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Leases (Tables)

6 Months Ended

Jun. 30, 2019

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of June 30, 2019:



(in millions)		June 30, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	$	228.1
Finance lease assets	Property, plant and equipment, net	57.3
Total leased assets		$	285.4

Liabilities
Short-term:
Operating lease obligations	Accrued expenses and other current liabilities	$	49.0
Finance lease obligations	Current portion of long-term debt	7.5
Long-term:
Operating lease obligations	Long-term operating lease obligations	186.7
Finance lease obligations	Long-term debt, net	58.4
Total lease obligations		$	301.6

Lease, Expense

The following table provides supplemental information related to the Company's Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2019:



	Six Months Ended
(in millions)	June 30, 2019
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	27.8
Financing cash flows paid for finance leases	3.3

Right-of-use assets obtained in exchange for new operating lease obligations	$	55.0

The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statement of Income for the three and six months ended June 30, 2019:



	Three Months Ended		Six Months Ended
(in millions)	June 30, 2019		June 30, 2019
Operating lease expense ⁽¹⁾	$	22.2	$	41.2
Finance lease expense:
Amortization of right-of-use assets	2.3		4.2
Interest on lease obligations	1.2		2.4
Total lease expense	$	25.7	$	47.8



(1)	Includes short-term leases and variable lease expenses, which are immaterial.

Lessee, Operating Lease, Liability, Maturity

The following table sets forth the scheduled maturities of lease obligations as of June 30, 2019:



(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2019 (excluding the six months ended June 30, 2019)	$	32.1	$	5.8	$	37.9
2020	56.0		11.7		67.7
2021	47.3		11.4		58.7
2022	39.9		9.5		49.4
2023	31.0		7.6		38.6
Thereafter	75.9		43.3		119.2
Total lease payments	282.2		89.3		371.5
Less: Interest	46.5		23.4		69.9
Present value of lease obligations	$	235.7	$	65.9	$	301.6

Finance Lease, Liability, Maturity

The following table sets forth the scheduled maturities of lease obligations as of June 30, 2019:



(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2019 (excluding the six months ended June 30, 2019)	$	32.1	$	5.8	$	37.9
2020	56.0		11.7		67.7
2021	47.3		11.4		58.7
2022	39.9		9.5		49.4
2023	31.0		7.6		38.6
Thereafter	75.9		43.3		119.2
Total lease payments	282.2		89.3		371.5
Less: Interest	46.5		23.4		69.9
Present value of lease obligations	$	235.7	$	65.9	$	301.6

Lease, Lease Term and Discount Rate

The following table provides lease term and discount rate information related to operating and finance leases as of June 30, 2019:



	June 30, 2019
Weighted average remaining lease term (years):
Operating leases	6.29
Finance leases	9.63

Weighted average discount rate:
Operating leases	5.50	%
Finance leases	6.32	%