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LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Right-of use Assets and Liabilities

The components of operating and finance lease ROU assets and liabilities as of December 31, 2019 were as follows:

December 31, 2019

Balance Sheet Caption in Which Balance is Reported

Finance lease ROU assets

0.5

Property, plant and equipment, net

Operating lease ROU assets

48.8

Other assets

Current portion of operating lease liabilities

15.4

Accrued expenses

Current portion of finance lease liabilities

0.1

Current maturities of long-term debt

Long-term finance lease liabilities

0.5

Long-term debt

Long-term operating lease liabilities

40.4

Other long-term liabilities

Assets held through finance lease agreements at December 31, 2019 and capital lease agreements at December 31, 2018 comprise the following:


	December 31,
	2019		2018
Buildings	$	0.4	$	7.5
Machinery and equipment	0.5		0.3
Total	0.9		7.8
Less: accumulated depreciation	(0.4)		(1.0)
Net book value	$	0.5	$	6.8

Components of Lease Expense

The components of lease expense for the year ended December 31, 2019 were as follows:


	Year ended December 31,
	2019⁽¹⁾
Operating lease cost⁽²⁾	$	18.9



Short-term lease cost⁽²⁾	2.7
Variable lease cost⁽²⁾	0.7
Total lease cost	$	22.3

(1)Finance lease costs, including amortization of finance lease ROU assets and interest on finance lease liabilities, were less than $0.1 individually, for the year ended December 31, 2019.

(2)Included in “Cost of products sold” and “Selling, general and administrative” in our consolidated statement of operations.

Future Lease Payments, Operating

The future lease payments under operating and finance leases with initial remaining terms in excess of one year as of December 31, 2019 were as follows:


Year Ending December 31,	Operating leases		Finance leases		Total
2020	$	16.5	$	0.2	$	16.7
2021	12.1		0.2		12.3
2022	8.7		0.1		8.8
2023	6.6		0.1		6.7
2024	9.3		0.1		9.4

Thereafter	10.5		—		10.5
Total lease payments	63.7		0.7		64.4
Less: interest	7.9		0.1		8.0
Present value of lease liabilities	$	55.8	$	0.6	$	56.4

Key assumptions used in accounting for our operating and finance leases as of December 31, 2019 were as follows:


	December 31, 2019
Weighted-average remaining lease term (years):
Operating leases	6.0
Finance leases	4.3
Weighted-average discount rate:
Operating leases	4.49	%
Finance leases	5.32	%

Future Lease Payments, Finance

The future lease payments under operating and finance leases with initial remaining terms in excess of one year as of December 31, 2019 were as follows:


Year Ending December 31,	Operating leases		Finance leases		Total
2020	$	16.5	$	0.2	$	16.7
2021	12.1		0.2		12.3
2022	8.7		0.1		8.8
2023	6.6		0.1		6.7
2024	9.3		0.1		9.4

Thereafter	10.5		—		10.5
Total lease payments	63.7		0.7		64.4
Less: interest	7.9		0.1		8.0
Present value of lease liabilities	$	55.8	$	0.6	$	56.4

Key assumptions used in accounting for our operating and finance leases as of December 31, 2019 were as follows:


	December 31, 2019
Weighted-average remaining lease term (years):
Operating leases	6.0
Finance leases	4.3
Weighted-average discount rate:
Operating leases	4.49	%
Finance leases	5.32	%

Supplemental Cash Flows

Cash flows and non-cash activities related to our operating and finance leases for the year ended December 31, 2019 were as follows:


	Year ended
	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	19.3
Operating cash flows paid for finance leases	—
Financing cash flows paid for finance leases	0.1
Non-cash activities:
Operating lease ROU assets obtained in exchange for new operating lease liabilities	13.9
Finance lease ROU assets obtained in exchange for new finance lease liabilities	0.4