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Leases | 12 Months Ended
--- | ---
Dec. 31, 2019
Leases [Abstract] |
Leases | Leases Supplemental consolidated balance sheet information for leases at December 31, 2019, is as follows (in millions):
| Classification |  |
Assets |  |  |
Operating leases | Operating lease assets, net |  | $ | 615.2 |
Finance leases | Property, plant and equipment, net (1) |  | 15.2 |
Total lease assets |  |  | $ | 630.4 |
Liabilities |  |  |
Current |  |  |
Operating leases | Other accrued liabilities |  | $ | 132.4 |
Finance leases | Short-term debt and current portion of long-term debt |  | 3.4 |
Noncurrent |  |  |
Operating leases | Long-term operating lease liabilities |  | 541.4 |
Finance leases | Long-term debt |  | 9.5 |
Total lease liabilities |  |  | $ | 686.7 |
(1) Net of accumulated depreciation of $8.4 million. Components of lease expense for the year ended December 31, 2019, is as follows (in millions):
Operating lease cost: |  |
Operating lease cost (1) |  | $ | 207.1 |
Variable lease costs (2) |  | 25.5 |
Finance lease cost |  |
Amortization of leased assets |  | 4.6 |
Interest on lease liabilities |  | 0.5 |
(1) | Includes short-term leases, which are immaterial.
(2) | Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales.
Remaining lease term and discount rates at December 31, 2019, are as follows:
Weighted-average remaining lease term (years): |
Operating leases | 7 |
Finance leases | 3 |
Weighted-average discount rate: |
Operating leases | 4.3 | %
Finance leases | 3.5 | %
Supplemental cash flow information related to leases for the year ended December 31, 2019, is as follows (in millions):
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 201.3 |
Operating cash flows from finance leases | 0.6 |
Financing cash flows from finance leases | 3.6 |
Right of use assets obtained in exchange for lease liabilities: |
Operating leases | 130.0 |
Finance leases | 6.7 |
Maturities of lease liabilities for continuing operations under the new lease standard (see Footnote 1) at December 31, 2019, are as follows (in millions):
| Operating Leases |  | Finance Leases
2020 | $ | 168.3 |  |  | $ | 4.3 |
2021 | 138.9 |  |  | 4.2 |
2022 | 115.0 |  |  | 3.3 |
2023 | 87.0 |  |  | 1.5 |
2024 | 71.0 |  |  | 0.2 |
Thereafter | 214.8 |  |  | 0.2 |
Total lease payments | 795.0 |  |  | 13.7 |
Less: imputed interest | (121.2 | ) |  | (0.8 | )
Present value of lease liabilities | $ | 673.8 |  |  | $ | 12.9 |
See Footnote 3 for information on lease liabilities included in discontinued operations and held for sale. Future minimum rental payments for operating leases, prior to the adoption of the new lease standard, with initial or remaining terms in excess of one year at December 31, 2018 for the Company are as follows (in millions):
2019 | $ | 180.0 |
2020 | 144.0 |
2021 | 117.8 |
2022 | 97.7 |
2023 | 74.0 |
Thereafter | 263.9 |
| $ | 877.4 |
Rent expense under operating leases for continuing operations was $223 million, $227 million and $226 million in 2019, 2018 and 2017.
Leases | Leases Supplemental consolidated balance sheet information for leases at December 31, 2019, is as follows (in millions):
| Classification |  |
Assets |  |  |
Operating leases | Operating lease assets, net |  | $ | 615.2 |
Finance leases | Property, plant and equipment, net (1) |  | 15.2 |
Total lease assets |  |  | $ | 630.4 |
Liabilities |  |  |
Current |  |  |
Operating leases | Other accrued liabilities |  | $ | 132.4 |
Finance leases | Short-term debt and current portion of long-term debt |  | 3.4 |
Noncurrent |  |  |
Operating leases | Long-term operating lease liabilities |  | 541.4 |
Finance leases | Long-term debt |  | 9.5 |
Total lease liabilities |  |  | $ | 686.7 |
(1) Net of accumulated depreciation of $8.4 million. Components of lease expense for the year ended December 31, 2019, is as follows (in millions):
Operating lease cost: |  |
Operating lease cost (1) |  | $ | 207.1 |
Variable lease costs (2) |  | 25.5 |
Finance lease cost |  |
Amortization of leased assets |  | 4.6 |
Interest on lease liabilities |  | 0.5 |
(1) | Includes short-term leases, which are immaterial.
(2) | Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales.
Remaining lease term and discount rates at December 31, 2019, are as follows:
Weighted-average remaining lease term (years): |
Operating leases | 7 |
Finance leases | 3 |
Weighted-average discount rate: |
Operating leases | 4.3 | %
Finance leases | 3.5 | %
Supplemental cash flow information related to leases for the year ended December 31, 2019, is as follows (in millions):
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 201.3 |
Operating cash flows from finance leases | 0.6 |
Financing cash flows from finance leases | 3.6 |
Right of use assets obtained in exchange for lease liabilities: |
Operating leases | 130.0 |
Finance leases | 6.7 |
Maturities of lease liabilities for continuing operations under the new lease standard (see Footnote 1) at December 31, 2019, are as follows (in millions):
| Operating Leases |  | Finance Leases
2020 | $ | 168.3 |  |  | $ | 4.3 |
2021 | 138.9 |  |  | 4.2 |
2022 | 115.0 |  |  | 3.3 |
2023 | 87.0 |  |  | 1.5 |
2024 | 71.0 |  |  | 0.2 |
Thereafter | 214.8 |  |  | 0.2 |
Total lease payments | 795.0 |  |  | 13.7 |
Less: imputed interest | (121.2 | ) |  | (0.8 | )
Present value of lease liabilities | $ | 673.8 |  |  | $ | 12.9 |
See Footnote 3 for information on lease liabilities included in discontinued operations and held for sale. Future minimum rental payments for operating leases, prior to the adoption of the new lease standard, with initial or remaining terms in excess of one year at December 31, 2018 for the Company are as follows (in millions):
2019 | $ | 180.0 |
2020 | 144.0 |
2021 | 117.8 |
2022 | 97.7 |
2023 | 74.0 |
Thereafter | 263.9 |
| $ | 877.4 |
Rent expense under operating leases for continuing operations was $223 million, $227 million and $226 million in 2019, 2018 and 2017.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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