	$	202.0
ROU assets obtained in exchange for operating lease obligations	144.9

Lessee, assets and liabilities

The following table presents the lease balances within the Consolidated Balance Sheet, weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases as of December 31, 2019 ($ in millions):



Lease Assets and Liabilities	Classification
Assets:
Operating lease ROU assets	Other long-term assets	$	763.7

Liabilities:
Current:
Operating lease liabilities	Accrued expenses and other liabilities	$	157.8
Long-term:
Operating lease liabilities	Other long-term liabilities	639.1
Total operating lease liabilities		$	796.9

Weighted average remaining lease term		7 years
Weighted average discount rate		3.1		%

Lessee, operating lease, liability, maturity

The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2019 ($ in millions):



2020	$	179.5
2021	142.5
2022	124.9
2023	106.3
2024	90.1
Thereafter	244.9
Total operating lease payments	888.2
Less: imputed interest	91.3
Total operating lease liabilities	$	796.9