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Leasing (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]


(in millions)						Balance Sheet Classification						September 30, 2020						December 31, 2019
Assets
Operating lease assets						Other assets						$	146.2					$	157.3
Finance lease assets						Property, plant and equipment, net						80.6						69.5
Total lease assets												$	226.8					$	226.8
Liabilities
Current liabilities:
Current portion of operating lease liabilities						Other accrued expenses						$	42.8					$	47.4
Current portion of finance lease liabilities						Current portion of long-term debt						23.6						20.9
Noncurrent liabilities:
Operating lease liabilities						Other long-term liabilities						111.4						114.5
Finance lease liabilities						Long-term debt						59.2						50.3
Total lease liabilities												$	237.0					$	233.1

Finance lease maturity schedule

Maturity of lease liabilities


(in millions)						Operating Leases						Finance Leases						Total
2020						$	13.4					$	6.7					$	20.1
2021						44.4						24.3						68.7
2022						35.3						20.8						56.1
2023						24.5						12.0						36.5
2024						16.2						8.8						25.0
2025 and After						39.2						15.8						55.0
Total lease payments						$	173.0					$	88.4					$	261.4
Less: interest						18.8						7.1
Present value of lease liabilities, excluding guaranteed residual values						$	154.2					$	81.3
Plus: present value of guaranteed residual values						—						1.5
Present value of lease liabilities						$	154.2					$	82.8

Lease term and discount rate

Lease cost


(in millions)						Three months ended September 30, 2020																		Three months ended September 30, 2019
Statement of Operations Classification						Operating Leases						Finance Leases						Total						Operating Leases						Finance Leases						Total
Cost of goods sold (exclusive of depreciation)						$	4.7					$	—					$	4.7					$	3.6					$	—					$	3.6
Outbound freight and handling						1.5						—						1.5						1.9						—						1.9
Warehousing, selling and administrative						7.8						—						7.8						7.1						—						7.1
Depreciation						—						6.7						6.7						—						4.8						4.8
Interest expense						—						0.8						0.8						—						0.7						0.7
Total gross lease component cost						$	14.0					$	7.5					$	21.5					$	12.6					$	5.5					$	18.1
Variable lease costs																		0.2																		(0.2)
Short-term lease costs																		5.9																		11.3
Total gross lease costs																		$	27.6																	$	29.2
Sublease income																		0.6																		1.3
Total net lease cost																		$	27.0																	$	27.9

Lease term and discount rate


						September 30, 2020						December 31, 2019
Weighted-average remaining lease term (years)
Operating leases						5.3						5.0
Finance leases						4.6						4.0
Weighted-average discount rate
Operating leases						4.82		%				4.95		%
Finance leases						3.98		%				4.33		%

Other information


						Nine months ended September 30,
(in millions)						2020						2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases						$	41.4					$	43.3
Operating cash flows from finance leases						2.5						2.0
Financing cash flows from finance leases						17.9						14.5

Lessee, Operating Lease, Liability, Maturity

Maturity of lease liabilities


(in millions)						Operating Leases						Finance Leases						Total
2020						$	13.4					$	6.7					$	20.1
2021						44.4						24.3						68.7
2022						35.3						20.8						56.1
2023						24.5						12.0						36.5
2024						16.2						8.8						25.0
2025 and After						39.2						15.8						55.0
Total lease payments						$	173.0					$	88.4					$	261.4
Less: interest						18.8						7.1
Present value of lease liabilities, excluding guaranteed residual values						$	154.2					$	81.3
Plus: present value of guaranteed residual values						—						1.5
Present value of lease liabilities						$	154.2					$	82.8