Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Consolidated Balance Sheet Related To Leases

Supplemental Condensed Consolidated Balance Sheet information related to leases for the period indicated, is as follows (in millions):

	Classification	September 30, 2019
Assets
Operating leases	Operating lease assets, net	$	639.6
Finance leases	Property, plant and equipment, net (1)	16.4
Total lease assets		$	656.0
Liabilities
Current
Operating leases	Other accrued liabilities	$	132.0
Finance leases	Short-term debt and current portion of long-term debt	3.5
Noncurrent
Operating leases	Long-term operating lease liabilities	555.3
Finance leases	Long-term debt	10.4
Total lease liabilities		$	701.2

(1)

Net of accumulated depreciation of $7.3 million.

Schedule of Consolidated Statement Of Operation Related To Leases

Supplemental cash flow information related to leases for the period indicated is as follows (in millions):

	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	148.3
Operating cash flows from finance leases	0.5
Financing cash flows from finance leases	2.7
Right of use assets obtained in exchange for lease liabilities:
Operating leases	123.5
Finance leases	6.7

Components of lease expense as of the date indicated, are as follows (in millions):

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost:
Operating lease cost (1)	$	47.4	$	150.5
Variable lease costs (2)	6.3		18.5
Finance lease cost:
Amortization of leased assets	1.2		3.5
Interest on lease liabilities	0.1		0.4

(1) Includes short-term leases, which are immaterial.

(2)

Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales.

Remaining lease term and discount rates as of the date indicated, are as follows:

	September 30, 2019
Weighted average remaining lease term (years):
Operating leases	7
Finance leases	4
Weighted average discount rate:
Operating leases	4.3%
Finance leases	3.4%

Schedule of Maturities for Operating Lease Liabilities

Maturities of lease liabilities for continuing operations under the new lease standard (see Footnote 1) as of September 30, 2019, are as follows (in millions):

	Operating Leases			Finance Leases
2019 (Excludes nine months ended September 30, 2019)	$	45.0		$	1.1
2020	158.5			4.3
2021	131.3			4.2
2022	110.0			3.3
2023	85.2			1.5
Thereafter	281.0			0.4
Total lease payments	811.0			14.8
Less: imputed interest	(123.7		)	(0.9		)
Present value of lease liabilities	$	687.3		$	13.9

Schedule of Maturities for Finance Lease Liabilities

Maturities of lease liabilities for continuing operations under the new lease standard (see Footnote 1) as of September 30, 2019, are as follows (in millions):

	Operating Leases			Finance Leases
2019 (Excludes nine months ended September 30, 2019)	$	45.0		$	1.1
2020	158.5			4.3
2021	131.3			4.2
2022	110.0			3.3
2023	85.2			1.5
Thereafter	281.0			0.4
Total lease payments	811.0			14.8
Less: imputed interest	(123.7		)	(0.9		)
Present value of lease liabilities	$	687.3		$	13.9

Schedule Of Future Minimum Rental Payments For Operating Leases

Future minimum rental payments for operating leases, prior to the adoption of the new lease standard, with initial or remaining terms in excess of one year at December 31, 2018 for the consolidated Company are as follows (in millions):

	Operating Leases
2019	$	180.0
2020	144.0
2021	117.8
2022	97.7
2023	74.0
Thereafter	263.9
Total lease payments	$	877.4