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Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2019

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

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

²This 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.

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

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:



	December 31, 2019
Operating leases:
Operating lease right-of-use assets	$	158.8

Current portion of operating lease liabilities	39.3
Operating lease liabilities	121.6
Total operating lease liabilities	$	160.9

Finance leases:
Sundry	$	4.3

Current maturities of long-term debt	1.1
Long-term debt	3.1
Total finance lease liabilities	$	4.2

Components of Lease Expense

The components of lease expense were as follows:



	Year Ended December 31,
	2019
Operating lease costs:
Lease costs	$	45.0
Variable lease costs	12.9
Total operating lease costs	$	57.9

Short-term lease costs	$	5.0

Finance lease costs:
Amortization of right-of-use assets	$	2.7
Interest on lease liabilities	.2
Total finance lease costs	$	2.9

Total lease costs	$	65.8

Supplemental cash flow information related to leases was as follows:



	Year Ended December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	40.7
Operating cash flows from finance leases	.2
Financing cash flows from finance leases	2.7

Right-of-use assets obtained in exchange for new operating lease liabilities	40.7
Right-of-use assets obtained in exchange for new finance lease liabilities	2.1

Lessee, Operating Lease, Liability, Maturity

The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2019 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets:



	December 31, 2019
	Operating Leases			Finance Leases
2020	$	43.9		$	1.9
2021	39.1			1.4
2022	32.7			.9
2023	23.4			.2
2024	16.1			—
Thereafter	19.1			—
Total	174.3			4.4
Less: Interest	13.4			.2
Lease Liability	$	160.9		$	4.2

Weighted average remaining lease term (years)	4.7			2.5
Weighted average discount rate	3.3		%	3.5		%

Operating Leases, Schedule of Future Minimum Payments



	December 31, 2019
	Operating Leases			Finance Leases
2020	$	43.9		$	1.9
2021	39.1			1.4
2022	32.7			.9
2023	23.4			.2
2024	16.1			—
Thereafter	19.1			—
Total	174.3			4.4
Less: Interest	13.4			.2
Lease Liability	$	160.9		$	4.2

Weighted average remaining lease term (years)	4.7			2.5
Weighted average discount rate	3.3		%	3.5		%

Future minimum lease commitments

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