LEASES (Tables)

12 Months Ended

Dec. 31, 2021

The amounts for leases included in our consolidated balance sheet include:


		December 31,
		2021		2020
Lease assets:	Balance sheet location:	($ in millions)
Operating	Operating lease assets, net	$	372.4	$	360.7
Finance	Property, plant and equipment, less accumulated depreciation(1)	3.4		4.5
Total lease assets		$	375.8	$	365.2
Lease liabilities:
Current
Operating	Current operating lease liabilities	$	76.8	$	74.7
Finance	Current installments of long-term debt	1.1		1.3
Long-term
Operating	Operating lease liabilities	302.0		291.6
Finance	Long-term debt	1.9		3.0
Total lease liabilities		$	381.8	$	370.6

(1) As of December 31, 2021 and 2020, assets recorded under finance leases were $7.6 million and $8.0 million, respectively, and accumulated depreciation associated with finance leases was $4.3 million and $3.5 million, respectively.

Lease Expense

The components of lease expense are recorded to cost of goods sold and selling and administration expenses in the consolidated statement of operations, excluding interest on finance lease liabilities which is recorded to interest expense. The components of lease expense were as follows:


	Years Ended December 31,
	2021		2020		2019
Lease expense:	($ in millions)
Operating	$	97.1	$	96.0	$	93.6
Other operating lease expense(1)	28.7		24.3		27.5
Finance:
Depreciation of leased assets	1.1		1.3		1.3
Interest on lease liabilities	0.1		0.2		0.2
Total lease expense	$	127.0	$	121.8	$	122.6

(1) Includes costs associated with short-term leases and variable lease expenses.

Operating Lease Liability Maturity Schedule

The maturities of lease liabilities were as follows:


	December 31, 2021
	Operating leases		Finance leases		Total
	($ in millions)
2022	$	86.1	$	1.2	$	87.3
2023	69.7		1.0		70.7
2024	56.1		0.8		56.9
2025	46.8		0.2		47.0
2026	34.0		—		34.0
Thereafter	149.1		—		149.1
Total lease payments	441.8		3.2		445.0
Less: Imputed interest(1)	(63.0)		(0.2)		(63.2)
Present value of lease liabilities	$	378.8	$	3.0	$	381.8

(1) Calculated using the discount rate for each lease.

Finance Lease Liability Maturity Schedule

The maturities of lease liabilities were as follows:


	December 31, 2021
	Operating leases		Finance leases		Total
	($ in millions)
2022	$	86.1	$	1.2	$	87.3
2023	69.7		1.0		70.7
2024	56.1		0.8		56.9
2025	46.8		0.2		47.0
2026	34.0		—		34.0
Thereafter	149.1		—		149.1
Total lease payments	441.8		3.2		445.0
Less: Imputed interest(1)	(63.0)		(0.2)		(63.2)
Present value of lease liabilities	$	378.8	$	3.0	$	381.8

(1) Calculated using the discount rate for each lease.

Supplemental Lease Information

Other information related to leases was as follows:


	Years Ended December 31,
	2021			2020			2019
Supplemental cash flows information:	($ in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	97.4		$	95.9		$	93.4
Operating cash flows from finance leases	0.1			0.2			0.2
Financing cash flows from finance leases	1.1			2.1			1.4
Non-cash increase in lease assets and lease liabilities:
Operating leases	$	56.7		$	70.5		$	176.1
Finance leases	0.1			1.1			2.5

	December 31,
Weighted-average remaining lease term:	2021			2020			2019
Operating leases	9.3 years			9.5 years			9.4 years
Finance leases	2.4 years			3.1 years			3.2 years
Weighted-average discount rate:
Operating leases	3.1		%	3.0		%	3.1		%
Finance leases	3.4		%	3.3		%	3.3		%