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Leases (Tables)

3 Months Ended

Mar. 31, 2020

Total lease assets and liabilities as of March 31, 2020 and December 31, 2019 were as follows (in millions):



Lease Assets	Classification	As of March 31, 2020		As of December 31, 2019
Operating ROU assets	Right-of-use lease assets	$	178.7	$	187.3
Finance lease assets	Property, plant and equipment, net⁽¹⁾	18.1		19.1
Total leased assets		$	196.8	$	206.4

Lease Liabilities	Classification	As of March 31, 2020		As of December 31, 2019
Current:
Operating	Accrued expenses	$	42.7	$	42.3
Finance	Other current liabilities	4.1		4.5

Noncurrent:
Operating	Operating lease liabilities	140.6		148.6
Finance	Other noncurrent liabilities	11.4		12.0
Total leased liabilities		$	198.8	$	207.4

(1) Finance lease assets are recorded net of accumulated depreciation of $14.4 million as of March 31, 2020 and $15.2 million as of

Lease, Cost

The following table summarizes the supplemental cash flow information for the three months ended March 31, 2020 and 2019 (in millions):



	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14.1	$	14.3
Operating cash flows from finance leases	0.1		0.1
Financing cash flows from finance leases	1.1		1.3

Leased assets obtained in exchange for lease obligations:
Operating leases	$	8.4	$	14.0
Finance leases	—		0.2

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:



	As of March 31, 2020		As of December 31, 2019
Weighted-average remaining lease term:
Operating leases	7 years		7 years
Finance leases	14 years		14 years

Weighted-average discount rate:
Operating leases	3.8	%	4.1	%
Finance leases	2.7	%	2.9	%

Total lease cost for the three months ended March 31, 2020 and 2019 are set forth below (in millions):



	Classification	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Operating lease cost	Selling, general and administrative expenses	$	14.3	$	14.3
Variable lease cost	Selling, general and administrative expenses	0.4		0.1
Short-term lease cost	Selling, general and administrative expenses	1.6		2.2
Finance lease cost:
Amortization of leased assets	Depreciation expense⁽¹⁾	1.0		1.3
Interest on leased liabilities	Interest expense, net	0.1		0.1
Total lease cost		$	17.4	$	18.0

(1) Depreciation expense is a component of both cost of sales and selling, general and administrative expenses.

Lessee, Operating Lease, Liability, Maturity

ease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2020 and December 31, 2019 were as follows (in millions):



	March 31, 2020						December 31, 2019
	Operating Leases⁽¹⁾			Finance Leases			Operating Leases⁽¹⁾			Finance Leases
2020	$	36.3		$	3.6		$	48.3		$	4.8
2021	41.9			2.8			40.8			2.7
2022	32.2			1.2			31.5			1.2
2023	24.6			1.0			24.1			0.9
2024	17.0			0.6			16.7			0.6
Thereafter	57.2			8.5			61.6			8.7
Total lease payments	209.2			17.7			223.0			18.9
Less: imputed interest⁽²⁾	(25.9		)	(2.2		)	(32.1		)	(2.4		)
Present value of leased liabilities	$	183.3		$	15.5		$	190.9		$	16.5

(1) Operating lease payments include options to extend or terminate at the Company's sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised.

(2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.

Finance Lease, Liability, Maturity

ease payment amounts for operating and finance leases with remaining terms greater than one year as of March 31, 2020 and December 31, 2019 were as follows (in millions):



	March 31, 2020						December 31, 2019
	Operating Leases⁽¹⁾			Finance Leases			Operating Leases⁽¹⁾			Finance Leases
2020	$	36.3		$	3.6		$	48.3		$	4.8
2021	41.9			2.8			40.8			2.7
2022	32.2			1.2			31.5			1.2
2023	24.6			1.0			24.1			0.9
2024	17.0			0.6			16.7			0.6
Thereafter	57.2			8.5			61.6			8.7
Total lease payments	209.2			17.7			223.0			18.9
Less: imputed interest⁽²⁾	(25.9		)	(2.2		)	(32.1		)	(2.4		)
Present value of leased liabilities	$	183.3		$	15.5		$	190.9		$	16.5

(2) Calculated for each lease using either the implicit interest rate or the incremental borrowing rate when the implicit interest rate is not readily available.