Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Summary of Company's Lease Portfolio and Balance Sheet Components

The following table includes a summary of the Company's lease portfolio and Balance Sheet classification:

In millions (except lease term and discount rate)	Classification	March 31, 2020			December 31, 2019
Assets
Operating lease right-of-use assets (1)	Other noncurrent assets	$	453.7		$	469.4
Liabilities
Operating lease current	Other current liabilities	143.4			145.0
Operating lease noncurrent	Other noncurrent liabilities	315.9			329.9
Weighted average remaining lease term		4.3 years			4.3 years
Weighted average discount rate		3.5		%	3.6		%

⁽¹⁾ Per ASC 842, prepaid lease payments and lease incentives are recorded as part of the right-of-use asset. The net impact was $5.6 million and $5.5 million at March 31, 2020 and December 31, 2019, respectively.

Schedule of Lease Cost and Related Cash Flow Information

The following table includes lease costs and related cash flow information for the three months ended March 31:

	Three months ended
In millions	2020		2019
Operating lease expense	$	42.9	$	38.7
Variable lease expense	6.2		6.4
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	42.7		38.3
Right-of-use assets obtained in exchange for new operating lease liabilities	43.5		38.5

Maturities of Lease Obligations

Maturities of lease obligations were as follows:

In millions	March 31, 2020
Operating leases:
Remaining nine months of 2020	$	121.1
2021	130.2
2022	93.2
2023	64.3
2024	37.5
After 2024	51.6
Total lease payments	$	497.9
Less: Interest	(38.6		)
Present value of lease liabilities	$	459.3