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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Schedule of operating leases | The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases:
(In millions) | Balance sheet location |  | As of June 30, 2019
Assets: |  |  |
Operating lease assets | Operating lease assets |  | $ | 434.4 |
Liabilities |  |  |
Current operating lease liabilities | Accrued expenses and other |  | $ | 72.3 |
Non-current operating lease liabilities | Long-term operating lease liabilities |  | 423.0 |
Total operating lease liabilities |  |  | $ | 495.3 |
Operating lease cost | The following table summarizes the effect of lease costs in our condensed consolidated statements of income:
|  |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In millions) | Income Statement Location |  | 2019 |  | 2019
Operating lease cost | Research and development |  | $ | 3.4 |  |  | $ | 3.7 |
| Selling, general and administrative |  | 17.9 |  |  | 41.4 |
Sublease income | Selling, general and administrative |  | (6.0 | ) |  | (13.1 | )
| Other (income) expense, net |  | (0.9 | ) |  | (1.9 | )
Net lease cost |  |  | $ | 14.4 |  |  | $ | 30.1 |
Operating lease liability maturity | The minimum lease payments for the next five years and thereafter is expected to be as follows:
(In millions) | As of June 30, 2019
2019 (remaining six months) | $ | 50.2 |
2020 | 80.5 |
2021 | 74.9 |
2022 | 70.9 |
2023 | 69.4 |
2024 | 66.7 |
Thereafter | 147.6 |
Total lease payments | $ | 560.2 |
Less: interest | 64.9 |
Present value of operating lease liabilities | $ | 495.3 |
Minimum lease payments | Under the prior lease guidance minimum rental commitments under non-cancelable leases, net of income from subleases, for each of the next five years and total thereafter as of December 31, 2018, were as follows:
(In millions) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
Minimum lease payments | $ | 87.0 |  |  | $ | 80.7 |  |  | $ | 75.9 |  |  | $ | 71.7 |  |  | $ | 71.0 |  |  | $ | 215.3 |  |  | $ | 601.6 |
Less: income from subleases(1) | (26.8 | ) |  | (25.6 | ) |  | (23.7 | ) |  | (24.0 | ) |  | (24.3 | ) |  | (58.4 | ) |  | (182.8 | )
Net minimum lease payments | $ | 60.2 |  |  | $ | 55.1 |  |  | $ | 52.2 |  |  | $ | 47.7 |  |  | $ | 46.7 |  |  | $ | 156.9 |  |  | $ | 418.8 |
(1) Represents sublease income expected to be received for the vacated manufacturing facility in Cambridge, MA, the vacated portion of our Weston, MA facility and other facilities throughout the world.
Operating lease weighted average remaining term and discount rate | The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:
| As of June 30, 2019
Weighted average remaining lease term in years | 7.4 |
Weighted average discount rate | 3.3 | %
Operating lease supplemental cash flow disclosure | Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities in our condensed consolidated statements of cash flows is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In millions) | 2019 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities | $ | 27.4 |  |  | $ | 46.8 |
Operating lease assets obtained in exchange for lease obligations | $ | 7.3 |  |  | $ | 12.7 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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