Leases

12 Months Ended

Dec. 31, 2020

LEASES

The Company leases certain facilities and equipment. The Company determines whether an arrangement is or contains a lease at inception. The Company accounts for lease and non-lease components separately. The consideration in the contract is allocated to each separate lease and non-lease component of the contract generally based on the relative stand-alone price of the components. The lease component is accounted for in accordance with the lease standard and the non-lease component is accounted for in accordance with other standards. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the rate implicit in the lease is available. The lease term may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Leases that have a term of 12 months or less at the commencement date (“short-term leases”) are not included in the right-of-use assets and the lease liabilities. Lease expense for the short-term leases are recognized on a straight-line basis over the lease term.

The components of lease expense were as follows:

Year Ended December 31,	2020		2019
Finance lease cost
Amortization of right-of-use assets	$	.9	$	.9
Interest on lease liabilities		.1		.1
Operating lease cost		16.6		16.9
Short-term lease cost		.8		.7
Variable lease cost		1.7		1.8
Total lease cost	$	20.1	$	20.4

For the years ended December 31, 2020, 2019 and 2018, total rental expenses for all leases amounted to $20.1, $20.4 and $35.7, respectively.

Balance sheet information related to leases was as follows:

At December 31,	2020				2019
	OPERATING LEASES		FINANCE LEASES		OPERATING LEASES		FINANCE LEASES
TRUCK, PARTS AND OTHER:
Other noncurrent assets	$	30.9	$	1.0	$	31.7	$	1.1
FINANCIAL SERVICES:
Other assets		9.0				5.2
Total right-of-use assets	$	39.9	$	1.0	$	36.9	$	1.1

TRUCK, PARTS AND OTHER:
Accounts payable, accrued expenses and other	$	11.4	$	.5	$	13.0	$	.7
Other liabilities		20.3		.5		19.5		.5
FINANCIAL SERVICES:
Accounts payable, accrued expenses and other		2.0				1.5
Deferred taxes and other liabilities		6.6				3.7
Total lease liabilities	$	40.3	$	1.0	$	37.7	$	1.2

The weighted-average remaining lease term and discount rate are as follows at December 31:

	2020						2019
	OPERATING LEASES			FINANCE LEASES			OPERATING LEASES			FINANCE LEASES
Weighted-average remaining lease term	5.7 years			2.3 years			5.1 years			2.2 years
Weighted-average discount rate		1.4	%		2.5	%		1.9	%		4.0	%

Maturities of lease liabilities are as follows:

Beginning January 1,	OPERATING LEASES			FINANCE LEASES
2021	$	13.7		$	.6
2022		10.6			.2
2023		5.8			.2
2024		3.2			.1
2025		2.4
Thereafter		6.0
Total lease payments		41.7			1.1
Less: interest		(1.4	)		(.1	)
Total lease liabilities	$	40.3		$	1.0

Cash flow information related to leases was as follows:

Year Ended December 31,	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	17.2	$	17.0
Operating cash flows from finance leases		.1		.2
Financing cash flows from finance leases		.9		1.0

Right-of-use assets obtained in exchange for lease liabilities
Operating leases		19.9		8.9
Finance leases		.5		.7