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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases We lease real estate, including laboratory and office space, and certain equipment. Our leases have remaining lease terms ranging from less than one year to ten years. Certain leases include one or more options to renew, exercised at our sole discretion, with renewal terms that can extend the lease term from one year to six years. In addition, we sublease certain real estate to third parties. Our sublease portfolio consists of operating leases, with remaining lease terms ranging from four years to eight years. Our subleases do not include an option to renew as they are coterminous with our operating leases. All of our leases qualify as operating leases. The following table summarizes the presentation in our consolidated balance sheets of our operating leases:
|  |  | As of December 31,
(In millions) | Balance sheet location |  | 2020 |  | 2019
Assets: |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 433.3 |  |  | $ | 427.0 |
Liabilities |  |  |  |  |
Current operating lease liabilities | Accrued expenses and other |  | $ | 83.2 |  |  | $ | 73.6 |
Non-current operating lease liabilities | Long-term operating lease liabilities |  | 402.0 |  |  | 412.7 |
Total operating lease liabilities |  |  | $ | 485.2 |  |  | $ | 486.3 |
The following table summarizes the effect of lease costs in our consolidated statements of income:
|  |  | For the Years Ended December 31,
(In millions) | Income Statement Location |  | 2020 |  | 2019
Operating lease cost | Research and development |  | $ | 5.2 |  |  | $ | 6.7 |
| Selling, general and administrative |  | 93.1 |  |  | 84.6 |
Variable lease cost | Research and development |  | 1.1 |  |  | 1.2 |
| Selling, general and administrative |  | 21.1 |  |  | 23.7 |
Sublease income | Selling, general and administrative |  | (24.2) |  |  | (25.6) |
| Other (income) expense, net |  | (3.9) |  |  | (3.9) |
Net lease cost |  |  | $ | 92.4 |  |  | $ | 86.7 |
Variable lease cost primarily related to operating expenses, taxes and insurance associated with our operating leases. As these costs are generally variable in nature, they are not included in the measurement of the operating lease asset and related lease liability. The minimum lease payments for the next five years and thereafter is expected to be as follows:
(In millions) |  | As of December 31, 2020
2021 |  | $ | 95.8 |
2022 |  | 93.5 |
2023 |  | 82.0 |
2024 |  | 75.0 |
2025 |  | 56.9 |
Thereafter |  | 129.8 |
Total lease payments |  | $ | 533.0 |
Less: interest |  | 47.8 |
Present value of operating lease liabilities |  | $ | 485.2 |
The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:
|  | As of December 31,
|  | 2020 |  | 2019
Weighted average remaining lease term in years |  | 6.30 |  | 7.07
Weighted average discount rate |  | 2.9 | % |  | 3.2 | %
Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities in our consolidated statements of cash flows is as follows:
|  | As of December 31,
(In millions) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 100.2 |  |  | $ | 93.8 |
Operating lease assets obtained in exchange for lease obligations |  | 59.0 |  |  | 35.9 |

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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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