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Leases (Tables) | 9 Months Ended
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Sep. 30, 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 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 |
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, 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 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.
Maturity of Operating Leases | 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 |
Maturity of Finance Leases | 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 |
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, 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 | %

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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=123408670&loc=SL77918686-209980 + Details
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