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Leases | 9 Months Ended
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Sep. 30, 2022
Lessee Disclosure [Abstract] |
Leases | Leases The Company leases certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. The Company does not include renewal periods in any of the leases’ terms until the renewal is executed as they are generally not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of the Company’s lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases as of September 30, 2022 and December 31, 2021 was as follows:
| Balance Sheet Caption |  | September 30, 2022 |  | December 31, 2021
Operating leases: |  |  |  |  |
Building right-of-use assets - net | Other noncurrent assets |  | $ | 99.0 |  |  | $ | 101.0 |
Equipment right-of-use assets - net | Other noncurrent assets |  | 4.7 |  |  | 6.2 |
Total right-of-use assets - net |  |  | $ | 103.7 |  |  | $ | 107.2 |
Operating leases: |  |  |  |  |
Current lease liabilities | Accrued expenses |  | $ | 18.2 |  |  | $ | 17.6 |
Noncurrent lease liabilities | Other noncurrent liabilities |  | 89.8 |  |  | 93.4 |
Total lease liabilities |  |  | $ | 108.0 |  |  | $ | 111.0 |
The components of lease cost for the three and nine months ended September 30, 2022 and 2021 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost (1) | $ | 11.4 |  |  | $ | 9.3 |  |  | $ | 27.8 |  |  | $ | 23.8 |
Variable lease cost | 0.6 |  |  | 0.7 |  |  | 1.8 |  |  | 1.9 |
Total lease expense | $ | 12.0 |  |  | $ | 10.0 |  |  | $ | 29.6 |  |  | $ | 25.7 |
(1) Includes short-term leases, which are immaterial. Supplemental cash flow information related to leases for the nine months ended September 30, 2022 and 2021 was as follows:
| Nine Months Ended September 30,
| 2022 |  | 2021
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 28.1 |  |  | $ | 23.1 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 7.1 |  |  | 13.9 |
Other supplemental information related to leases as of September 30, 2022 and December 31, 2021 was as follows:
Lease Term and Discount Rate | September 30, 2022 |  | December 31, 2021 |  |
Weighted-average remaining lease term (years): |  |  |  |  |
Operating leases - building and equipment | 7.78 |  | 8.50 |  |
Operating leases - vehicles | 2.11 |  | 2.34 |  |
Weighted-average discount rate: |  |  |  |  |
Operating leases - building and equipment | 3.24 | % |  | 3.27 | % |  |
Operating leases - vehicles | 1.16 | % |  | 1.08 | % |  |
The Company uses its incremental borrowing rate to determine the present value of the lease payments. Total lease liabilities at September 30, 2022 have scheduled maturities as follows:
Maturity of Lease Liabilities |  | Operating Leases
2022 (excluding the nine months ended September 30, 2022) |  | $ | 5.3 |
2023 |  | 20.3 |
2024 |  | 17.6 |
2025 |  | 16.1 |
2026 |  | 14.0 |
Thereafter |  | 49.3 |
Total lease payments |  | 122.6 |
Less: Imputed interest |  | (14.6) |
Present value of lease liabilities |  | $ | 108.0 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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