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Leases (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Assets and Liabilities, Lessee | Total lease assets and liabilities at September 30, 2019 were as follows (in millions):
Lease Assets |  | Classification |  | As of September 30, 2019
Operating ROU assets |  | Right-of-use lease assets |  | $ | 193.5 |
Finance lease assets |  | Property, plant and equipment, net(1) |  | 14.6 |
Total leased assets |  |  |  | $ | 208.1 |
Lease Liabilities |  | Classification |  | As of September 30, 2019
Current: |  |  |  |
Operating |  | Accrued expenses |  | $ | 42.2 |
Finance |  | Other current liabilities |  | 4.2 |
Noncurrent: |  |  |  |
Operating |  | Operating lease liabilities |  | 154.8 |
Finance |  | Other noncurrent liabilities |  | 7.9 |
Total leased liabilities |  |  |  | $ | 209.1 |
(1) Finance lease assets are recorded net of accumulated depreciation of $17.9 million as of September 30, 2019.
Lease, Cost | The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:
|  | As of September 30, 2019
Weighted-average remaining lease term: |  |
Operating leases |  | 8 years |
Finance leases |  | 9 years |
Weighted-average discount rate: |  |
Operating leases |  | 4.0 | %
Finance leases |  | 2.8 | %
Total lease cost for the three and nine months ended September 30, 2019 is set forth below (in millions):
|  | Classification |  | Three months ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Operating lease cost |  | Selling, general and administrative expenses |  | $ | 13.8 |  |  | $ | 41.8 |
Variable lease cost |  | Selling, general and administrative expenses |  | 0.3 |  |  | 0.4 |
Short-term lease cost |  | Selling, general and administrative expenses |  | 2.0 |  |  | 5.7 |
Finance lease cost: |  |  |  |  |  |
Amortization of leased assets |  | Depreciation expense(1) |  | 1.1 |  |  | 3.6 |
Interest on leased liabilities |  | Interest expense, net |  | 0.2 |  |  | 0.6 |
Total lease cost |  |  |  | $ | 17.4 |  |  | $ | 52.1 |
(1) Depreciation expense is a component of both cost of sales and selling, general and administrative expenses. The following table summarizes the supplemental cash flow information for the nine months September 30, 2019 (in millions):
|  | Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | 41.8 |
Operating cash flows from finance leases |  | 3.6 |
Financing cash flows from finance leases |  | 0.6 |
Leased assets obtained in exchange for lease obligations: |  |
Operating leases |  | $ | 27.2 |
Finance leases |  | 0.6 |
Lessee, Operating Lease, Liability, Maturity | The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of September 30, 2019 and December 31, 2018 were as follows (in millions):
|  | September 30, 2019 |  | December 31, 2018
|  | Operating Leases(1)(2) |  | Finance Leases |  | Operating Leases(5) |  | Finance Leases(5)
2019 |  | $ | 12.7 |  |  | $ | 1.3 |  |  | $ | 46.7 |  |  | $ | 4.9 |
2020 |  | 46.1 |  |  | 4.1 |  |  | 39.5 |  |  | 3.5 |
2021 |  | 38.9 |  |  | 2.2 |  |  | 32.6 |  |  | 2.8 |
2022 |  | 29.7 |  |  | 0.9 |  |  | 26.0 |  |  | 0.9 |
2023 |  | 23.0 |  |  | 0.6 |  |  | 21.7 |  |  | 0.7 |
Thereafter |  | 80.3 |  |  | 4.1 |  |  | 85.5 |  |  | 3.7 |
Total lease payments |  | 230.7 |  |  | 13.2 |  |  | 252.0 |  |  | 16.5 |
Less: imputed interest(3)(4) |  | (33.7 | ) |  | (1.1 | ) |  | — |  |  | (1.0 | )
Present value of leased liabilities |  | $ | 197.0 |  |  | $ | 12.1 |  |  | $ | 252.0 |  |  | $ | 15.5 |
(1) Operating lease payments include $12.3 million related to options to extend leases that are reasonably certain of being exercised. (2) This amount excludes lease payments for the nine months ended September 30, 2019. (3) Calculated using the implicit interest rate for each lease. (4) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019. (5) As determined under ASC 840, “Leases.”
Finance Lease, Liability, Maturity | The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of September 30, 2019 and December 31, 2018 were as follows (in millions):
|  | September 30, 2019 |  | December 31, 2018
|  | Operating Leases(1)(2) |  | Finance Leases |  | Operating Leases(5) |  | Finance Leases(5)
2019 |  | $ | 12.7 |  |  | $ | 1.3 |  |  | $ | 46.7 |  |  | $ | 4.9 |
2020 |  | 46.1 |  |  | 4.1 |  |  | 39.5 |  |  | 3.5 |
2021 |  | 38.9 |  |  | 2.2 |  |  | 32.6 |  |  | 2.8 |
2022 |  | 29.7 |  |  | 0.9 |  |  | 26.0 |  |  | 0.9 |
2023 |  | 23.0 |  |  | 0.6 |  |  | 21.7 |  |  | 0.7 |
Thereafter |  | 80.3 |  |  | 4.1 |  |  | 85.5 |  |  | 3.7 |
Total lease payments |  | 230.7 |  |  | 13.2 |  |  | 252.0 |  |  | 16.5 |
Less: imputed interest(3)(4) |  | (33.7 | ) |  | (1.1 | ) |  | — |  |  | (1.0 | )
Present value of leased liabilities |  | $ | 197.0 |  |  | $ | 12.1 |  |  | $ | 252.0 |  |  | $ | 15.5 |
(1) Operating lease payments include $12.3 million related to options to extend leases that are reasonably certain of being exercised. (2) This amount excludes lease payments for the nine months ended September 30, 2019. (3) Calculated using the implicit interest rate for each lease. (4) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019. (5) As determined under ASC 840, “Leases.”

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