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Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of lease assets and liabilities
The following table presents lease assets and liabilities and their balance sheet classification:
(in millions)
Classification
 
December 31, 2019
Operating leases:
 
 
 
Lease assets
Other assets
 
$
132.3

Current portion of liabilities
Other current liabilities
 
33.1

Liabilities, net of current portion
Other liabilities
 
106.6

Finance leases:
 
 
 
Lease assets
Property, plant and equipment, net
 
53.6

Current portion of liabilities
Current portion of debt
 
2.8

Liabilities, net of current portion
Debt, net of current portion
 
56.4

Schedule of information about lease expense
The following tables present information about lease expense:
(in millions)
Year ended December 31,
2019
 
2018
 
2017
 
(1,2)
 
(3)
 
(3)
Operating lease expense
$
55.1

 
$
48.4

 
$
13.4

Finance lease expense
10.3

 
 
 
 
Total
$
65.4

 
 
 
 
 
(1)
Operating lease expense for 2019 includes $5.3 million classified as cost of sales and $49.8 million classified as SG&A expenses.
(2)
Finance lease expense consists primarily of amortization of finance lease assets that is classified as SG&A expenses.
(3)
Operating lease expense for 2018 and 2017 is presented in accordance with the prior lease accounting standard, see note 3.
 
December 31, 2019
Weighted average remaining lease term:
 
Operating leases
5.3 years

Finance leases
16.5 years

Weighted average discount rate:
 
Operating leases
5.3
%
Finance leases
8.3
%
Schedule of future payments due under operating leases
The following table presents future payments due under leases reconciled to lease liabilities:
(in millions)
December 31, 2019
Operating leases
 
Finance leases
2020
$
39.1

 
$
7.8

2021
34.4

 
6.8

2022
27.3

 
6.0

2023
23.2

 
5.5

2024
17.6

 
5.5

Thereafter
18.4

 
87.1

Total undiscounted lease payments
160.0

 
118.7

Difference between undiscounted and discounted lease payments
(20.3
)
 
(59.5
)
Lease liabilities
$
139.7

 
$
59.2

Schedule of future payments due under finance leases
The following table presents future payments due under leases reconciled to lease liabilities:
(in millions)
December 31, 2019
Operating leases
 
Finance leases
2020
$
39.1

 
$
7.8

2021
34.4

 
6.8

2022
27.3

 
6.0

2023
23.2

 
5.5

2024
17.6

 
5.5

Thereafter
18.4

 
87.1

Total undiscounted lease payments
160.0

 
118.7

Difference between undiscounted and discounted lease payments
(20.3
)
 
(59.5
)
Lease liabilities
$
139.7

 
$
59.2

Schedule of future minimum payments under operating leases under prior lease accounting standard
The following table presents future payments under leases at December 31, 2018, the last balance sheet presented under the prior lease accounting standard:
(in millions)
December 31, 2018
Operating leases
 
Finance leases
2019
$
44.2

 
$
9.2

2020
34.1

 
8.0

2021
29.2

 
7.1

2022
25.7

 
6.3

2023
20.9

 
5.4

Thereafter
58.9

 
92.5

Total payments
$
213.0

 
128.5

Imputed interest
(62.2
)
Present value of payments
$
66.3

Schedule of future minimum payments under finance leases under prior lease accounting standard
The following table presents future payments under leases at December 31, 2018, the last balance sheet presented under the prior lease accounting standard:
(in millions)
December 31, 2018
Operating leases
 
Finance leases
2019
$
44.2

 
$
9.2

2020
34.1

 
8.0

2021
29.2

 
7.1

2022
25.7

 
6.3

2023
20.9

 
5.4

Thereafter
58.9

 
92.5

Total payments
$
213.0

 
128.5

Imputed interest
(62.2
)
Present value of payments
$
66.3