Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Lease Information

A summary of the Company’s lease information is as follows:

		March 31,	December 31,
	Classification	2022	2021
Assets
Right of use assets	Other Assets	$154.4	$159.4
Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$23.7	$24.4
Long-term lease liabilities	Deferred and Other Long-term Liabilities	142.6	146.6
Total lease liabilities		$166.3	$171.0
Other information
Weighted-average remaining lease term (years)		9.0	9.1
Weighted-average discount rate		4.3%	4.3%

	Three Months		Three Months
	Ended		Ended
	March 31, 2022		March 31, 2021
Statement of Income
Lease cost(1)	$	7.9	$	8.3
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications	$	1.5	$	4.4
Cash paid for amounts included in the measurement of lease liabilities	$	7.5	$	8.2

(1)Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The non-cash component of lease expense for the first three months of 2022 and 2021 was $6.2 and $6.4, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:

	Operating
	Leases
2022	$	23.1
2023		26.5
2024		24.4
2025		23.2
2026		15.7
2027 and thereafter		91.4
Total future minimum lease commitments		204.3
Less: Imputed interest		(38.0	)
Present value of lease liabilities	$	166.3