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Leases (Notes) | 9 Months Ended
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Sep. 28, 2019
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | Leases The Company has operating lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to the Company's condensed consolidated financial statements. Several leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that vary based on changes in volume activity, storage activity, or changes in the Consumer Price Index (CPI) or other indices. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. A summary of the Company's lease assets and lease liabilities as of September 28, 2019 is as follows:
(in millions) | Classification |  | Sep 28, 2019
Lease Assets |  |  |
Operating lease assets | Operating lease assets |  | $ | 82.4 |
Lease Liabilities |  |  |
Current operating lease liabilities | Accrued expenses |  | 17.9 |
Non-current operating lease liabilities | Operating lease liabilities |  | 69.7 |
Total lease liabilities |  |  | $ | 87.6 |
A summary of the Company's total lease cost for the three months and nine months ended September 28, 2019 is as follows:
(in millions) | Classification |  | Three Months Ended |  | Nine Months Ended
Operating lease cost | Selling, general, and administrative expense |  | $ | 3.5 |  |  | $ | 10.2 |
| Cost of sales |  | 9.2 |  |  | 19.0 |
Variable lease cost | Selling, general, and administrative expense |  | 0.1 |  |  | 0.4 |
| Cost of sales |  | 1.2 |  |  | 3.2 |
Total lease cost (A) |  |  | $ | 14.0 |  |  | $ | 32.8 |
(A) Includes total short-term lease cost which is immaterial. The Company's maturity analysis of its operating lease liabilities as of September 28, 2019 is as follows:
(in millions) |
2019 | $ | 5.9 |
2020 | 21.3 |
2021 | 18.5 |
2022 | 16.8 |
2023 | 14.3 |
Thereafter | 23.8 |
Total lease payments | 100.6 |
Less: Interest | (13.0 | )
Present value of lease liabilities | $ | 87.6 |
The total weighted-average discount rate and remaining lease term for the Company's operating leases was 4.98 percent and 5.6 years, respectively, as of September 28, 2019. Total operating lease payments reflected in operating cash flows were $5.8 million and $16.7 million for the three months and nine months ended September 28, 2019, respectively. The following represents the Company's future minimum rental payments at December 31, 2018 for agreements classified as operating leases under ASC 840 with non-cancelable terms in excess of one year:
(in millions) |
2019 | $ | 31.4 |
2020 | 24.5 |
2021 | 21.0 |
2022 | 14.7 |
2023 | 11.4 |
Thereafter | 20.1 |
Total (not reduced by minimum sublease income of $0.1) | $ | 123.1 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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