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Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021 and December 31, 2020:
(in millions) |  |  |  | March 31, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 294.1 |  |  | $ | 304.3 |
Finance lease assets |  | Property, plant and equipment, net |  | 59.4 |  |  | 61.2 |
Total leased assets |  |  |  | $ | 353.5 |  |  | $ | 365.5 |
Liabilities |  |  |  |  |  |
Short-term: |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 61.2 |  |  | $ | 61.0 |
Finance lease obligations |  | Current portion of long-term debt |  | 11.4 |  |  | 11.4 |
Long-term: |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 266.2 |  |  | 275.1 |
Finance lease obligations |  | Long-term debt, net |  | 58.3 |  |  | 60.0 |
Total lease obligations |  |  |  | $ | 397.1 |  |  | $ | 407.5 |
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 months ended March 31, 2021 and 2020:
|  | Three Months Ended |  |
|  | March 31, |  |
(in millions) |  | 2021 |  | 2020 |  |  |  |
Operating lease expense: |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 19.4 |  |  | $ | 18.0 |  |  |  |  |
Short-term lease expense |  | 3.9 |  |  | 3.2 |  |  |  |  |
Variable lease expense |  | 6.4 |  |  | 5.3 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 2.8 |  |  | 2.2 |  |  |  |  |
Interest on lease obligations |  | 1.1 |  |  | 1.2 |  |  |  |  |
Total lease expense |  | $ | 33.6 |  |  | $ | 29.9 |  |  |  |  |
The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020:
|  | Three Months Ended
(in millions) |  | March 31, 2021 |  | March 31, 2020 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 18.2 |  |  | $ | 17.3 |  |  |
Operating cash flows paid for finance leases |  | $ | 1.1 |  |  | $ | 1.2 |  |  |
Financing cash flows paid for finance leases |  | $ | 2.4 |  |  | $ | 2.3 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 9.2 |  |  | $ | 35.6 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 1.2 |  |  | $ | 8.2 |  |  |
(a) Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.
Maturity of Operating Leases | The following table sets forth the scheduled maturities of lease obligations as of March 31, 2021:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 (excluding the three months ended March 31, 2021) |  | $ | 55.5 |  |  | $ | 11.6 |  |  | $ | 67.1 |
2022 |  | 68.3 |  |  | 13.7 |  |  | 82.0 |
2023 |  | 56.3 |  |  | 11.0 |  |  | 67.3 |
2024 |  | 46.7 |  |  | 8.8 |  |  | 55.5 |
2025 |  | 40.0 |  |  | 7.8 |  |  | 47.8 |
Thereafter |  | 117.1 |  |  | 34.3 |  |  | 151.4 |
Total lease payments |  | 383.9 |  |  | 87.2 |  |  | 471.1 |
Less: Interest |  | 56.5 |  |  | 17.5 |  |  | 74.0 |
Present value of lease obligations |  | $ | 327.4 |  |  | $ | 69.7 |  |  | $ | 397.1 |
Maturity of Finance Leases | The following table sets forth the scheduled maturities of lease obligations as of March 31, 2021:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 (excluding the three months ended March 31, 2021) |  | $ | 55.5 |  |  | $ | 11.6 |  |  | $ | 67.1 |
2022 |  | 68.3 |  |  | 13.7 |  |  | 82.0 |
2023 |  | 56.3 |  |  | 11.0 |  |  | 67.3 |
2024 |  | 46.7 |  |  | 8.8 |  |  | 55.5 |
2025 |  | 40.0 |  |  | 7.8 |  |  | 47.8 |
Thereafter |  | 117.1 |  |  | 34.3 |  |  | 151.4 |
Total lease payments |  | 383.9 |  |  | 87.2 |  |  | 471.1 |
Less: Interest |  | 56.5 |  |  | 17.5 |  |  | 74.0 |
Present value of lease obligations |  | $ | 327.4 |  |  | $ | 69.7 |  |  | $ | 397.1 |
Lease Term and Discount Rate | The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2021:
|  | March 31, 2021
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.61
Finance leases |  | 7.75
Weighted average discount rate: |  |
Operating leases |  | 4.92 | %
Finance leases |  | 5.75 | %

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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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