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LEASING ARRANGEMENTS | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
LEASING ARRANGEMENTS | Note 4 — LEASING ARRANGEMENTS We lease certain manufacturing facilities, warehouse space, machinery and equipment, vehicles and information technology equipment. The majority of our leases are operating leases. Finance leases are immaterial to our condensed consolidated financial statements. Operating lease assets and obligations are reflected within Operating lease assets, net, Current operating lease obligations, and Non-current operating lease obligations, respectively, on the Condensed Consolidated Balance Sheets. Lease expense is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The components of lease cost recognized within our Condensed Consolidated Statements of Income were as follows:
|  | Three Months Ended March 31, |  |
(In millions) |  | 2022 |  | 2021 |  |  |  |
Cost of sales |  | $ | 4.4 |  |  | $ | 5.6 |  |  |  |  |
Selling and administrative expense |  | 2.3 |  |  | 2.6 |  |  |  |  |
Total operating lease cost |  | $ | 6.7 |  |  | $ | 8.2 |  |  |  |  |
We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at our sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for our operating leases as of March 31, 2022 and 2021 was 4.7 years and 5.0 years, respectively. The discount rate implicit within our leases is generally not determinable and, therefore, the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rates used to measure our operating lease liabilities as of March 31, 2022 and 2021 were 3.7%. Maturity Analysis of Operating Lease Liabilities:
|  | As of March 31, 2022
(In millions) |
2022 |  | $ | 19.3 |  |  |
2023 |  | 19.9 |  |  |
2024 |  | 12.7 |  |  |
2025 |  | 7.7 |  |  |
2026 |  | 4.6 |  |  |
Thereafter |  | 10.3 |  |  |
Total lease payments |  | 74.5 |  |  |
Less amount of lease payment representing interest |  | (6.8) |  |  |
Total present value of lease payments |  | $ | 67.7 |  |  |

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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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