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Leases (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021 and December 31, 2020:


(in millions)		June 30, 2021		December 31, 2020
Assets
Operating lease assets	Operating lease right-of-use assets	$	325.4	$	304.3
Finance lease assets	Property, plant and equipment, net	60.7		61.2
Total leased assets		$	386.1	$	365.5

Liabilities
Short-term:
Operating lease obligations	Accrued expenses and other current liabilities	$	66.4	$	61.0
Finance lease obligations	Current portion of long-term debt	11.9		11.4
Long-term:
Operating lease obligations	Long-term operating lease obligations	295.1		275.1
Finance lease obligations	Long-term debt, net	59.1		60.0
Total lease obligations		$	432.5	$	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 and six months ended June 30, 2021 and 2020:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Operating lease expense:
Operating lease expense	$	21.4	$	18.7	$	40.8	$	36.7
Short-term lease expense	2.8		2.5		6.7		5.7
Variable lease expense	6.3		4.4		12.7		9.7
Finance lease expense:
Amortization of right-of-use assets	3.1		2.2		5.9		4.4
Interest on lease obligations	1.1		1.1		2.2		2.3
Total lease expense	$	34.7	$	28.9	$	68.3	$	58.8

The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020:


	Six Months Ended
(in millions)	June 30, 2021		June 30, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases (a)	$	37.5	$	33.1
Operating cash flows paid for finance leases	$	2.3	$	2.3
Financing cash flows paid for finance leases	$	6.1	$	4.6

Right-of-use assets obtained in exchange for new operating lease obligations	$	55.7	$	48.7
Right-of-use assets obtained in exchange for new finance lease obligations	$	5.4	$	11.7

(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 June 30, 2021:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2021 (excluding the six months ended June 30, 2021)	$	40.2	$	8.2	$	48.4
2022	76.6		14.5		91.1
2023	64.7		11.9		76.6
2024	53.3		9.5		62.8
2025	45.3		8.3		53.6
Thereafter	143.0		35.5		178.5
Total lease payments	423.1		87.9		511.0
Less: Interest	61.6		16.9		78.5
Present value of lease obligations	$	361.5	$	71.0	$	432.5

Maturity of Finance Leases

The following table sets forth the scheduled maturities of lease obligations as of June 30, 2021:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2021 (excluding the six months ended June 30, 2021)	$	40.2	$	8.2	$	48.4
2022	76.6		14.5		91.1
2023	64.7		11.9		76.6
2024	53.3		9.5		62.8
2025	45.3		8.3		53.6
Thereafter	143.0		35.5		178.5
Total lease payments	423.1		87.9		511.0
Less: Interest	61.6		16.9		78.5
Present value of lease obligations	$	361.5	$	71.0	$	432.5

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, 2021:


	June 30, 2021
Weighted average remaining lease term (years):
Operating leases	6.73
Finance leases	7.53

Weighted average discount rate:
Operating leases	4.72	%
Finance leases	5.61	%