Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Components of Lease Income

The following table shows the components of our lease income (in millions):

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Finance lease income	$	2.7	$	5.5
Operating lease income:
Fixed lease income	253.9		507.8
Variable lease income	17.4		35.1
Total operating lease income	271.3		542.9
Total lease income	$	274.0	$	548.4

Components of Lease Income

The following table shows the components of our lease income (in millions):

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Finance lease income	$	2.7	$	5.5
Operating lease income:
Fixed lease income	253.9		507.8
Variable lease income	17.4		35.1
Total operating lease income	271.3		542.9
Total lease income	$	274.0	$	548.4

Components of Direct Finance Leases

The following table shows the components of our direct finance leases (in millions):

	June 30, 2019
Total contractual lease payments receivable	$	93.7
Estimated unguaranteed residual value of leased assets	41.0
Unearned income	(39.4		)
Finance leases	$	95.3

Components of Lease Expense and Supplemental Cash Flows

The following table shows other information related to leases (in millions):

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.0	$	40.0
Operating cash flows for finance leases	0.1		0.2
Financing cash flows for finance leases	0.3		0.6
Total cash from leases	$	8.4	$	40.8

The following table shows the components of lease expense (in millions):

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.4
Interest on lease liabilities	0.1		0.2
Operating lease cost (1):
Fixed lease cost - operating leases	15.2		30.4
Total lease cost	$	15.5	$	31.0

________

(1)

Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Lease Terms and Discount Rates

The following table shows the lease terms and discount rates related to leases:

	June 30, 2019
Weighted-average remaining lease term (years):
Operating leases	10.0
Finance leases	0.2
Weighted-average discount rate:
Operating leases	3.69	%
Finance leases	3.39	%