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v3.21.2

Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | Leases 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, 2021 and December 31, 2020:
(in millions) |  |  |  | September 30, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 464.5 |  |  | $ | 304.3 |
Finance lease assets |  | Property, plant and equipment, net |  | 64.2 |  |  | 61.2 |
Total leased assets |  |  |  | $ | 528.7 |  |  | $ | 365.5 |
Liabilities |  |  |  |  |  |
Short-term: |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 98.2 |  |  | $ | 61.0 |
Finance lease obligations |  | Current portion of long-term debt |  | 13.6 |  |  | 11.4 |
Long-term: |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 413.5 |  |  | 275.1 |
Finance lease obligations |  | Long-term debt, net |  | 60.9 |  |  | 60.0 |
Total lease obligations |  |  |  | $ | 586.2 |  |  | $ | 407.5 |
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, 2021 and 2020:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease expense: |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 27.6 |  |  | $ | 19.1 |  |  | $ | 68.4 |  |  | $ | 55.8 |
Short-term lease expense |  | 3.2 |  |  | 2.6 |  |  | 9.9 |  |  | 8.3 |
Variable lease expense |  | 7.3 |  |  | 6.0 |  |  | 20.0 |  |  | 15.7 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 3.3 |  |  | 2.5 |  |  | 9.2 |  |  | 6.9 |
Interest on lease obligations |  | 1.1 |  |  | 1.2 |  |  | 3.3 |  |  | 3.5 |
Total lease expense |  | $ | 42.5 |  |  | $ | 31.4 |  |  | $ | 110.8 |  |  | $ | 90.2 |
The following table sets forth the scheduled maturities of lease obligations as of September 30, 2021:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 (excluding the nine months ended September 30, 2021) |  | $ | 29.1 |  |  | $ | 4.6 |  |  | $ | 33.7 |
2022 |  | 112.9 |  |  | 16.6 |  |  | 129.5 |
2023 |  | 99.2 |  |  | 13.4 |  |  | 112.6 |
2024 |  | 82.2 |  |  | 10.7 |  |  | 92.9 |
2025 |  | 66.9 |  |  | 8.9 |  |  | 75.8 |
Thereafter |  | 193.9 |  |  | 36.6 |  |  | 230.5 |
Total lease payments |  | 584.2 |  |  | 90.8 |  |  | 675.0 |
Less: Interest |  | 72.5 |  |  | 16.3 |  |  | 88.8 |
Present value of lease obligations |  | $ | 511.7 |  |  | $ | 74.5 |  |  | $ | 586.2 |
The following table provides lease term and discount rate information related to operating and finance leases as of September 30, 2021:
|  | September 30, 2021
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.44
Finance leases |  | 7.15
Weighted average discount rate: |  |
Operating leases |  | 4.09 | %
Finance leases |  | 5.35 | %
The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020:
|  | Nine Months Ended
(in millions) |  | September 30, 2021 |  | September 30, 2020 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 59.4 |  |  | $ | 51.0 |  |  |
Operating cash flows paid for finance leases |  | $ | 3.4 |  |  | $ | 3.6 |  |  |
Financing cash flows paid for finance leases |  | $ | 9.5 |  |  | $ | 7.5 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 65.5 |  |  | $ | 95.1 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 6.6 |  |  | $ | 16.5 |  |  |
(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.
Leases | Leases 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, 2021 and December 31, 2020:
(in millions) |  |  |  | September 30, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 464.5 |  |  | $ | 304.3 |
Finance lease assets |  | Property, plant and equipment, net |  | 64.2 |  |  | 61.2 |
Total leased assets |  |  |  | $ | 528.7 |  |  | $ | 365.5 |
Liabilities |  |  |  |  |  |
Short-term: |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 98.2 |  |  | $ | 61.0 |
Finance lease obligations |  | Current portion of long-term debt |  | 13.6 |  |  | 11.4 |
Long-term: |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 413.5 |  |  | 275.1 |
Finance lease obligations |  | Long-term debt, net |  | 60.9 |  |  | 60.0 |
Total lease obligations |  |  |  | $ | 586.2 |  |  | $ | 407.5 |
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, 2021 and 2020:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease expense: |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 27.6 |  |  | $ | 19.1 |  |  | $ | 68.4 |  |  | $ | 55.8 |
Short-term lease expense |  | 3.2 |  |  | 2.6 |  |  | 9.9 |  |  | 8.3 |
Variable lease expense |  | 7.3 |  |  | 6.0 |  |  | 20.0 |  |  | 15.7 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 3.3 |  |  | 2.5 |  |  | 9.2 |  |  | 6.9 |
Interest on lease obligations |  | 1.1 |  |  | 1.2 |  |  | 3.3 |  |  | 3.5 |
Total lease expense |  | $ | 42.5 |  |  | $ | 31.4 |  |  | $ | 110.8 |  |  | $ | 90.2 |
The following table sets forth the scheduled maturities of lease obligations as of September 30, 2021:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 (excluding the nine months ended September 30, 2021) |  | $ | 29.1 |  |  | $ | 4.6 |  |  | $ | 33.7 |
2022 |  | 112.9 |  |  | 16.6 |  |  | 129.5 |
2023 |  | 99.2 |  |  | 13.4 |  |  | 112.6 |
2024 |  | 82.2 |  |  | 10.7 |  |  | 92.9 |
2025 |  | 66.9 |  |  | 8.9 |  |  | 75.8 |
Thereafter |  | 193.9 |  |  | 36.6 |  |  | 230.5 |
Total lease payments |  | 584.2 |  |  | 90.8 |  |  | 675.0 |
Less: Interest |  | 72.5 |  |  | 16.3 |  |  | 88.8 |
Present value of lease obligations |  | $ | 511.7 |  |  | $ | 74.5 |  |  | $ | 586.2 |
The following table provides lease term and discount rate information related to operating and finance leases as of September 30, 2021:
|  | September 30, 2021
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.44
Finance leases |  | 7.15
Weighted average discount rate: |  |
Operating leases |  | 4.09 | %
Finance leases |  | 5.35 | %
The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020:
|  | Nine Months Ended
(in millions) |  | September 30, 2021 |  | September 30, 2020 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 59.4 |  |  | $ | 51.0 |  |  |
Operating cash flows paid for finance leases |  | $ | 3.4 |  |  | $ | 3.6 |  |  |
Financing cash flows paid for finance leases |  | $ | 9.5 |  |  | $ | 7.5 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 65.5 |  |  | $ | 95.1 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 6.6 |  |  | $ | 16.5 |  |  |
(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.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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