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Leases (Tables) | 9 Months Ended
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Sep. 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 September 30, 2020 and December 31, 2019:
(in millions) |  |  |  | September 30, 2020 |  | December 31, 2019
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 305.6 |  |  | $ | 245.4 |
Finance lease assets |  | Property, plant and equipment, net |  | 63.0 |  |  | 54.4 |
Total leased assets |  |  |  | $ | 368.6 |  |  | $ | 299.8 |
Liabilities |  |  |  |  |  |
Short-term: |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 59.6 |  |  | $ | 50.8 |
Finance lease obligations |  | Current portion of long-term debt |  | 11.0 |  |  | 8.2 |
Long-term: |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 275.3 |  |  | 205.4 |
Finance lease obligations |  | Long-term debt, net |  | 62.1 |  |  | 55.9 |
Total lease obligations |  |  |  | $ | 408.0 |  |  | $ | 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 nine months ended September 30, 2020 and 2019:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease expense: |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 19.1 |  |  | $ | 16.3 |  |  | $ | 55.8 |  |  | $ | 46.4 |
Short-term lease expense |  | 2.6 |  |  | 2.9 |  |  | 8.3 |  |  | 5.2 |
Variable lease expense |  | 6.0 |  |  | 4.8 |  |  | 15.7 |  |  | 13.6 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 2.5 |  |  | 2.1 |  |  | 6.9 |  |  | 6.3 |
Interest on lease obligations |  | 1.2 |  |  | 1.2 |  |  | 3.5 |  |  | 3.6 |
Total lease expense |  | $ | 31.4 |  |  | $ | 27.3 |  |  | $ | 90.2 |  |  | $ | 75.1 |
The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019:
|  | Nine Months Ended
(in millions) |  | September 30, 2020 |  | September 30, 2019 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases |  | $ | 51.0 |  |  | $ | 42.5 |  |  |
Operating cash flows paid for finance leases |  | $ | 3.6 |  |  | $ | 3.6 |  |  |
Financing cash flows paid for finance leases |  | $ | 7.5 |  |  | $ | 5.9 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 95.1 |  |  | $ | 66.1 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 16.5 |  |  | $ | 2.5 |  |  |
Maturity of Operating Leases | The following table sets forth the scheduled maturities of lease obligations as of September 30, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2020 (excluding the nine months ended September 30, 2020) |  | $ | 18.9 |  |  | $ | 3.8 |  |  | $ | 22.7 |
2021 |  | 72.1 |  |  | 15.1 |  |  | 87.2 |
2022 |  | 64.8 |  |  | 13.1 |  |  | 77.9 |
2023 |  | 52.5 |  |  | 10.4 |  |  | 62.9 |
2024 |  | 44.0 |  |  | 8.5 |  |  | 52.5 |
Thereafter |  | 142.8 |  |  | 41.6 |  |  | 184.4 |
Total lease payments |  | 395.1 |  |  | 92.5 |  |  | 487.6 |
Less: Interest |  | 60.2 |  |  | 19.4 |  |  | 79.6 |
Present value of lease obligations |  | $ | 334.9 |  |  | $ | 73.1 |  |  | $ | 408.0 |
Maturity of Finance Leases | The following table sets forth the scheduled maturities of lease obligations as of September 30, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2020 (excluding the nine months ended September 30, 2020) |  | $ | 18.9 |  |  | $ | 3.8 |  |  | $ | 22.7 |
2021 |  | 72.1 |  |  | 15.1 |  |  | 87.2 |
2022 |  | 64.8 |  |  | 13.1 |  |  | 77.9 |
2023 |  | 52.5 |  |  | 10.4 |  |  | 62.9 |
2024 |  | 44.0 |  |  | 8.5 |  |  | 52.5 |
Thereafter |  | 142.8 |  |  | 41.6 |  |  | 184.4 |
Total lease payments |  | 395.1 |  |  | 92.5 |  |  | 487.6 |
Less: Interest |  | 60.2 |  |  | 19.4 |  |  | 79.6 |
Present value of lease obligations |  | $ | 334.9 |  |  | $ | 73.1 |  |  | $ | 408.0 |
Lease Term and Discount Rate | The following table provides lease term and discount rate information related to operating and finance leases as of September 30, 2020:
|  | September 30, 2020
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.69
Finance leases |  | 8.09
Weighted average discount rate: |  |
Operating leases |  | 4.95 | %
Finance leases |  | 5.84 | %

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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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- 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=121609121&loc=SL77918701-209980 + Details
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