XML 59 R49.htm IDEA: XBRL DOCUMENT

Leases and Commitments (Tables)

12 Months Ended

Dec. 31, 2021


	Classification	2021		2020
Assets
Operating right-of-use assets	Right-of-use asset	$	111.1	$	153.1
Finance right-of-use assets	Property, Plant and Equipment	2.2		2.4
Total right-of-use assets		113.3		155.5

Liabilities
Current
Operating lease liabilities	Other accrued liabilities	$	37.1	$	46.2
Finance lease liabilities	Other accrued liabilities	1.2		1.1
Total current lease liabilities		38.3		47.3

Noncurrent
Operating lease liabilities	Long-term operating lease liability	$	87.5	$	120.9
Finance lease liabilities	Long-term debt	1.3		1.5
Total noncurrent lease liabilities		$	88.8	$	122.4

Total lease liability		$	127.1	$	169.7

Lease Cost

The table below shows the lease income and expenses recorded in the Consolidated Statement of Operations incurred during the years ended December 31:


Lease Costs	Classification	2021		2020
Operating lease cost (1)	Selling, general and administrative expenses	$	51.7	$	63.6
Finance lease cost
Amortization of right-of-use assets	Selling, general and administrative expenses	1.3		1.2
Interest on lease liabilities	Interest Expense	.2		.3
Short-term leases costs	Selling, general and administrative expenses	11.0		2.3
Sublease income (2)	Selling, general and administrative expenses	(14.5)		(15.3)
Net lease cost		$	49.7	$	52.1

(1) Includes variable lease costs which are immaterial. These are presented in selling, general and administrative expenses in our Consolidated Statements of Operations.(2) Sublease portfolio consists of the sublease of our previous principal executive office located at 777 Third Avenue, New York, NY.

Operating Lease Maturity Analysis

The maturity analysis of the finance and operating lease liabilities is reflected below. This table also reflects the reconciliation of the undiscounted cash flows to the discounted finance and operating lease liabilities as recognized in the December 31, 2021 Consolidated Balance Sheet:


Maturity of Lease Liabilities	Operating Leases		Finance Leases		Total
2022	45.7		1.3		47.0
2023	36.3		.8		37.1
2024	26.7		.3		27.0
2025	22.0		.2		22.2
2026	12.2		.1		12.3
Thereafter	5.1		—		5.1
Total lease payments	$	148.0	$	2.7	$	150.7
Less: Interest	23.4		.2		23.6
Present value of lease liabilities	$	124.6	$	2.5	$	127.1

Finance Lease Maturity Analysis


Maturity of Lease Liabilities	Operating Leases		Finance Leases		Total
2022	45.7		1.3		47.0
2023	36.3		.8		37.1
2024	26.7		.3		27.0
2025	22.0		.2		22.2
2026	12.2		.1		12.3
Thereafter	5.1		—		5.1
Total lease payments	$	148.0	$	2.7	$	150.7
Less: Interest	23.4		.2		23.6
Present value of lease liabilities	$	124.6	$	2.5	$	127.1

Lease Terms

As noted in our lease accounting policy (See Note 1, Description of the Business and Summary of Significant Accounting Policies), the Company uses the incremental borrowing rate as the lease discount rate.


Lease Term and Discount Rate	2021		2020
Weighted-average remaining lease term (years)
Operating leases	4.0		4.2
Finance leases	2.7		2.5
Weighted-average discount rate
Operating leases	8.3	%	8.5	%
Finance leases	9.6	%	10.5	%

Cash Flow Classification

The table below sets out the classification of lease payments in the Consolidated Statement of Cash Flows. The ROU assets obtained in exchange for new finance and operating lease liabilities represent the new operating and finance leases entered into during the years ended December 31.


Other Information	2021		2020
Operating Cash Flows From Operating Leases	$	54.0	$	63.7
Operating Cash Flows From Finance Leases	.2		.3
Financing Cash Flows From Finance Leases	1.3		1.3
Cash Paid For Amounts Included In Measurement of Liabilities	$	55.5	$	65.3

Right-of-use Assets Obtained In Exchange For New Finance Liabilities	$	1.4	$	.9
Right-of-use Assets Obtained In Exchange For New Operating Liabilities	$	8.8	$	24.9

Purchase Obligations

Purchase obligations include commitments to purchase paper, inventory and other services. At December 31, 2021, our purchase obligations by due date were as follows:


Year	Purchase Obligations
2022	$	159.2
2023	51.8
2024	21.9
2025	1.7
2026	1.7
Later years	1.9
Total	$	238.2