Leases (Tables)

6 Months Ended

Jun. 30, 2021

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

		June 30,			December 31,
	Classification	2021			2020
Assets
Right of use assets	Other Assets	$	172.9		$	181.6

Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	25.5		$	25.0
Long-term lease liabilities	Deferred and Other Long-term Liabilities		159.2			168.3
Total lease liabilities		$	184.7		$	193.3

Other information
Weighted-average remaining lease term (years)			9.3			9.7
Weighted-average discount rate			4.2	%		4.3	%

	Three Months			Three Months		Six Months		Six Months
	Ended			Ended		Ended		Ended
	June 30, 2021			June 30, 2020		June 30, 2021		June 30, 2020
Statement of Income
Lease cost⁽¹⁾	$	8.2		$	6.8	$	16.5	$	13.4

Other information
Leased assets obtained in exchange for new lease liabilities net of modifications⁽²⁾	$	(0.3	)	$	6.3	$	4.1	$	16.5
Cash paid for amounts included in the measurement of lease liabilities	$	8.3		$	6.4	$	16.5	$	12.6

⁽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 six months of 2021 and 2020 was $12.8 and $9.7, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

⁽²⁾

In June 2021, the Company determined that a renewal option was no longer likely to be exercised. This resulted in a decrease to the Company’s right of use assets and corresponding lease liabilities of approximately $0.8 recorded in the second quarter of 2021. 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	$	15.9
2022		31.7
2023		26.5
2024		24.1
2025		23.0
2026 and thereafter		106.6
Total future minimum lease commitments		227.8
Less: Imputed Interest		(43.1	)
Present value of lease liabilities	$	184.7