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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Total lease assets and liabilities at December 31, 2019 were as follows (in millions):



Lease Assets	Classification	As of December 31, 2019
Operating ROU assets	Right-of-use lease assets	$	187.3
Finance lease assets	Property, plant and equipment, net⁽¹⁾	19.1
Total leased assets		$	206.4

Lease Liabilities	Classification	As of December 31, 2019
Current:
Operating	Accrued expenses	$	42.3
Finance	Other current liabilities	4.5

Noncurrent:
Operating	Operating lease liabilities	148.6
Finance	Other noncurrent liabilities	12.0
Total leased liabilities		$	207.4

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(1) Finance lease assets are recorded net of accumulated depreciation of $15.2 million as of December 31, 2019.

Lease, Cost

Total lease cost for 2019 is set forth below (in millions):



	Classification	Year Ended December 31, 2019
Operating lease cost	Selling, general and administrative expenses	$	55.0
Variable lease cost	Selling, general and administrative expenses	0.6
Short-term lease cost	Selling, general and administrative expenses	8.1
Finance lease cost:
Amortization of leased assets	Depreciation expense⁽¹⁾	4.7
Interest on leased liabilities	Interest expense, net	0.7
Total lease cost		$	69.1

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(1) Depreciation expense was included in both cost of sales and selling, general and administrative expenses.

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:



	As of December 31, 2019
Weighted-average remaining lease term:
Operating leases	14 years
Finance leases	7 years

Weighted-average discount rate:
Operating leases	4.1	%
Finance leases	2.9	%

The following table summarizes the supplemental cash flow information for 2019 (in millions):



	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	51.9
Operating cash flows from finance leases	0.6
Financing cash flows from finance leases	5.3

Leased assets obtained in exchange for lease obligations:
Operating leases	$	34.8
Finance leases	1.5

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 December 31, 2019 were as follows (in millions):



	December 31, 2019
	Operating Leases⁽¹⁾			Finance Leases
2020	$	48.3		$	4.8
2021	40.8			2.7
2022	31.5			1.2
2023	24.1			0.9
2024	16.7			0.6
Thereafter	61.6			8.7
Total lease payments	223.0			18.9
Less: imputed interest⁽²⁾	(32.1		)	(2.4		)
Present value of leased liabilities	$	190.9		$	16.5

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(1) Operating lease payments include $11.4 million related to options to extend leases that are reasonably certain of being exercised.

(2) Calculated using the implicit interest rate for each lease.

The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2018 were as follows (in millions):



	December 31, 2018
	Operating Leases⁽²⁾		Finance Leases⁽²⁾
2019	$	46.7	$	4.5
2020	39.5		4.4
2021	32.6		2.2
2022	26.0		0.9
2023	21.7		0.6
Thereafter	85.5		5.0
Total lease payments	252.0		17.6
Less: imputed interest⁽¹⁾	—		(2.1		)
Present value of leased liabilities	$	252.0	$	15.5

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(1) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019.

(2) 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 December 31, 2019 were as follows (in millions):



	December 31, 2019
	Operating Leases⁽¹⁾			Finance Leases
2020	$	48.3		$	4.8
2021	40.8			2.7
2022	31.5			1.2
2023	24.1			0.9
2024	16.7			0.6
Thereafter	61.6			8.7
Total lease payments	223.0			18.9
Less: imputed interest⁽²⁾	(32.1		)	(2.4		)
Present value of leased liabilities	$	190.9		$	16.5

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(1) Operating lease payments include $11.4 million related to options to extend leases that are reasonably certain of being exercised.

(2) Calculated using the implicit interest rate for each lease.

The aggregate future minimum lease payments under noncancelable operating and finance leases with remaining terms greater than one year as of December 31, 2018 were as follows (in millions):



	December 31, 2018
	Operating Leases⁽²⁾		Finance Leases⁽²⁾
2019	$	46.7	$	4.5
2020	39.5		4.4
2021	32.6		2.2
2022	26.0		0.9
2023	21.7		0.6
Thereafter	85.5		5.0
Total lease payments	252.0		17.6
Less: imputed interest⁽¹⁾	—		(2.1		)
Present value of leased liabilities	$	252.0	$	15.5

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(1) Imputed interest for operating leases as of December 31, 2018 is not applicable as the Company adopted ASC 842 on January 1, 2019.

(2) As determined under ASC 840, “Leases.”