LEASES | 3 Months Ended |
Mar. 31, 2019 |
Leases [Abstract] | |
LEASES | LEASES -50-3, 842-20-50-9] The Company determines if an arrangement is a lease at the inception of the agreement. The Company determines an arrangement is a lease if it conveys the right to control the use of the communications site or ground space underneath a communications site for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor —The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on the Company’s communications real estate assets. The Company’s lease arrangements with its tenants vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of five to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Company’s leasing arrangements outside of the U.S. may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs of, or otherwise charge for, these services. Many arrangements require that the communications site has power for a specified percentage of time. In most cases, if delivery of power falls below the specified service level, a corresponding reduction in revenue is recorded. The Company has determined that this performance obligation is satisfied over time for the duration of the lease. The Company typically has more than one tenant on a site and, by performing repair and maintenance work, can often lease a site, either through renewing existing agreements or leasing to new tenants, for periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications sites are depreciated over their estimated useful lives, which generally does not exceed twenty years. As of March 31, 2019, the Company does not have any material related party leases as a lessor. The Company generally does not enter into sales-type leases or direct financing leases. The Company’s leases generally do not include any incentives for the lessee and do not include any lessee purchase options. The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2018 Form 10-K. As of March 31, 2019, there was no impairment recorded related to these assets. Historically, the Company has been able to successfully renew its ground leases as needed to ensure its tower revenue. Accordingly, the Company assumes that it will have access to the land underneath its tower sites when calculating future minimum rental receipts. Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2019 were as follows: Fiscal Year Amount (1) Remainder of 2019 $ 3,987.3 2020 5,143.4 2021 4,739.9 2022 3,821.5 2023 3,516.4 Thereafter 13,254.4 Total $ 34,462.9 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental receipts expected under non-cancellable operating lease agreements in effect at December 31, 2018 were as follows: Year Ended December 31, Amount (1) 2019 $ 5,251.2 2020 5,062.2 2021 4,676.1 2022 3,754.6 2023 3,457.3 Thereafter 12,641.1 Total $ 34,842.5 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Lessee —The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites. These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately five to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to a consumer price index (“CPI”) or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease. Additionally, the escalations tied to CPI or another inflation-based index are considered variable lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variability in lease payments. In most markets outside of the U.S., in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situations, the lease is structured to allow for termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other financial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are further described in note 15 . The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised. The Company also considers termination options and factors those into the determination of lease payments when appropriate. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally 20 years) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. As of the adoption date and new lease inception, the Company’s right-of-use asset is equal to its lease liability, plus payments made prior to the commencement date and initial direct costs, net of any impairment losses, lease incentives, fair value adjustments on acquired leases and deferred rent amount recorded under the prior lease accounting guidance. As of March 31, 2019 , the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land and office space under operating leases and land and improvements, towers and vehicles under finance leases. As of March 31, 2019 , operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. Information about other lease-related balances as of March 31, 2019 is as follows: Operating leases: Right-of-use asset $ 7,080.9 Current portion of lease liabilities $ 498.4 Lease liabilities 6,316.1 Total operating lease liabilities $ 6,814.5 Finance leases: Current portion of lease liabilities $ 6.5 Lease liabilities 21.8 Total finance lease liabilities $ 28.3 As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date when calculating the present value of remaining lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain taking into consideration the economic factors noted above. The weighted-average remaining lease terms and incremental borrowing rates as of March 31, 2019 are as follows: Operating leases: Weighted-average remaining lease term (years) 13.0 Weighted-average incremental borrowing rate 6.1 % Finance leases: Weighted-average remaining lease term (years) 9.2 Weighted-average incremental borrowing rate 6.0 % The following table sets forth the components of lease cost for the three months ended March 31, 2019 : Operating lease cost $ 255.0 Variable lease costs not included in lease liability (1) 52.3 Finance lease cost: Amortization of right-of-use asset $ 1.8 Interest on lease liabilities 0.4 Total finance lease cost $ 2.2 _______________ (1) Includes property tax paid on behalf of the landlord. Supplemental cash flow information for the three months ended March 31, 2019 is as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (234.9 ) Operating cash flows from finance leases $ (0.3 ) Financing cash flows from finance leases $ (1.3 ) Non-cash items: New operating leases $ 62.1 Operating lease modifications and reassessments $ 30.1 As of March 31, 2019 , the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of March 31, 2019 were as follows: Fiscal Year Operating Lease (1) Finance Lease (1) Remainder of 2019 $ 658.0 $ 6.0 2020 870.7 6.8 2021 853.1 3.9 2022 813.3 3.3 2023 773.6 2.0 Thereafter 6,137.5 24.8 Total lease payments 10,106.2 46.8 Less amounts representing interest (3,291.7 ) (18.5 ) Total lease liabilities 6,814.5 28.3 Less current portion of lease liabilities (498.4 ) (6.5 ) Non-current lease liabilities $ 6,316.1 $ 21.8 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental payments under non-cancellable operating leases as of December 31, 2018 is as follows: Year Ended December 31, Amount (1) 2019 $ 926.0 2020 904.2 2021 879.8 2022 834.2 2023 792.6 Thereafter 6,173.1 Total $ 10,509.9 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental payments under capital leases in effect as of December 31, 2018 were as follows: Year Ended December 31, Amount (1) 2019 $ 40.7 2020 32.7 2021 27.8 2022 23.7 2023 19.2 Thereafter 117.5 Total 261.6 Less amounts representing interest (82.1 ) Present value of capital lease obligations $ 179.5 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Included in the future minimum rental payments under capital leases and amounts representing interest as of December 31, 2018 were $220.3 million and $69.3 million , respectively, related to perpetual land easements, which are not accounted for as finance leases under the new lease accounting standard. |
LEASES | LEASES -50-3, 842-20-50-9] The Company determines if an arrangement is a lease at the inception of the agreement. The Company determines an arrangement is a lease if it conveys the right to control the use of the communications site or ground space underneath a communications site for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor —The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on the Company’s communications real estate assets. The Company’s lease arrangements with its tenants vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of five to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Company’s leasing arrangements outside of the U.S. may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs of, or otherwise charge for, these services. Many arrangements require that the communications site has power for a specified percentage of time. In most cases, if delivery of power falls below the specified service level, a corresponding reduction in revenue is recorded. The Company has determined that this performance obligation is satisfied over time for the duration of the lease. The Company typically has more than one tenant on a site and, by performing repair and maintenance work, can often lease a site, either through renewing existing agreements or leasing to new tenants, for periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications sites are depreciated over their estimated useful lives, which generally does not exceed twenty years. As of March 31, 2019, the Company does not have any material related party leases as a lessor. The Company generally does not enter into sales-type leases or direct financing leases. The Company’s leases generally do not include any incentives for the lessee and do not include any lessee purchase options. The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2018 Form 10-K. As of March 31, 2019, there was no impairment recorded related to these assets. Historically, the Company has been able to successfully renew its ground leases as needed to ensure its tower revenue. Accordingly, the Company assumes that it will have access to the land underneath its tower sites when calculating future minimum rental receipts. Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2019 were as follows: Fiscal Year Amount (1) Remainder of 2019 $ 3,987.3 2020 5,143.4 2021 4,739.9 2022 3,821.5 2023 3,516.4 Thereafter 13,254.4 Total $ 34,462.9 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental receipts expected under non-cancellable operating lease agreements in effect at December 31, 2018 were as follows: Year Ended December 31, Amount (1) 2019 $ 5,251.2 2020 5,062.2 2021 4,676.1 2022 3,754.6 2023 3,457.3 Thereafter 12,641.1 Total $ 34,842.5 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Lessee —The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites. These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately five to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to a consumer price index (“CPI”) or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease. Additionally, the escalations tied to CPI or another inflation-based index are considered variable lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variability in lease payments. In most markets outside of the U.S., in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situations, the lease is structured to allow for termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other financial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are further described in note 15 . The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised. The Company also considers termination options and factors those into the determination of lease payments when appropriate. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally 20 years) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. As of the adoption date and new lease inception, the Company’s right-of-use asset is equal to its lease liability, plus payments made prior to the commencement date and initial direct costs, net of any impairment losses, lease incentives, fair value adjustments on acquired leases and deferred rent amount recorded under the prior lease accounting guidance. As of March 31, 2019 , the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land and office space under operating leases and land and improvements, towers and vehicles under finance leases. As of March 31, 2019 , operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. Information about other lease-related balances as of March 31, 2019 is as follows: Operating leases: Right-of-use asset $ 7,080.9 Current portion of lease liabilities $ 498.4 Lease liabilities 6,316.1 Total operating lease liabilities $ 6,814.5 Finance leases: Current portion of lease liabilities $ 6.5 Lease liabilities 21.8 Total finance lease liabilities $ 28.3 As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date when calculating the present value of remaining lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain taking into consideration the economic factors noted above. The weighted-average remaining lease terms and incremental borrowing rates as of March 31, 2019 are as follows: Operating leases: Weighted-average remaining lease term (years) 13.0 Weighted-average incremental borrowing rate 6.1 % Finance leases: Weighted-average remaining lease term (years) 9.2 Weighted-average incremental borrowing rate 6.0 % The following table sets forth the components of lease cost for the three months ended March 31, 2019 : Operating lease cost $ 255.0 Variable lease costs not included in lease liability (1) 52.3 Finance lease cost: Amortization of right-of-use asset $ 1.8 Interest on lease liabilities 0.4 Total finance lease cost $ 2.2 _______________ (1) Includes property tax paid on behalf of the landlord. Supplemental cash flow information for the three months ended March 31, 2019 is as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (234.9 ) Operating cash flows from finance leases $ (0.3 ) Financing cash flows from finance leases $ (1.3 ) Non-cash items: New operating leases $ 62.1 Operating lease modifications and reassessments $ 30.1 As of March 31, 2019 , the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of March 31, 2019 were as follows: Fiscal Year Operating Lease (1) Finance Lease (1) Remainder of 2019 $ 658.0 $ 6.0 2020 870.7 6.8 2021 853.1 3.9 2022 813.3 3.3 2023 773.6 2.0 Thereafter 6,137.5 24.8 Total lease payments 10,106.2 46.8 Less amounts representing interest (3,291.7 ) (18.5 ) Total lease liabilities 6,814.5 28.3 Less current portion of lease liabilities (498.4 ) (6.5 ) Non-current lease liabilities $ 6,316.1 $ 21.8 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental payments under non-cancellable operating leases as of December 31, 2018 is as follows: Year Ended December 31, Amount (1) 2019 $ 926.0 2020 904.2 2021 879.8 2022 834.2 2023 792.6 Thereafter 6,173.1 Total $ 10,509.9 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental payments under capital leases in effect as of December 31, 2018 were as follows: Year Ended December 31, Amount (1) 2019 $ 40.7 2020 32.7 2021 27.8 2022 23.7 2023 19.2 Thereafter 117.5 Total 261.6 Less amounts representing interest (82.1 ) Present value of capital lease obligations $ 179.5 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Included in the future minimum rental payments under capital leases and amounts representing interest as of December 31, 2018 were $220.3 million and $69.3 million , respectively, related to perpetual land easements, which are not accounted for as finance leases under the new lease accounting standard. |
LEASES | LEASES -50-3, 842-20-50-9] The Company determines if an arrangement is a lease at the inception of the agreement. The Company determines an arrangement is a lease if it conveys the right to control the use of the communications site or ground space underneath a communications site for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor —The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on the Company’s communications real estate assets. The Company’s lease arrangements with its tenants vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of five to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Company’s leasing arrangements outside of the U.S. may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs of, or otherwise charge for, these services. Many arrangements require that the communications site has power for a specified percentage of time. In most cases, if delivery of power falls below the specified service level, a corresponding reduction in revenue is recorded. The Company has determined that this performance obligation is satisfied over time for the duration of the lease. The Company typically has more than one tenant on a site and, by performing repair and maintenance work, can often lease a site, either through renewing existing agreements or leasing to new tenants, for periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications sites are depreciated over their estimated useful lives, which generally does not exceed twenty years. As of March 31, 2019, the Company does not have any material related party leases as a lessor. The Company generally does not enter into sales-type leases or direct financing leases. The Company’s leases generally do not include any incentives for the lessee and do not include any lessee purchase options. The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2018 Form 10-K. As of March 31, 2019, there was no impairment recorded related to these assets. Historically, the Company has been able to successfully renew its ground leases as needed to ensure its tower revenue. Accordingly, the Company assumes that it will have access to the land underneath its tower sites when calculating future minimum rental receipts. Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2019 were as follows: Fiscal Year Amount (1) Remainder of 2019 $ 3,987.3 2020 5,143.4 2021 4,739.9 2022 3,821.5 2023 3,516.4 Thereafter 13,254.4 Total $ 34,462.9 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental receipts expected under non-cancellable operating lease agreements in effect at December 31, 2018 were as follows: Year Ended December 31, Amount (1) 2019 $ 5,251.2 2020 5,062.2 2021 4,676.1 2022 3,754.6 2023 3,457.3 Thereafter 12,641.1 Total $ 34,842.5 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Lessee —The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites. These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately five to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to a consumer price index (“CPI”) or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease. Additionally, the escalations tied to CPI or another inflation-based index are considered variable lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variability in lease payments. In most markets outside of the U.S., in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situations, the lease is structured to allow for termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other financial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are further described in note 15 . The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised. The Company also considers termination options and factors those into the determination of lease payments when appropriate. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally 20 years) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. As of the adoption date and new lease inception, the Company’s right-of-use asset is equal to its lease liability, plus payments made prior to the commencement date and initial direct costs, net of any impairment losses, lease incentives, fair value adjustments on acquired leases and deferred rent amount recorded under the prior lease accounting guidance. As of March 31, 2019 , the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land and office space under operating leases and land and improvements, towers and vehicles under finance leases. As of March 31, 2019 , operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. Information about other lease-related balances as of March 31, 2019 is as follows: Operating leases: Right-of-use asset $ 7,080.9 Current portion of lease liabilities $ 498.4 Lease liabilities 6,316.1 Total operating lease liabilities $ 6,814.5 Finance leases: Current portion of lease liabilities $ 6.5 Lease liabilities 21.8 Total finance lease liabilities $ 28.3 As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date when calculating the present value of remaining lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain taking into consideration the economic factors noted above. The weighted-average remaining lease terms and incremental borrowing rates as of March 31, 2019 are as follows: Operating leases: Weighted-average remaining lease term (years) 13.0 Weighted-average incremental borrowing rate 6.1 % Finance leases: Weighted-average remaining lease term (years) 9.2 Weighted-average incremental borrowing rate 6.0 % The following table sets forth the components of lease cost for the three months ended March 31, 2019 : Operating lease cost $ 255.0 Variable lease costs not included in lease liability (1) 52.3 Finance lease cost: Amortization of right-of-use asset $ 1.8 Interest on lease liabilities 0.4 Total finance lease cost $ 2.2 _______________ (1) Includes property tax paid on behalf of the landlord. Supplemental cash flow information for the three months ended March 31, 2019 is as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (234.9 ) Operating cash flows from finance leases $ (0.3 ) Financing cash flows from finance leases $ (1.3 ) Non-cash items: New operating leases $ 62.1 Operating lease modifications and reassessments $ 30.1 As of March 31, 2019 , the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of March 31, 2019 were as follows: Fiscal Year Operating Lease (1) Finance Lease (1) Remainder of 2019 $ 658.0 $ 6.0 2020 870.7 6.8 2021 853.1 3.9 2022 813.3 3.3 2023 773.6 2.0 Thereafter 6,137.5 24.8 Total lease payments 10,106.2 46.8 Less amounts representing interest (3,291.7 ) (18.5 ) Total lease liabilities 6,814.5 28.3 Less current portion of lease liabilities (498.4 ) (6.5 ) Non-current lease liabilities $ 6,316.1 $ 21.8 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental payments under non-cancellable operating leases as of December 31, 2018 is as follows: Year Ended December 31, Amount (1) 2019 $ 926.0 2020 904.2 2021 879.8 2022 834.2 2023 792.6 Thereafter 6,173.1 Total $ 10,509.9 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Future minimum rental payments under capital leases in effect as of December 31, 2018 were as follows: Year Ended December 31, Amount (1) 2019 $ 40.7 2020 32.7 2021 27.8 2022 23.7 2023 19.2 Thereafter 117.5 Total 261.6 Less amounts representing interest (82.1 ) Present value of capital lease obligations $ 179.5 _______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Included in the future minimum rental payments under capital leases and amounts representing interest as of December 31, 2018 were $220.3 million and $69.3 million , respectively, related to perpetual land easements, which are not accounted for as finance leases under the new lease accounting standard. |