Leases

3 Months Ended

Mar. 31, 2021

LEASES

The Company leases office space, warehouses, vehicles, and equipment. Leases have remaining lease terms of 1 year to 20 years, some of which have renewal and termination options. Termination options are exercisable at the Company's option. Terms and conditions to extend or terminate are recognized as part of the right-of-use assets and lease liabilities where prescribed by the guidance. The majority of our leases are operating leases. Finance leases are immaterial to our condensed consolidated financial statements.

Operating lease expense is as follows:


	Three months ended March 31, 2021		Three months ended March 31, 2020
Operating lease cost	$	13.7	$	12.8
Short-term and variable lease cost	5.2		7.5
Total lease cost	$	18.9	$	20.3

Supplemental cash flow information related to operating leases is as follows:


	Three months ended March 31, 2021		Three months ended March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - Payments on operating leases	$	13.7	$	13.0
Right-of-use assets obtained in exchange for new lease obligations:


Operating leases	$	10.2	$	11.3

Supplemental balance sheet information related to operating leases is as follows:


	Financial statement line item	March 31, 2021		December 31, 2020

Operating lease right-of-use assets	Other assets	$	138.7	$	145.8



Operating lease liabilities	Accrued expenses and other liabilities	40.6		42.3

Operating lease liabilities	Other long-term liabilities	102.1		107.3

Total lease liabilities		$	142.7	$	149.6

Weighted average remaining lease terms and discount rates for operating leases are as follows:


	March 31, 2021		March 31, 2020
Weighted Average Remaining Lease Term	4.7 years		4.5 years


Weighted Average Discount Rate	5.8	%	7.1	%

Maturities of lease liabilities are as follows:


	As of March 31, 2021		As of December 30, 2020
	Operating Leases
2021	$	37.5	$	51.0
2022	41.5		41.4
2023	33.7		33.4
2024	21.5		20.9
2025	10.7		10.4
Thereafter	20.5		17.2
Total Lease Payments	165.4		174.3
Less: Imputed Interest	(22.7)		(24.7)
Present value of lease liabilities	$	142.7	$	149.6