Leases (Tables)

12 Months Ended

Dec. 31, 2021

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):

December 31,	2021		2020
Right-of-use assets under operating leases:
Other long-term assets	$	627.9	$	540.3
Lease obligations under operating leases:
Accrued liabilities	$	125.6	$	116.3
Other long-term liabilities	523.6		438.9
	$	649.2	$	555.2

Maturity of Lease Obligations

Maturities of lease obligations as of December 31, 2021, are shown below (in millions):

2022	$	143.4
2023	115.8
2024	98.3
2025	83.4
2026	73.3
Thereafter	207.4
Total undiscounted cash flows	721.6
Less: Imputed interest	(72.4)
Lease obligations under operating leases	$	649.2

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

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

For the year ended December 31,	2021		2020		2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	258.4	$	135.1	$	214.3
Operating cash flows:
Cash paid related to operating lease obligations	$	164.2	$	143.8	$	141.8

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

For the year ended December 31,	2021		2020		2019
Operating lease expense	$	160.3	$	148.6	$	140.6
Short-term lease expense	19.4		15.4		17.0
Variable lease expense	7.9		8.0		6.5
Total lease expense	$	187.6	$	172.0	$	164.1

The weighted average lease term and discount rate for operating leases as of December 31, 2021, are shown below:

Weighted average remaining lease term	Seven years
Weighted average discount rate	3.0	%