Leases (Tables)

12 Months Ended

Dec. 31, 2021

A summary of the Company’s lease information is as follows:

		December 31,			December 31,
	Classification	2021			2020
Assets
Right of use assets	Other Assets	$	159.4		$	181.6

Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	24.4		$	25.0
Long-term lease liabilities	Deferred and Other Long-term Liabilities		146.6			168.3
Total lease liabilities		$	171.0		$	193.3

Other information
Weighted-average remaining lease term (years)			9.1			9.7
Weighted-average discount rate			4.3	%		4.3	%

	Twelve Months		Twelve Months		Twelve Months
	Ended		Ended		Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Statement of Income
Lease cost⁽¹⁾	$	32.7	$	27.7	$	24.6


	Twelve Months		Twelve Months
	Ended		Ended
	December 31, 2021		December 31, 2020
Other information
Leased assets obtained in exchange for new lease liabilities⁽²⁾	$	3.5	$	50.4
Cash paid for amounts included in the measurement of lease liabilities	$	32.6	$	25.6

⁽¹⁾

Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The noncash component of lease expense for the twelve months ended December 31, 2021, 2020 and 2019 was $25.4, $20.1 and $17.9, respectively, is included in the amortization caption in the condensed consolidated statement of cash flows.

⁽²⁾

Leased assets obtained in exchange for new lease liabilities in 2021 primarily consisted of equipment lease additions, partially offset by lease modification terminations. Leased assets obtained in exchange for new lease liabilities in 2020 consisted of $32.4 of real estate lease additions and $18.0 of equipment lease additions, net of modifications. These additions included $24.1 for an agreement between the Company and a third-party warehouse provider for warehouse space and equipment.

Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:

	Operating
	Leases
2022	$	30.9
2023		26.6
2024		24.2
2025		22.7
2026		15.3
2027 and thereafter		91.0
Total future minimum lease commitments		210.7
Less: Imputed Interest		(39.7	)
Present value of lease liabilities	$	171.0