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Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Assets and Liabilities, Lessee

Total lease assets and liabilities at December 31, 2020 and 2019 were as follows (in millions):

Lease Assets						Classification						As of December 31, 2020						As of December 31, 2019
Operating ROU assets						Right-of-use lease assets						$	165.1					$	187.3
Finance lease assets						Property, plant and equipment, net(1)						15.1						19.1
Total leased assets												$	180.2					$	206.4
Lease Liabilities						Classification						As of December 31, 2020						As of December 31, 2019
Current:
Operating						Accrued expenses						$	43.5					$	42.3
Finance						Other current liabilities						3.0						4.5
Noncurrent:
Operating						Operating lease liabilities						125.9						148.6
Finance						Other noncurrent liabilities						9.8						12.0
Total leased liabilities												$	182.2					$	207.4

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $15.6 million and $15.2 million as of December 31, 2020 and 2019, respectively.

Lease, Cost

Total lease cost for 2020 and 2019 are set forth below (in millions):

						Classification						Year Ended December 31, 2020						Year Ended December 31, 2019
Operating lease cost						Selling, general and administrative expenses						$	54.0					$	55.0
Variable lease cost						Selling, general and administrative expenses						1.7						0.6
Short-term lease cost						Selling, general and administrative expenses						11.0						8.1
Finance lease cost:
Amortization of leased assets						Depreciation expense(1)						3.7						4.7
Interest on leased liabilities						Interest expense, net						0.6						0.7
Total lease cost												$	71.0					$	69.1

____________________________________

(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, 2020						As of December 31, 2019
Weighted-average remaining lease term:
Operating leases						7 years			7 years
Finance leases						15 years			14 years
Weighted-average discount rate:
Operating leases						3.5		%	4.1					%
Finance leases						2.7		%	2.9					%

The following table summarizes the supplemental cash flow information for 2020 and 2019 (in millions):

						Year Ended December 31, 2020						Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	54.1					$	51.9
Operating cash flows from finance leases						0.4						0.6
Financing cash flows from finance leases						3.8						5.3
Leased assets obtained in exchange for lease obligations:
Operating leases						$	30.8					$	34.8
Finance leases						0.9						1.5

Lessee, Operating Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2020 were as follows (in millions):

												December 31, 2020
																		Operating Leases						Finance Leases
2021																		$	47.6					$	3.3
2022																		37.7						1.4
2023																		28.6						1.1
2024																		18.9						0.8
2025																		13.6						0.6
Thereafter																		44.5						9.1
Total lease payments																		190.9						16.3
Less: imputed interest(1)																		(21.5)						(3.5)
Present value of leased liabilities																		$	169.4					$	12.8

____________________________________

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

    Lease payment amounts for 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						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(1)																		(32.1)						(2.4)
Present value of leased liabilities																		$	190.9					$	16.5

____________________________________

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

Finance Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2020 were as follows (in millions):

												December 31, 2020
																		Operating Leases						Finance Leases
2021																		$	47.6					$	3.3
2022																		37.7						1.4
2023																		28.6						1.1
2024																		18.9						0.8
2025																		13.6						0.6
Thereafter																		44.5						9.1
Total lease payments																		190.9						16.3
Less: imputed interest(1)																		(21.5)						(3.5)
Present value of leased liabilities																		$	169.4					$	12.8

____________________________________

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

    Lease payment amounts for 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						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(1)																		(32.1)						(2.4)
Present value of leased liabilities																		$	190.9					$	16.5

____________________________________

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

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Assets and Liabilities, Lessee [Table Text Block]

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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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=121609121&loc=SL77918686-209980

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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