Leases

3 Months Ended

Mar. 31, 2022

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. The lease terms used to recognize right-of-use assets and lease liabilities include periods covered by options to extend the lease where the Company is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. The majority of our leases are operating leases. Finance leases, which are recorded in "Property, Plant, and Equipment", are immaterial to our condensed consolidated financial statements.

Operating lease expenses are recorded in "Cost of sales" and "Selling, general and administrative expenses" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). Refer to the below table for a summary of these lease expenses:


	Three months ended March 31, 2022		Three months ended March 31, 2021
Operating lease cost	$	14.0	$	13.7
Short-term and variable lease cost	6.8		5.2
Total lease cost	$	20.8	$	18.9

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


	Three months ended March 31, 2022		Three months ended March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - Payments on operating leases	$	14.3	$	13.7
Right-of-use assets obtained in exchange for new lease obligations:


Operating leases	$	11.7	$	10.2

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


	Financial statement line item	March 31, 2022		December 31, 2021

Operating lease right-of-use assets	Other assets	$	152.8	$	152.9



Operating lease liabilities	Accrued expenses and other liabilities	$	44.0	$	42.1

Operating lease liabilities	Other long-term liabilities	112.8		113.6

Total lease liabilities		$	156.8	$	155.7

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


	March 31, 2022		December 31, 2021
Weighted Average Remaining Lease Term	5.6 years		5.5 years


Weighted Average Discount Rate	5.3	%	5.2	%

Maturities of lease liabilities are as follows:


	March 31, 2022		December 31, 2021
	Operating Leases
2022	$	38.4	$	50.5
2023	44.3		41.5
2024	32.7		30.0
2025	20.6		18.7
2026	11.6		10.3
Thereafter	37.2		32.3
Total Lease Payments	184.8		183.3
Less: Imputed Interest	(28.0)		(27.6)
Present value of lease liabilities	$	156.8	$	155.7