Leases (Tables)

9 Months Ended

Sep. 30, 2020

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

		September 30,			December 31,
	Classification	2020			2019
Assets
Right of use assets	Other Assets	$	154.9		$	150.7

Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	19.0		$	16.4
Long-term lease liabilities	Deferred and Other Long-term Liabilities		146.5			144.0
Total lease liabilities		$	165.5		$	160.4

Other information
Weighted-average remaining lease term (years)			10.7			11.1
Weighted-average discount rate			4.8	%		4.9	%

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Statement of Income
Lease cost⁽¹⁾	$	6.6	$	6.5	$	20.0	$	18.1

Other information
Leased assets obtained in exchange for new lease liabilities⁽²⁾	$	2.2	$	2.0	$	18.7	$	59.1
Cash paid for amounts included in the measurement of lease liabilities	$	6.3	$	6.1	$	18.9	$	18.2

⁽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 noncash component of lease expense for the first nine months of 2020 and 2019 was $14.4 and $13.2, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

⁽²⁾

In March 2020, the Company approved a capital project to purchase additional machinery and equipment at one of its leased manufacturing facilities. This led to a lease modification to include a renewal option that would extend the lease for an additional five years through 2029. The modification resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $7.3 recorded in the first quarter of 2020. In June 2019, the Company amended an operating lease for one of its manufacturing facilities to extend the lease an additional ten years through 2033. The amendment resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $53.0 recorded in the second quarter of 2019.

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
2020	$	6.0
2021		26.4
2022		24.1
2023		18.4
2024		16.7
2025 and thereafter		121.8
Total future minimum lease commitments		213.4
Less: Imputed Interest		(47.9	)
Present value of lease liabilities	$	165.5