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Leases (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Schedule of Assets and Liabilities | 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, 2020 and December 31, 2019:
(in millions) |  |  |  | June 30, 2020 |  | December 31, 2019
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 281.6 |  |  | $ | 245.4 |
Finance lease assets |  | Property, plant and equipment, net |  | 61.3 |  |  | 54.4 |
Total leased assets |  |  |  | $ | 342.9 |  |  | $ | 299.8 |
Liabilities |  |  |  |  |  |
Short-term: |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 58.3 |  |  | $ | 50.8 |
Finance lease obligations |  | Current portion of long-term debt |  | 9.9 |  |  | 8.2 |
Long-term: |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 239.3 |  |  | 205.4 |
Finance lease obligations |  | Long-term debt, net |  | 61.3 |  |  | 55.9 |
Total lease obligations |  |  |  | $ | 368.8 |  |  | $ | 320.3 |
Schedule of Lease Expense | The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019:
|  | Three Months Ended |  |  |  | Six Months Ended |  |
|  | June 30, |  |  |  | June 30, |  |
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease expense: |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 18.7 |  |  | $ | 15.9 |  |  | $ | 36.7 |  |  | $ | 30.1 |
Short-term lease expense |  | 2.5 |  |  | 1.3 |  |  | 5.7 |  |  | 2.3 |
Variable lease expense |  | 4.4 |  |  | 5.0 |  |  | 9.7 |  |  | 8.8 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 2.2 |  |  | 2.3 |  |  | 4.4 |  |  | 4.2 |
Interest on lease obligations |  | 1.1 |  |  | 1.2 |  |  | 2.3 |  |  | 2.4 |
Total lease expense |  | $ | 28.9 |  |  | $ | 25.7 |  |  | $ | 58.8 |  |  | $ | 47.8 |
The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019:
|  | Six Months Ended |  |  |  |
(in millions) |  | June 30, 2020 |  | June 30, 2019 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases |  | $ | 33.1 |  |  | $ | 27.8 |  |  |
Operating cash flows paid for finance leases |  | $ | 2.3 |  |  | $ | 2.4 |  |  |
Financing cash flows paid for finance leases |  | $ | 4.6 |  |  | $ | 3.3 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 48.7 |  |  | $ | 55.0 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 11.7 |  |  | $ | — |  |  |
Maturity of Operating Leases | The following table sets forth the scheduled maturities of lease obligations as of June 30, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2020 (excluding the six months ended June 30, 2020) |  | $ | 38.2 |  |  | $ | 6.9 |  |  | $ | 45.1 |
2021 |  | 66.8 |  |  | 14.1 |  |  | 80.9 |
2022 |  | 57.9 |  |  | 12.0 |  |  | 69.9 |
2023 |  | 45.5 |  |  | 9.8 |  |  | 55.3 |
2024 |  | 37.1 |  |  | 8.0 |  |  | 45.1 |
Thereafter |  | 104.6 |  |  | 40.4 |  |  | 145.0 |
Total lease payments |  | 350.1 |  |  | 91.2 |  |  | 441.3 |
Less: Interest |  | 52.5 |  |  | 20.0 |  |  | 72.5 |
Present value of lease obligations |  | $ | 297.6 |  |  | $ | 71.2 |  |  | $ | 368.8 |
Maturity of Finance Leases | The following table sets forth the scheduled maturities of lease obligations as of June 30, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2020 (excluding the six months ended June 30, 2020) |  | $ | 38.2 |  |  | $ | 6.9 |  |  | $ | 45.1 |
2021 |  | 66.8 |  |  | 14.1 |  |  | 80.9 |
2022 |  | 57.9 |  |  | 12.0 |  |  | 69.9 |
2023 |  | 45.5 |  |  | 9.8 |  |  | 55.3 |
2024 |  | 37.1 |  |  | 8.0 |  |  | 45.1 |
Thereafter |  | 104.6 |  |  | 40.4 |  |  | 145.0 |
Total lease payments |  | 350.1 |  |  | 91.2 |  |  | 441.3 |
Less: Interest |  | 52.5 |  |  | 20.0 |  |  | 72.5 |
Present value of lease obligations |  | $ | 297.6 |  |  | $ | 71.2 |  |  | $ | 368.8 |
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, 2020:
|  | June 30, 2020
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.34
Finance leases |  | 8.33
Weighted average discount rate: |  |
Operating leases |  | 5.16 | %
Finance leases |  | 5.94 | %

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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=121609121&loc=SL77918686-209980 + Details
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