Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of Lease Information

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

		September 30,			December 31,
	Classification	2022			2021
Assets
Right of use assets	Other Assets	$	166.7		$	159.4
Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	22.8		$	24.4
Long-term lease liabilities	Deferred and Other Long-term Liabilities		155.5			146.6
Total lease liabilities		$	178.3		$	171.0
Other information
Weighted-average remaining lease term (years)			9.1			9.1
Weighted-average discount rate			4.4	%		4.3	%

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Statement of Income
Lease cost(1)	$	7.7	$	8.1	$	23.1	$	24.6
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	9.5	$	0.4	$	26.8	$	4.5
Cash paid for amounts included in the measurement of lease liabilities	$	7.8	$	8.0	$	23.3	$	24.5

(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 nine months of 2022 and 2021 was $18.0 and $19.1, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

In September 2022, the Company amended its contract at one of its international locations. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $8.2 recorded in the third quarter of 2022. In June 2022, the Company amended its contract at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.2 recorded in the second quarter of 2022.

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	$	8.1
2023		28.6
2024		27.2
2025		26.1
2026		18.7
2027 and thereafter		112.1
Total future minimum lease commitments		220.8
Less: Imputed interest		(42.5	)
Present value of lease liabilities	$	178.3