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Leases
 9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases LEASES
During the first quarter of 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below.
The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.
As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.2% to 12.3%.
The components of lease expense are as follows:
 
Three Months
Ended
September 30,
 
Nine Months
Ended
September 30,
In millions
2019
 
2019
Operating lease expense
$
13.6

 
$
40.4

Finance lease expense amortization of leased assets
0.3

 
0.9

Short-term and variable lease expense
0.2

 
0.5

Sublease income
(0.1
)
 
(0.4
)
Total
$
14.0

 
$
41.4


Scheduled payments of lease liabilities are as follows:
In millions
Operating Leases
 
Finance
Leases
 
Total
Remaining 2019
$
12.9

 
$
0.1

 
$
13.0

2020
48.0

 
0.4

 
48.4

2021
40.3

 
0.2

 
40.5

2022
33.3

 
0.1

 
33.4

2023
28.6

 
0.1

 
28.7

Thereafter
126.1

 
0.4

 
126.5

Total lease payments
289.2

 
1.3

 
290.5

Less: Present value discount
(30.2
)
 
—

 
(30.2
)
Present value lease liabilities
$
259.0

 
$
1.3

 
$
260.3


The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
 
September 30,
 
2019
Weighted-average remaining lease term (years)
 
     Operating leases
8.1

     Finance leases
5.4

Weighted-average discount rate
 
     Operating leases
3.0
%
     Finance leases
1.4
%
Leases LEASES
During the first quarter of 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below.
The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.
As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.2% to 12.3%.
The components of lease expense are as follows:
 
Three Months
Ended
September 30,
 
Nine Months
Ended
September 30,
In millions
2019
 
2019
Operating lease expense
$
13.6

 
$
40.4

Finance lease expense amortization of leased assets
0.3

 
0.9

Short-term and variable lease expense
0.2

 
0.5

Sublease income
(0.1
)
 
(0.4
)
Total
$
14.0

 
$
41.4


Scheduled payments of lease liabilities are as follows:
In millions
Operating Leases
 
Finance
Leases
 
Total
Remaining 2019
$
12.9

 
$
0.1

 
$
13.0

2020
48.0

 
0.4

 
48.4

2021
40.3

 
0.2

 
40.5

2022
33.3

 
0.1

 
33.4

2023
28.6

 
0.1

 
28.7

Thereafter
126.1

 
0.4

 
126.5

Total lease payments
289.2

 
1.3

 
290.5

Less: Present value discount
(30.2
)
 
—

 
(30.2
)
Present value lease liabilities
$
259.0

 
$
1.3

 
$
260.3


The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
 
September 30,
 
2019
Weighted-average remaining lease term (years)
 
     Operating leases
8.1

     Finance leases
5.4

Weighted-average discount rate
 
     Operating leases
3.0
%
     Finance leases
1.4
%