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Leases (Notes) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | LEASES The Company has operating leases for office space, warehouses, distribution centers, research and development facilities, manufacturing locations and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for up to 30 years, and some leases include options to terminate the leases within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, utilities, inflation and/or changes in other indexes. The Company’s finance leases were not material as of December 31, 2019. ROU assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in notes payable and current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheet. 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 |
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 | %
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 |
As of December 31, 2019, the Company had no additional significant operating or finance leases that had not yet commenced. ASC 840 Comparative Disclosures Total rent expense under ASC 840 for all operating leases was $234 million and $207 million for the years ended December 31, 2018 and 2017, respectively. The following table presents the Company’s future minimum rental payments under ASC 840 for all operating leases having initial or remaining noncancelable lease terms in excess of one year as of December 31, 2018 ($ 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 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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