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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 6. Leases We have operating and finance leases for buildings and certain machinery and equipment. Operating leases are included in operating lease assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. Amounts recognized for finance leases as of and for the years ended December 31, 2020 and 2019 were immaterial. Operating lease expense recognized in the consolidated statement of comprehensive income for the years ended December 31, 2020 and 2019 were $53.9 million and $51.0 million, respectively, including approximately $9.3 million and $8.2 million of short-term and variable lease costs for the years ended December 31, 2020 and 2019, respectively. Operating lease expense (reduced by immaterial amounts from subleases) was $48.4 million for the year ended December 31, 2018. The 2020 and 2019 expenses were determined in accordance with ASC 842, whereas 2018 expenses were determined in accordance with the previous leasing guidance (ASC 840). Other information related to leases was as follows:
(In millions, except lease term and discount rate) |  | December 31, 2020 |  |  | December 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 43.5 |  |  | $ | 41.3 |
Right-of-use assets obtained in exchange for operating lease obligations |  | $ | 40.5 |  |  | $ | 24.5 |
Weighted average remaining lease term - operating leases |  | 6.4 years |  |  | 7.1 years |
Weighted average discount rate - operating leases |  |  | 3.8 | % |  |  | 4.2 | %
Total lease payments under non-cancellable operating leases as of December 31, 2020 were as follows:
(In millions) |  |  |  |
Year Ending December 31, |  |  |  |
2021 |  | $ | 42.8 |
2022 |  |  | 36.2 |
2023 |  |  | 31.3 |
2024 |  |  | 23.8 |
2025 |  |  | 16.7 |
Thereafter |  |  | 52.7 |
Total lease payments |  |  | 203.5 |
Less imputed interest |  |  | (24.5 | )
Total |  | $ | 179.0 |
Reported as of December 31, 2020 |  |  |  |
Other current liabilities |  | $ | 38.5 |
Operating lease liabilities |  |  | 140.5 |
Total |  | $ | 179.0 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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