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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Assets and Liabilities, Lessee

Total lease assets and liabilities at December 31, 2021 and 2020 were as follows (in millions):

Lease Assets						Classification						As of December 31, 2021						As of December 31, 2020
Operating ROU assets						Right-of-use lease assets						$	154.1					$	165.1
Finance lease assets						Property, plant and equipment, net(1)						10.6						15.1
Total lease assets												$	164.7					$	180.2
Lease Liabilities						Classification						As of December 31, 2021						As of December 31, 2020
Current:
Operating						Accrued expenses						$	42.3					$	43.5
Finance						Other current liabilities						3.8						3.0
Noncurrent:
Operating						Operating lease liabilities						115.5						125.9
Finance						Other noncurrent liabilities						6.0						9.8
Total lease liabilities												$	167.6					$	182.2

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(1) Finance lease assets are recorded net of accumulated depreciation of $7.8 million and $15.6 million as of December 31, 2021 and 2020, respectively.

Lease, Cost

Total lease costs for 2021 and 2020 are set forth below (in millions):

						Classification						Year Ended December 31, 2021						Year Ended December 31, 2020
Operating lease cost						Selling, general and administrative expenses						$	59.0					$	54.0
Variable lease cost						Selling, general and administrative expenses						1.0						1.7
Short-term lease cost						Selling, general and administrative expenses						18.7						11.0
Finance lease cost:
Amortization of lease assets						Depreciation expense(1)						2.4						3.7
Interest on lease liabilities						Interest expense, net						0.3						0.6
Total lease cost												$	81.4					$	71.0

____________________________________

(1) Depreciation expense was included in both cost of goods sold 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, 2021						As of December 31, 2020
Weighted-average remaining lease term:
Operating leases						7 years						7 years
Finance leases						12 years						15 years
Weighted-average discount rate:
Operating leases						3.1		%	3.5					%
Finance leases						2.4		%	2.7					%

The following table summarizes the supplemental cash flow information for 2021 and 2020 (in millions):

						Year Ended December 31, 2021						Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	59.8					$	54.1
Operating cash flows from finance leases						0.2						0.4
Financing cash flows from finance leases						2.6						3.8
Leased assets obtained in exchange for lease obligations:
Operating leases						$	50.6					$	30.8
Finance leases						0.9						0.9

Lessee, Operating Lease, Liability, Maturity

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2021 were as follows (in millions):

												December 31, 2021
																		Operating Leases						Finance Leases
2022																		$	45.7					$	4.0
2023																		36.2						0.9
2024																		24.5						0.6
2025																		17.3						0.4
2026																		12.3						0.2
Thereafter																		39.1						6.3
Total lease payments																		175.1						12.4
Less: imputed interest(1)																		(17.3)						(2.5)
Present value of lease liabilities																		$	157.8					$	9.9

____________________________________

(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, 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 lease liabilities																		$	169.4					$	12.8

____________________________________

(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, 2021 were as follows (in millions):

												December 31, 2021
																		Operating Leases						Finance Leases
2022																		$	45.7					$	4.0
2023																		36.2						0.9
2024																		24.5						0.6
2025																		17.3						0.4
2026																		12.3						0.2
Thereafter																		39.1						6.3
Total lease payments																		175.1						12.4
Less: imputed interest(1)																		(17.3)						(2.5)
Present value of lease liabilities																		$	157.8					$	9.9

____________________________________

(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, 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 lease liabilities																		$	169.4					$	12.8

____________________________________

(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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- Definition

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=123408670&loc=SL77918701-209980

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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

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- Definition

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=123408670&loc=SL77918701-209980

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