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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | LEASES 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. The right-of-use assets are classified as non-current and included within the caption "Other noncurrent assets" on the consolidated balance sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long term liabilities" on the consolidated balance sheets. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate. The Company has established discount rates by geographic region ranging from 1% to 9%. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease expense | $ | 15.3 |  |  | $ | 14.1 |  |  | $ | 43.8 |  |  | $ | 42.9 |
Finance lease expense amortization of leased assets | 0.2 |  |  | 0.3 |  |  | 0.4 |  |  | 0.9 |
Short-term and variable lease expense | 0.1 |  |  | — |  |  | 0.4 |  |  | 0.1 |
Sublease income | (0.1) |  |  | (0.1) |  |  | (0.3) |  |  | (0.3) |
Total | $ | 15.5 |  |  | $ | 14.3 |  |  | $ | 44.3 |  |  | $ | 43.6 |
Scheduled payments of lease liabilities are as follows:
In millions | Operating Leases |  | Finance Leases |  | Total
Remaining 2021 | $ | 15.4 |  |  | $ | 0.2 |  |  | $ | 15.6 |
2022 | 58.1 |  |  | 0.8 |  |  | 58.9 |
2023 | 51.9 |  |  | 0.5 |  |  | 52.4 |
2024 | 46.9 |  |  | 0.3 |  |  | 47.2 |
2025 | 40.3 |  |  | 0.2 |  |  | 40.5 |
Thereafter | 148.1 |  |  | 0.1 |  |  | 148.2 |
Total lease payments | 360.7 |  |  | 2.1 |  |  | 362.8 |
Less: Present value discount | (29.2) |  |  | — |  |  | (29.2) |
Present value of lease liabilities | $ | 331.5 |  |  | $ | 2.1 |  |  | $ | 333.6 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
| September 30, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 8.1 |  | 7.4
Finance leases | 3.5 |  | 4.5
Weighted-average discount rate |  |  |
Operating leases | 2.4 | % |  | 2.7 | %
Finance leases | 1.4 | % |  | 1.4 | %
Leases | LEASES 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. The right-of-use assets are classified as non-current and included within the caption "Other noncurrent assets" on the consolidated balance sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long term liabilities" on the consolidated balance sheets. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate. The Company has established discount rates by geographic region ranging from 1% to 9%. The components of lease expense are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease expense | $ | 15.3 |  |  | $ | 14.1 |  |  | $ | 43.8 |  |  | $ | 42.9 |
Finance lease expense amortization of leased assets | 0.2 |  |  | 0.3 |  |  | 0.4 |  |  | 0.9 |
Short-term and variable lease expense | 0.1 |  |  | — |  |  | 0.4 |  |  | 0.1 |
Sublease income | (0.1) |  |  | (0.1) |  |  | (0.3) |  |  | (0.3) |
Total | $ | 15.5 |  |  | $ | 14.3 |  |  | $ | 44.3 |  |  | $ | 43.6 |
Scheduled payments of lease liabilities are as follows:
In millions | Operating Leases |  | Finance Leases |  | Total
Remaining 2021 | $ | 15.4 |  |  | $ | 0.2 |  |  | $ | 15.6 |
2022 | 58.1 |  |  | 0.8 |  |  | 58.9 |
2023 | 51.9 |  |  | 0.5 |  |  | 52.4 |
2024 | 46.9 |  |  | 0.3 |  |  | 47.2 |
2025 | 40.3 |  |  | 0.2 |  |  | 40.5 |
Thereafter | 148.1 |  |  | 0.1 |  |  | 148.2 |
Total lease payments | 360.7 |  |  | 2.1 |  |  | 362.8 |
Less: Present value discount | (29.2) |  |  | — |  |  | (29.2) |
Present value of lease liabilities | $ | 331.5 |  |  | $ | 2.1 |  |  | $ | 333.6 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
| September 30, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 8.1 |  | 7.4
Finance leases | 3.5 |  | 4.5
Weighted-average discount rate |  |  |
Operating leases | 2.4 | % |  | 2.7 | %
Finance leases | 1.4 | % |  | 1.4 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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