Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Assets and Liabilities, Lessee

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2019:

(in millions)		December 31, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	$	245.4
Finance lease assets	Property, plant and equipment, net	54.4
Total leased assets		$	299.8
Liabilities
Short-term:
Operating lease obligations	Accrued expenses and other current liabilities	$	50.8
Finance lease obligations	Current portion of long-term debt	8.2
Long-term:
Operating lease obligations	Long-term operating lease obligations	205.4
Finance lease obligations	Long-term debt, net	55.9
Total lease obligations		$	320.3

Lease, Expense

The following table summarizes the classification of lease expense in the Company's Consolidated Statement of Income for the year ended December 31, 2019:

	Twelve months ended
(in millions)	December 31, 2019
Operating lease expense:
Operating lease expense	$	63.8
Short-term lease expense	9.0
Variable lease expense	18.8
Finance lease expense:
Amortization of right-of-use assets	8.5
Interest on lease obligations	4.7
Total lease expense	$	104.8

The following table provides supplemental information related to the Company's Consolidated Statement of Cash Flows for the year ended December 31, 2019:

	Twelve months ended
(in millions)	December 31, 2019
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	62.7
Operating cash flows paid for finance leases	$	3.7
Financing cash flows paid for finance leases	$	7.7
Right-of-use assets obtained in exchange for new operating lease obligations	$	60.9
Right-of-use assets obtained in exchange for new finance lease obligations	$	4.1

Lessee, Operating Lease, Liability, Maturity

The following table sets forth the scheduled maturities of lease obligations as of December 31, 2019:

(in millions)	Operating Leases			Finance Leases			Total
Year Ended December 31,
2020	$	62.1		$	12.3		$	74.4
2021	54.5			12.0			66.5
2022	46.6			9.8			56.4
2023	36.2			7.8			44.0
2024	29.0			6.2			35.2
Thereafter	74.5			36.3			110.8
Total lease payments	302.9			84.4			387.3
Less: Interest	(46.7		)	(20.3		)	(67.0		)
Present value of lease obligations	$	256.2		$	64.1		$	320.3

Finance Lease, Liability, Maturity

The following table sets forth the scheduled maturities of lease obligations as of December 31, 2019:

(in millions)	Operating Leases			Finance Leases			Total
Year Ended December 31,
2020	$	62.1		$	12.3		$	74.4
2021	54.5			12.0			66.5
2022	46.6			9.8			56.4
2023	36.2			7.8			44.0
2024	29.0			6.2			35.2
Thereafter	74.5			36.3			110.8
Total lease payments	302.9			84.4			387.3
Less: Interest	(46.7		)	(20.3		)	(67.0		)
Present value of lease obligations	$	256.2		$	64.1		$	320.3

Lease, Lease Term and Discount Rate

The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2019:

	December 31, 2019
Weighted average remaining lease term (years):
Operating leases	6.43
Finance leases	9.03
Weighted average discount rate:
Operating leases	5.42	%
Finance leases	6.27	%