|
6. Leases
|
Leases (in millions) |
|
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
|
$ |
276.0 |
|
|
$ |
386.0 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
|
|
|
Current operating lease liabilities |
|
|
|
$ |
114.2 |
|
|
$ |
120.8 |
|
|
Noncurrent |
|
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities |
|
|
|
|
172.6 |
|
|
|
246.3 |
|
|
Total lease liabilities |
|
|
|
$ |
286.8 |
|
|
$ |
367.1 |
|
|
Lease Cost (in millions) |
|
|
|
Year Ended December 31, 2020 |
|
|
Year Ended December 31, 2019 |
|
|
Operating lease cost(a) |
|
|
|
$ |
160.9 |
|
|
$ |
168.0 |
|
|
Short-term cost(b) |
|
|
|
16.3 |
|
|
14.2 |
|
|
Variable lease cost(b) |
|
|
|
9.7 |
|
|
5.9 |
|
|
Total lease cost |
|
|
|
$ |
186.9 |
|
|
$ |
188.1 |
|
|
(a) |
Operating lease cost represent non-cash amortization of ROU assets and accretion of the discounted lease liabilities and is segregated on the statement of consolidated cash flows. |
|
(b) |
These costs are classified and recorded within purchased transportation; fuel, operating expenses and supplies. |
|
Remaining Maturities of Lease Liabilities |
|
Operating Leases |
|
|
2021 |
|
$ |
142.5 |
|
|
2022 |
|
|
95.0 |
|
|
2023 |
|
|
52.7 |
|
|
2024 |
|
|
22.9 |
|
|
2025 |
|
|
10.8 |
|
|
After 2025 |
|
|
26.9 |
|
|
Total lease payments |
|
$ |
350.8 |
|
|
Less: Interest |
|
|
64.0 |
|
|
Present value of lease liabilities |
|
$ |
286.8 |
|
|
Lease Term and Discount Rate
(years and percent) |
|
Weighted-Average Remaining Lease Term |
|
|
Weighted-Average Discount Rate |
|
|
Operating leases |
|
|
3.3 |
|
|
12.1% |
|
|
Other Information (in millions) |
Year Ended December 31, 2020 |
|
Year Ended December 31, 2019 |
|
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
Operating cash flows from operating leases |
$ |
134.0 |
|
$ |
154.6 |
|
|
Leased assets obtained in exchange for new operating lease liabilities |
|
13.5 |
|
|
129.7 |
|
For the year ended December 31, 2020, we entered into new operating lease commitments for revenue equipment totaling $0.6 million, with such payments to be made over the average lease term of 4 years with a capital equivalent of $0.7 million. As of December 31, 2020, our operating lease obligations for 2021 are $142.5 million and our operating lease obligations through 2031 total $350.8 million.
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