Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

LEASES

The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.

As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.0% to 12.3%.

The components of lease expense are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2021		2020		2021		2020
Operating lease expense	$	14.3	$	14.1	$	28.5	$	28.8
Finance lease expense amortization of leased assets	0.2		0.3		0.2		0.6
Short-term and variable lease expense	0.2		—		0.3		0.1
Sublease income	(0.1)		(0.1)		(0.2)		(0.2)
Total	$	14.6	$	14.3	$	28.8	$	29.3

Scheduled payments of lease liabilities are as follows:

In millions	Operating Leases		Finance Leases		Total
Remaining 2021	$	29.1	$	0.4	$	29.5
2022	53.9		0.7		54.6
2023	47.6		0.5		48.1
2024	42.4		0.2		42.6
2025	36.8		0.2		37.0
Thereafter	117.4		0.1		117.5
Total lease payments	327.2		2.1		329.3
Less: Present value discount	(27.2)		—		(27.2)
Present value of lease liabilities	$	300.0	$	2.1	$	302.1

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:

	June 30, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	7.2		7.4
Finance leases	3.5		4.5
Weighted-average discount rate
Operating leases	2.6	%	2.7	%
Finance leases	1.4	%	1.4	%

Leases

LEASES

The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.

As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.0% to 12.3%.

The components of lease expense are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2021		2020		2021		2020
Operating lease expense	$	14.3	$	14.1	$	28.5	$	28.8
Finance lease expense amortization of leased assets	0.2		0.3		0.2		0.6
Short-term and variable lease expense	0.2		—		0.3		0.1
Sublease income	(0.1)		(0.1)		(0.2)		(0.2)
Total	$	14.6	$	14.3	$	28.8	$	29.3

Scheduled payments of lease liabilities are as follows:

In millions	Operating Leases		Finance Leases		Total
Remaining 2021	$	29.1	$	0.4	$	29.5
2022	53.9		0.7		54.6
2023	47.6		0.5		48.1
2024	42.4		0.2		42.6
2025	36.8		0.2		37.0
Thereafter	117.4		0.1		117.5
Total lease payments	327.2		2.1		329.3
Less: Present value discount	(27.2)		—		(27.2)
Present value of lease liabilities	$	300.0	$	2.1	$	302.1

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:

	June 30, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	7.2		7.4
Finance leases	3.5		4.5
Weighted-average discount rate
Operating leases	2.6	%	2.7	%
Finance leases	1.4	%	1.4	%