LEASES (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Effect of Applying Topic 842

The cumulative effect of applying Topic 842 to our Consolidated Condensed Balance Sheet was as follows:

	Balance at December 31, 2018 as Previously Reported			Topic 842 Adjustments			Balance at January 1, 2019
Current assets 1	$	1,524.6		$	(1.3	)	$	1,523.3
Net property, plant and equipment 2	728.5			(5.1		)	723.4
Other assets 3	1,128.9			142.3			1,271.2
Total assets	$	3,382.0		$	135.9		$	3,517.9
Accrued expenses 4	$	262.7		$	(.4	)	$	262.3
Current portion of operating lease liabilities 3	—			32.0			32.0
All other current liabilities	553.0			—			553.0
Long-term liabilities 3	1,408.7			104.2			1,512.9
Retained earnings	2,613.8			.1			2,613.9
Other equity	(1,456.2		)	—			(1,456.2		)
Total liabilities and equity	$	3,382.0		$	135.9		$	3,517.9

¹ This adjustment is to reclass prepaid rent balances to be presented within Other assets with the operating lease right-of-use assets.

² This adjustment is to reclass our finance lease right-of-use assets to be presented within Other assets with the operating lease right-of-use assets.

³This adjustment is to record the assets and liabilities arising from leases.

⁴ This adjustment is to reclass lease liabilities to be presented within Current portion of operating lease liabilities.

Assets And Liabilities, Lessee

Supplemental balance sheet information related to leases was as follows:

	September 30, 2019
Operating Leases
Operating lease right-of-use assets	$	156.0
Current portion of operating lease liabilities	38.0
Operating lease liabilities	119.0
Total operating lease liabilities	$	157.0
Finance Leases
Sundry	$	4.7
Current maturities of long-term debt	1.2
Long-term debt	3.2
Total finance lease liabilities	$	4.4

Lease, Cost

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended September 30,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29.6
Operating cash flows from finance leases	$	.2
Financing cash flows from finance leases	$	2.2
Right-of-use assets obtained in exchange for new operating lease liabilities	$	30.5
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1.8

The components of lease expense were as follows:

	Nine Months Ended		Three Months Ended
	September 30,		September 30,
	2019		2019
Operating lease cost:
Lease cost	$	33.4	$	11.6
Variable lease cost	8.8		3.1
Total operating lease cost	$	42.2	$	14.7
Short-term lease cost	$	3.5	$	1.3
Finance lease cost:
Amortization of right-of-use assets	$	2.2	$	.7
Interest on lease liabilities	.2		.1
Total finance lease cost	$	2.4	$	.8
Total lease cost	$	48.1	$	16.8

Finance Lease, Liability, Maturity

The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2019 to the operating and finance lease liabilities recorded on the balance sheet:

 

	September 30, 2019
	Operating Leases			Finance Leases
2019 Remainder	$	10.9		$	.5
2020	41.3			2.0
2021	36.5			1.3
2022	30.1			.7
2023	21.2			.1
2024 and thereafter	30.2			—
Total	170.2			4.6
Less: Interest	13.2			.2
Lease Liability	$	157.0		$	4.4
Weighted average remaining lease term (years)	4.8			2.6
Weighted average discount rate	3.3		%	3.5		%

Lessee, Operating Lease, Liability, Maturity

The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2019 to the operating and finance lease liabilities recorded on the balance sheet:

 

	September 30, 2019
	Operating Leases			Finance Leases
2019 Remainder	$	10.9		$	.5
2020	41.3			2.0
2021	36.5			1.3
2022	30.1			.7
2023	21.2			.1
2024 and thereafter	30.2			—
Total	170.2			4.6
Less: Interest	13.2			.2
Lease Liability	$	157.0		$	4.4
Weighted average remaining lease term (years)	4.8			2.6
Weighted average discount rate	3.3		%	3.5		%

Operating Leases, Schedule of Future Minimum Payments

Our future minimum lease commitments as of December 31, 2018, under Topic 840, the predecessor to Topic 842, were as follows:

 

	Operating Leases
2019	$	35.9
2020	30.7
2021	26.2
2022	19.9
2023	13.1
Thereafter	18.0
Total	$	143.8