Leasing

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leasing

Note 10 - Leasing

The Company enters into operating and finance leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment.

Lease expense for the years ended December 31, 2020 and 2019 was as follows:

	December 31, 2020		December 31, 2019
Operating lease expense	$	36.0	$	36.6
Amortization of right-of-use assets on finance leases	1.5		1.2
Total lease expense	$	37.5	$	37.8

The following tables present the impact of leasing on the Consolidated Balance Sheet.

Operating Leases	December 31, 2020		December 31, 2019
Lease assets:
Operating lease assets	$	118.2	$	114.1
Lease liabilities:
Short-term operating lease liabilities	$	27.2	$	28.3
Long-term operating lease liabilities	75.5		71.3
Total operating lease liabilities	$	102.7	$	99.6

Finance Leases	December 31, 2020		December 31, 2019
Lease assets:
Property, plant and equipment, net	$	5.3	$	5.0
Lease liabilities:
Current portion of long-term debt	$	0.8	$	0.5
Long-term debt	2.9		2.9
Total finance lease liabilities	$	3.7	$	3.4

Future minimum lease payments under non-cancellable leases at December 31, 2020 were as follows:

	Operating Leases		Finance Leases
Year Ending December 31,
2021	$	30.2	$	1.5
2022	23.5		1.3
2023	16.0		0.6
2024	10.5		0.3
2025	8.6		0.1
Thereafter	24.7		—
Total future minimum lease payments	$	113.5	$	3.8
Less: imputed interest	(10.8)		(0.1)
Total	$	102.7	$	3.7

Note 10 - Leasing (continued)

The following tables present other information related to leases:

	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35.7	$	35.6
Financing cash flows from finance leases	1.2		1.6
Lease assets added in the period:
Operating leases	$	39.9	$	58.6
Finance leases	0.9		2.0

	December 31, 2020		December 31, 2019
Weighted-average remaining lease term:
Operating leases	5.1 years		5.3 years
Finance leases	2.9 years		3.3 years
Weighted-average discount rate:
Operating leases	3.69	%	3.87	%
Finance leases	2.55	%	2.55	%

Leasing

Note 10 - Leasing

The Company enters into operating and finance leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment.

Lease expense for the years ended December 31, 2020 and 2019 was as follows:

	December 31, 2020		December 31, 2019
Operating lease expense	$	36.0	$	36.6
Amortization of right-of-use assets on finance leases	1.5		1.2
Total lease expense	$	37.5	$	37.8

The following tables present the impact of leasing on the Consolidated Balance Sheet.

Operating Leases	December 31, 2020		December 31, 2019
Lease assets:
Operating lease assets	$	118.2	$	114.1
Lease liabilities:
Short-term operating lease liabilities	$	27.2	$	28.3
Long-term operating lease liabilities	75.5		71.3
Total operating lease liabilities	$	102.7	$	99.6

Finance Leases	December 31, 2020		December 31, 2019
Lease assets:
Property, plant and equipment, net	$	5.3	$	5.0
Lease liabilities:
Current portion of long-term debt	$	0.8	$	0.5
Long-term debt	2.9		2.9
Total finance lease liabilities	$	3.7	$	3.4

Future minimum lease payments under non-cancellable leases at December 31, 2020 were as follows:

	Operating Leases		Finance Leases
Year Ending December 31,
2021	$	30.2	$	1.5
2022	23.5		1.3
2023	16.0		0.6
2024	10.5		0.3
2025	8.6		0.1
Thereafter	24.7		—
Total future minimum lease payments	$	113.5	$	3.8
Less: imputed interest	(10.8)		(0.1)
Total	$	102.7	$	3.7

Note 10 - Leasing (continued)

The following tables present other information related to leases:

	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35.7	$	35.6
Financing cash flows from finance leases	1.2		1.6
Lease assets added in the period:
Operating leases	$	39.9	$	58.6
Finance leases	0.9		2.0

	December 31, 2020		December 31, 2019
Weighted-average remaining lease term:
Operating leases	5.1 years		5.3 years
Finance leases	2.9 years		3.3 years
Weighted-average discount rate:
Operating leases	3.69	%	3.87	%
Finance leases	2.55	%	2.55	%