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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | 12. Leases The Company leases certain manufacturing facilities, warehouses, office space, railcars and equipment. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheet. All recorded leases are classified as operating leases and lease expense is recognized on a straight-line basis over the lease term. For leases beginning in 2019, lease components (base rental costs) are accounted for separately from the nonlease components (e.g., common-area maintenance costs). For leases that do not provide an implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. A summary of the Company’s lease information is as follows:
|  | June 30, |  | December 31, |
| Classification | 2022 |  | 2021 |
Assets |  |  |  |  |
Right of use assets | Other Assets | $ | 163.8 |  | $ | 159.4 |
Liabilities |  |  |  |  |
Current lease liabilities | Accounts Payable and Accrued Expenses | $ | 22.4 |  | $ | 24.4 |
Long-term lease liabilities | Deferred and Other Long-term Liabilities |  | 153.1 |  |  | 146.6 |
Total lease liabilities |  | $ | 175.5 |  | $ | 171.0 |
Other information |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 9.4 |  |  | 9.1 |
Weighted-average discount rate |  |  | 4.4 | % |  | 4.3 | %
| Three Months |  |  | Three Months |  |  | Six Months |  |  | Six Months |
| Ended |  |  | Ended |  |  | Ended |  |  | Ended |
| June 30, 2022 |  |  | June 30, 2021 |  |  | June 30, 2022 |  |  | June 30, 2021 |
Statement of Income |  |  |  |  |  |  |  |  |  |  |
Lease cost(1) | $ | 7.5 |  |  | $ | 8.2 |  |  | $ | 15.4 |  |  | $ | 16.5 |
Other information |  |  |  |  |  |  |  |  |  |  |
Leased assets obtained in exchange for new lease liabilities net of modifications(2) | $ | 15.8 |  |  | $ | (0.3 | ) |  | $ | 17.3 |  |  | $ | 4.1 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 8.0 |  |  | $ | 8.3 |  |  | $ | 15.5 |  |  | $ | 16.5 |
(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 non-cash component of lease expense for the first six months of 2022 and 2021 was $12.1 and $12.8, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. (2) In June 2022, the Company amended its contract at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.2 recorded in the second quarter of 2022. In June 2021, the Company determined that a renewal option was no longer likely to be exercised. This resulted in a decrease to the Company’s right of use assets and corresponding lease liabilities of approximately $0.8 recorded in the second quarter of 2021. The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:
|  | Operating |
|  | Leases |
2022 |  | $ | 15.4 |
2023 |  |  | 26.6 |
2024 |  |  | 25.2 |
2025 |  |  | 24.1 |
2026 |  |  | 16.7 |
2027 and thereafter |  |  | 110.6 |
Total future minimum lease commitments |  |  | 218.6 |
Less: Imputed interest |  |  | (43.1 | )
Present value of lease liabilities |  | $ | 175.5 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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