Leases

12 Months Ended

Dec. 31, 2021

LEASES

The Company’s lease portfolio primarily relates to real estate, which may be used for manufacturing or non-manufacturing purposes (e.g., office space), and contains lease terms generally ranging between one and 18 years. Our lease portfolio also includes vehicles and equipment. Substantially all of our leases are classified as operating leases.

Short-term lease costs, variable lease costs, finance lease costs, and sublease income were not material for the years ended December 31, 2021, 2020 and 2019. Operating lease costs were $25.7, $25.0, and $25.1 for the years ended December 31, 2021, 2020 and 2019, respectively.

The following table displays our future lease obligations related to non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2021


2022	$	19.9
2023	17.9
2024	13.3
2025	10.4
2026	8.9
Thereafter	21.4
Total undiscounted future operating lease obligations	91.8
Less: imputed interest	7.7
Present value of future operating lease obligations	$	84.1

The following table includes other supplemental information regarding our operating leases.


As of or for the Year Ended December 31	2021			2020
Operating cash outflows from operating leases	$	23.4		$	22.6
Right-of-use assets obtained in exchange for new operating lease liabilities	$	16.9		$	28.0
Weighted average remaining lease term (in years)	6.0			6.4
Weighted average discount rate(a)	2.5		%	2.6		%

(a)We use a discount rate for each lease based on an estimated incremental borrowing rate over a similar term as the lease, as the discount rate implicit in each lease cannot be readily determined.