Leases Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of operating leases

All of our leases qualify as operating leases. The following table summarizes the presentation in our consolidated balance sheets of our operating leases:

(In millions)	Balance sheet location	As of December 31, 2019
Assets:
Operating lease assets	Operating lease assets	$	427.0
Liabilities
Current operating lease liabilities	Accrued expenses and other	$	73.6
Non-current operating lease liabilities	Long-term operating lease liabilities	412.7
Total operating lease liabilities		$	486.3

Operating lease costs

The following table summarizes the effect of lease costs in our consolidated statements of income:

		For the year ended December 31,
(In millions)	Income Statement Location	2019
Operating lease cost	Research and development	$	6.7
	Selling, general and administrative	84.6
Variable lease cost	Research and development	1.2
	Selling, general and administrative	23.7
Sublease income	Selling, general and administrative	(25.6		)
	Other (income) expense, net	(3.9		)
Net lease cost		$	86.7

Operating lease liability maturity

The minimum lease payments for the next five years and thereafter is expected to be as follows:

(In millions)	As of December 31, 2019
2020	$	87.6
2021	81.5
2022	75.7
2023	72.5
2024	69.0
Thereafter	158.3
Total lease payments	$	544.6
Less: interest	58.3
Present value of operating lease liabilities	$	486.3

Minimum lease payments

Under the prior lease accounting guidance minimum rental commitments under non-cancelable leases, net of income from subleases, for each of the five years and total thereafter as of December 31, 2018, were as follows:

(In millions)	2019			2020			2021			2022			2023			Thereafter			Total
Minimum lease payments	$	87.0		$	80.7		$	75.9		$	71.7		$	71.0		$	215.3		$	601.6
Less: income from subleases(1)	(26.8		)	(25.6		)	(23.7		)	(24.0		)	(24.3		)	(58.4		)	(182.8		)
Net minimum lease payments	$	60.2		$	55.1		$	52.2		$	47.7		$	46.7		$	156.9		$	418.8

(1)

Represents sublease income expected to be received for the vacated manufacturing facility in Cambridge, MA, the vacated portion of our Weston, MA facility and other facilities throughout the world.

Operating lease weighted average remaining term and discount rate [Table Text Block]

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

	As of December 31, 2019
Weighted average remaining lease term in years	7.07
Weighted average discount rate	3.2	%

Operating lease supplemental cash flow disclosure [Table Text Block]

Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities in our consolidated statements of cash flows is as follows:

	For the year ended December 31,
(In millions)	2019
Cash paid for amounts included in the measurement of lease liabilities	$	93.8
Operating lease assets obtained in exchange for lease obligations	$	35.9