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Balance Sheet Information | 12 Months Ended
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Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Information | Note 8: Balance Sheet Information Certain significant amounts included in the Company's Consolidated Balance Sheets consist of the following (in millions):
| As of
| December 31, 2020 |  | December 31, 2019
Inventories: |  |  |
Raw materials | $ | 135.7 |  |  | $ | 138.4 |
Work in process | 829.7 |  |  | 772.9 |
Finished goods | 286.0 |  |  | 321.1 |
| $ | 1,251.4 |  |  | $ | 1,232.4 |
Property, plant and equipment, net: |  |  |
Land | $ | 119.7 |  |  | $ | 125.2 |
Buildings | 850.0 |  |  | 860.6 |
Machinery and equipment | 4,538.0 |  |  | 4,275.2 |
Property, plant and equipment, gross | 5,507.7 |  |  | 5,261.0 |
Less: Accumulated depreciation | (2,995.4) |  |  | (2,669.4) |
| $ | 2,512.3 |  |  | $ | 2,591.6 |
Accrued expenses: |  |  |
Accrued payroll and related benefits | $ | 166.8 |  |  | $ | 153.4 |
Sales related reserves | 233.3 |  |  | 247.3 |
Income taxes payable | 25.5 |  |  | 22.5 |
Other | 144.4 |  |  | 115.6 |
| $ | 570.0 |  |  | $ | 538.8 |
Assets classified as held-for-sale, consisting primarily of land and buildings, are required to be recorded at the lower of carrying value or fair value less any costs to sell. The carrying value of these assets as of December 31, 2020 was $7.4 million, and is reported as other current assets on the Company’s Consolidated Balance Sheet. Depreciation expense for property, plant and equipment, including amortization of finance leases, totaled $444.1 million, $409.7 million and $359.3 million for 2020, 2019 and 2018, respectively. Included within sales related reserves are ship and credit reserves for distributors amounting to $180.2 million and $178.7 million as of December 31, 2020 and 2019, respectively. Leases Operating lease arrangements are comprised primarily of real estate and equipment agreements. The Company's existing leases do not contain significant restrictive provisions or residual value guarantees; however, certain leases contain renewal options and provisions for payment of real estate taxes, insurance and maintenance costs by the Company. The components of lease expense are as follows (in millions):
| Year Ended
| December 31, 2020 |  | December 31, 2019 |
Operating lease | $ | 38.2 |  |  | 35.0 |  |
Variable lease | 4.2 |  |  | 4.0 |  |
Short-term lease | 4.1 |  |  | 2.6 |  |
Total lease expense | $ | 46.5 |  |  | 41.6 |  |
The lease liabilities included in the following captions in the Consolidated Balance Sheet are as follows (in millions):
| As of
| December 31, 2020 |  | December 31, 2019
Accrued expenses and other current liabilities | $ | 32.2 |  |  | 26.1 |
Other long-term liabilities | 115.7 |  |  | 87.9 |
Total lease liabilities | $ | 147.9 |  |  | 114.0 |
Operating lease assets of $136.3 million and $110.2 million are included in other assets in the Consolidated Balance Sheet as of December 31, 2020 and December 31, 2019, respectively. As of December 31, 2020, the weighted-average remaining lease-term was 6.9 years and the weighted-average discount rate was 4.9%. As of December 31, 2020, there was an insignificant amount of commitments for operating leases that have not yet commenced. The reconciliation of the maturities of the operating leases to the lease liabilities recorded in the Consolidated Balance Sheet as of December 31, 2020 is as follows (in millions):
2021 | $ | 36.5 |
2022 | 30.1 |
2023 | 23.1 |
2024 | 20.8 |
2025 | 14.2 |
Thereafter | 49.9 |
Total lease payments | $ | 174.6 |
Less: Interest | (26.7) |
Total lease liabilities | $ | 147.9 |
Total rent expense associated with operating leases for 2018 was $43.6 million.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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