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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Summary of Operating and Finance Lease Assets and Obligations | The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2020 and 2019:
(in millions) |  |  |  | December 31, 2020 |  | December 31, 2019 |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 304.3 |  |  | $ | 245.4 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 61.2 |  |  | 54.4 |  |  |
Total leased assets |  |  |  | $ | 365.5 |  |  | $ | 299.8 |  |  |
Liabilities |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 61.0 |  |  | $ | 50.8 |  |  |
Finance lease obligations |  | Current portion of long-term debt |  | 11.4 |  |  | 8.2 |  |  |
Long-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 275.1 |  |  | 205.4 |  |  |
Finance lease obligations |  | Long-term debt, net |  | 60.0 |  |  | 55.9 |  |  |
Total lease obligations |  |  |  | $ | 407.5 |  |  | $ | 320.3 |  |  |
Summary of Lease Expense | The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2020 and 2019:
|  | Twelve Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019
Operating lease expense: |  |  |  |
Operating lease expense |  | $ | 75.4 |  |  | $ | 63.8 |
Short-term lease expense |  | 11.1 |  |  | 9.0 |
Variable lease expense |  | 22.2 |  |  | 18.8 |
Finance lease expense: |  |  |  |
Amortization of right-of-use assets |  | 9.3 |  |  | 8.5 |
Interest on lease obligations |  | 4.7 |  |  | 4.7 |
Total lease expense |  | $ | 122.7 |  |  | $ | 104.8 |
The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019:
|  | Twelve Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 70.1 |  |  | $ | 62.7 |  |  |
Operating cash flows paid for finance leases |  | $ | 4.7 |  |  | $ | 3.7 |  |  |
Financing cash flows paid for finance leases |  | $ | 10.2 |  |  | $ | 7.7 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 109.4 |  |  | $ | 60.9 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 17.6 |  |  | $ | 4.1 |  |  |
(a)Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.
Schedule of Operating Lease Maturities | The following table sets forth the scheduled maturities of lease obligations as of December 31, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 |  | $ | 74.1 |  |  | $ | 15.3 |  |  | $ | 89.4 |
2022 |  | 67.9 |  |  | 13.4 |  |  | 81.3 |
2023 |  | 55.5 |  |  | 10.7 |  |  | 66.2 |
2024 |  | 46.0 |  |  | 8.6 |  |  | 54.6 |
2025 |  | 39.3 |  |  | 7.7 |  |  | 47.0 |
Thereafter |  | 112.3 |  |  | 34.2 |  |  | 146.5 |
Total lease payments |  | 395.1 |  |  | 89.9 |  |  | 485.0 |
Less: Interest |  | (59.0) |  |  | (18.5) |  |  | (77.5) |
Present value of lease obligations |  | $ | 336.1 |  |  | $ | 71.4 |  |  | $ | 407.5 |
Schedule of Finance Lease Maturity | The following table sets forth the scheduled maturities of lease obligations as of December 31, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 |  | $ | 74.1 |  |  | $ | 15.3 |  |  | $ | 89.4 |
2022 |  | 67.9 |  |  | 13.4 |  |  | 81.3 |
2023 |  | 55.5 |  |  | 10.7 |  |  | 66.2 |
2024 |  | 46.0 |  |  | 8.6 |  |  | 54.6 |
2025 |  | 39.3 |  |  | 7.7 |  |  | 47.0 |
Thereafter |  | 112.3 |  |  | 34.2 |  |  | 146.5 |
Total lease payments |  | 395.1 |  |  | 89.9 |  |  | 485.0 |
Less: Interest |  | (59.0) |  |  | (18.5) |  |  | (77.5) |
Present value of lease obligations |  | $ | 336.1 |  |  | $ | 71.4 |  |  | $ | 407.5 |
Summary of Lease Term and Discount Rate | The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2020:
|  | December 31, 2020
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.66
Finance leases |  | 7.91
Weighted average discount rate: |  |
Operating leases |  | 4.90 | %
Finance leases |  | 5.80 | %

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