Leases (Tables)

3 Months Ended

Mar. 31, 2021

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

		March 31,			December 31,
	Classification	2021			2020
Assets
Right of use assets	Other Assets	$	179.5		$	181.6

Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	26.1		$	25.0
Long-term lease liabilities	Deferred and Other Long-term Liabilities		165.2			168.3
Total lease liabilities		$	191.3		$	193.3

Other information
Weighted-average remaining lease term (years)			9.4			9.7
Weighted-average discount rate			4.3	%		4.3	%

	Three Months		Three Months
	Ended		Ended
	March 31, 2021		March 31, 2020
Statement of Income
Lease cost⁽¹⁾	$	8.3	$	6.6

Other information
Leased assets obtained in exchange for new lease liabilities⁽²⁾	$	4.4	$	10.2
Cash paid for amounts included in the measurement of lease liabilities	$	8.2	$	6.2

⁽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 three months of 2021 and 2020 was $6.4 and $4.8, 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.

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
2021	$	24.9
2022		31.5
2023		26.3
2024		24.2
2025		23.0
2026 and thereafter		106.6
Total future minimum lease commitments		236.5
Less: Imputed Interest		(45.2	)
Present value of lease liabilities	$	191.3