Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

Operating lease assets and obligations included in the accompanying consolidated balance sheet are shown below (in millions):

For the year ended December 31,	2019
Right-of-use assets under operating leases:
Other long-term assets	$	527.0
Lease obligations under operating leases:
Accrued liabilities	$	113.9
Other long-term liabilities	422.4
	$	536.3

Maturity of Lease Obligations

Maturities of lease obligations as of December 31, 2019, are shown below (in millions):

2020	$	131.3
2021	108.4
2022	84.0
2023	64.5
2024	54.1
Thereafter	173.4
Total undiscounted cash flows	615.7
Less: Imputed interest	(79.4		)
Lease obligations under operating leases	$	536.3

Cash Flow Information, Lease Expense, Weighted Average Lease Term and Discount Rate

The weighted average lease term and discount rate for operating leases as of December 31, 2019, are shown below:

Weighted average remaining lease term (in years)	7.0
Weighted average discount rate	4.0	%

Cash flow information related to operating leases is shown below (in millions):

For the year ended December 31,	2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	214.3
Operating cash flows:
Cash paid related to operating lease obligations	$	141.8

Lease expense included in the accompanying consolidated statement of income is shown below (in millions):

For the year ended December 31,	2019
Operating lease expense	$	140.6
Short-term lease expense	17.0
Variable lease expense	6.5
Total lease expense	$	164.1