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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The Company leases certain manufacturing facilities, retail stores, warehouses, distribution centers, office space, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years years or more. Such options are included in the lease term when it is reasonably certain that the option will be exercised. Certain lease agreements include rental payments that are variable based on usage or are adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Information on the Company’s leases is summarized as follows (in millions):
|  |  | As of December 31,
| Classification |  | 2020 |  | 2019
Assets |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 125.4 |  |  | $ | 110.2 |
Finance lease assets | Property and equipment, net (1) |  | 11.6 |  |  | 12.7 |
Total leased assets |  |  | $ | 137.0 |  |  | $ | 122.9 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Current operating lease liabilities |  | $ | 34.7 |  |  | $ | 34.9 |
Finance lease liabilities | Current portion of debt, finance lease obligations and notes payable |  | 1.5 |  |  | 1.3 |
Long-term |  |  |  |  |
Operating lease liabilities | Long-term operating lease liabilities |  | 92.3 |  |  | 77.9 |
Finance lease liabilities | Finance lease obligations |  | 14.7 |  |  | 14.8 |
Total lease liabilities |  |  | $ | 143.2 |  |  | $ | 128.9 |
(1) Finance lease assets are recorded net of accumulated amortization of $9.5 million and $7.8 million as of December 31, 2020 and 2019, respectively.
|  |  | For the Year Ended December 31,
Lease Cost | Classification |  | 2020 |  | 2019
Operating lease cost (1) | Operating expenses and cost of sales |  | $ | 45.4 |  |  | $ | 42.5 |
Finance lease cost |  |  |  |  |
Amortization of leased assets | Operating expenses and cost of sales |  | 1.5 |  |  | 1.5 |
Interest on lease liabilities | Interest expense |  | 0.9 |  |  | 0.9 |
Sublease income | Other (income) expense, net |  | (2.6) |  |  | (2.4) |
Total lease cost |  |  | $ | 45.2 |  |  | $ | 42.5 |
(1) Includes short-term leases and variable lease costs, which are immaterial.
Maturity of Lease Liabilities |  | Operating Leases(1) |  | Finance Leases |  | Total
2021 |  | $ | 38.1 |  | $ | 2.3 |  | $ | 40.4
2022 |  | 29.5 |  | 2.3 |  | 31.8
2023 |  | 23.3 |  | 2.3 |  | 25.6
2024 |  | 16.2 |  | 2.3 |  | 18.5
2025 |  | 11.9 |  | 2.3 |  | 14.2
Thereafter |  | 16.2 |  | 8.6 |  | 24.8
Total lease payments |  | $ | 135.2 |  | $ | 20.1 |  | $ | 155.3
Less: interest |  | 8.2 |  | 3.9 |  |
Present value of lease payments |  | $ | 127.0 |  | $ | 16.2 |  |
(1) Operating lease payments include $14.7 million related to options to extend lease terms that are reasonably certain of being exercised. Leases that the Company has signed but have not yet commenced are immaterial.
|  | As of December 31,
Lease Term and Discount Rate |  | 2020 |  | 2019
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 4.88 |  | 4.47
Finance leases |  | 8.52 |  | 9.48
Weighted-average discount rate |  |  |  |
Operating leases |  | 2.71 | % |  | 3.29 | %
Finance leases |  | 5.20 | % |  | 5.18 | %
|  | For the Year Ended December 31,
Other Information |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 45.3 |  |  | $ | 42.7 |
Operating cash flows from finance leases |  | 0.8 |  |  | 0.9 |
Financing cash flows from finance leases |  | 1.4 |  |  | 1.3 |
Leased assets obtained in exchange for new operating lease liabilities |  | 47.7 |  |  | 28.8 |

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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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