Leases (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2020			December 31, 2019
Assets
Operating lease right-of-use assets (1)	Other noncurrent assets	$	439.5		$	469.4
Liabilities
Operating lease current	Other current liabilities	144.0			145.0
Operating lease noncurrent	Other noncurrent liabilities	301.2			329.9
Weighted average remaining lease term		4.2 years			4.3 years
Weighted average discount rate		3.4		%	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 $5.7 million and $5.5 million at September 30, 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 and nine months ended September 30:

	Three months ended				Nine months ended
In millions	2020		2019		2020		2019
Operating lease expense	$	43.8	$	42.2	$	130.2	$	121.4
Variable lease expense	6.6		5.6		19.0		17.8
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	43.8		41.8		129.8		120.0
Right-of-use assets obtained in exchange for new operating lease liabilities	30.5		35.4		98.0		132.3

Maturities of Lease Obligations

Maturities of lease obligations were as follows:

In millions	September 30, 2020
Operating leases:
Remaining three months of 2020	$	42.9
2021	148.9
2022	111.3
2023	76.3
2024	46.1
After 2024	61.2
Total lease payments	$	486.7
Less: Interest	(41.5)
Present value of lease liabilities	$	445.2