Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of March 31, 2020:

(in millions)		March 31, 2020
Assets
Operating lease assets	Operating lease right-of-use assets	$	283.2
Finance lease assets	Property, plant and equipment, net	60.3
Total leased assets		$	343.5
Liabilities
Short-term:
Operating lease obligations	Accrued expenses and other current liabilities	$	55.8
Finance lease obligations	Current portion of long-term debt	9.5
Long-term:
Operating lease obligations	Long-term operating lease obligations	241.7
Finance lease obligations	Long-term debt, net	60.6
Total lease obligations		$	367.6

The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2020:

	Three Months Ended
(in millions)	March 31, 2020
Operating lease expense:
Operating lease expense	$	18.0
Short-term lease expense	3.2
Variable lease expense	5.3
Finance lease expense:
Amortization of right-of-use assets	2.2
Interest on lease obligations	1.2
Total lease expense	$	29.9

The following table sets forth the scheduled maturities of lease obligations as of March 31, 2020:

(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2020 (excluding the three months ended March 31, 2020)	$	52.3	$	10.3	$	62.6
2021	63.3		13.6		76.9
2022	55.2		11.5		66.7
2023	43.7		9.1		52.8
2024	35.8		7.4		43.2
Thereafter	101.7		38.6		140.3
Total lease payments	352.0		90.5		442.5
Less: Interest	54.5		20.4		74.9
Present value of lease obligations	$	297.5	$	70.1	$	367.6

The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2020:

	March 31, 2020
Weighted average remaining lease term (years):
Operating leases	6.68
Finance leases	8.58
Weighted average discount rate:
Operating leases	5.20	%
Finance leases	6.05	%

The following table provides supplemental information related to the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2020:

	Three Months Ended
(in millions)	March 31, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	17.3
Operating cash flows paid for finance leases	$	1.2
Financing cash flows paid for finance leases	$	2.3
Right-of-use assets obtained in exchange for new operating lease obligations	$	35.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	8.2

Leases

Leases

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of March 31, 2020:

(in millions)		March 31, 2020
Assets
Operating lease assets	Operating lease right-of-use assets	$	283.2
Finance lease assets	Property, plant and equipment, net	60.3
Total leased assets		$	343.5
Liabilities
Short-term:
Operating lease obligations	Accrued expenses and other current liabilities	$	55.8
Finance lease obligations	Current portion of long-term debt	9.5
Long-term:
Operating lease obligations	Long-term operating lease obligations	241.7
Finance lease obligations	Long-term debt, net	60.6
Total lease obligations		$	367.6

The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2020:

	Three Months Ended
(in millions)	March 31, 2020
Operating lease expense:
Operating lease expense	$	18.0
Short-term lease expense	3.2
Variable lease expense	5.3
Finance lease expense:
Amortization of right-of-use assets	2.2
Interest on lease obligations	1.2
Total lease expense	$	29.9

The following table sets forth the scheduled maturities of lease obligations as of March 31, 2020:

(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2020 (excluding the three months ended March 31, 2020)	$	52.3	$	10.3	$	62.6
2021	63.3		13.6		76.9
2022	55.2		11.5		66.7
2023	43.7		9.1		52.8
2024	35.8		7.4		43.2
Thereafter	101.7		38.6		140.3
Total lease payments	352.0		90.5		442.5
Less: Interest	54.5		20.4		74.9
Present value of lease obligations	$	297.5	$	70.1	$	367.6

The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2020:

	March 31, 2020
Weighted average remaining lease term (years):
Operating leases	6.68
Finance leases	8.58
Weighted average discount rate:
Operating leases	5.20	%
Finance leases	6.05	%

The following table provides supplemental information related to the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2020:

	Three Months Ended
(in millions)	March 31, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	17.3
Operating cash flows paid for finance leases	$	1.2
Financing cash flows paid for finance leases	$	2.3
Right-of-use assets obtained in exchange for new operating lease obligations	$	35.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	8.2