XML 79 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2019
Leases [Abstract]    
Operating Lease, Lease Income [Table Text Block]  
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202420232022
Operating lease revenue:
Fixed lease revenue
$1,263.5 $1,145.1 $1,058.3 
Variable lease revenue
104.1 93.7 86.5 
Total operating lease revenue
$1,367.6 $1,238.8 $1,144.8 
Finance lease revenue
13.5 12.6 9.8 
Total lease revenue
$1,381.1 $1,251.4 $1,154.6 
The following table shows the components of our finance leases as of December 31 (in millions):
20242023
Total contractual lease payments receivable
$160.0 $171.8 
Estimated unguaranteed residual value of leased assets
17.2 17.2 
Unearned income
(58.9)(52.6)
Finance leases
$118.3 $136.4 
Assets And Liabilities, Lessee [Table Text Block]  
The following table shows the lease terms and discount rates related to leases as of December 31:
20242023
Weighted-average remaining lease term (in years):
Operating leases
6.57.0
Weighted-average discount rate:
Operating leases
3.66 %3.61 %
Lease, Cost [Table Text Block]
The following table shows the components of lease expense for the years ended December 31 (in millions):
202420232022
Operating lease cost (1):
Fixed lease cost - operating leases
$40.0 $41.6 $41.4 
Finance lease cost:
Amortization of right-of-use assets
0.2 — — 
Interest on lease liabilities
0.3 — — 
Total lease cost
$40.5 $41.6 $41.4 
________
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.
The following table shows other information related to leases for the years ended December 31 (in millions):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$40.0 $41.2 $42.4 
Financing cash flows for finance leases
30.4 — 1.5 
Total cash for leases$70.4 $41.2 $43.9 
Non-cash financing lease transactions (1)$30.1 $— $— 
__________
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.
  
Lessee, Leases, Future Minimum Payments [Table Text Block]
The following table shows the maturities of our lease liabilities as of December 31, 2024 (in millions):
Operating Leases
2025$35.6 
202635.8 
202732.8 
202825.6 
202918.4 
Thereafter
55.3 
Total undiscounted lease payments$203.5 
Less: amounts representing interest
(23.5)
Total discounted lease liabilities
$180.0 
The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2024 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2025$1,157.5 $35.9 $1,193.4 
2026915.0 33.3 948.3 
2027720.9 23.7 744.6 
2028565.8 20.7 586.5 
2029400.5 12.8 413.3 
Thereafter
1,048.0 33.6 1,081.6 
$4,807.7 $160.0 $4,967.7 
__________
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.