Leases (Tables)

12 Months Ended

Dec. 31, 2020

The components of lease cost are as follows:

years ended December 31 (in millions)	2020		2019
Operating lease cost	$	79.0	$	80.9
Finance lease cost:
Amortization of right-of-use assets		3.6		3.4
Interest on lease liabilities		0.6		0.5
Variable lease cost		16.9		21.1
Short-term lease cost		31.3		33.0
Total lease cost	$	131.4	$	138.9

The balance sheet classifications of operating and finance leases are as follows:

December 31 (in millions)	2020			2019
Operating Leases:
Operating lease right-of-use assets	$	453.0		$	481.9

Current operating lease liabilities	$	48.6		$	52.7
Noncurrent operating lease liabilities		410.4			433.9
Total operating lease liabilities	$	459.0		$	486.6

Finance Leases:
Property, plant and equipment	$	37.8		$	18.3
Accumulated depreciation		(6.9	)		(3.1	)
Property, plant and equipment, net	$	30.9		$	15.2

Other current liabilities	$	3.3		$	2.8
Other noncurrent liabilities		21.2			5.9
Total finance lease liabilities	$	24.5		$	8.7

Weighted-average remaining lease terms and discount rates are as follows:

December 31	2020		2019
Weighted-average remaining lease terms (years):
Operating leases		13.9		14.5
Finance leases		14.3		9.0

Weighted-average discount rates:
Operating leases	4.2%		4.3%
Finance leases	3.3%		5.2%

Future lease payments as of December 31, 2020 are as follows:

	Operating			Finance
(in millions)	Leases			Leases
2021	$	66.4		$	4.0
2022		60.3			2.9
2023		55.4			2.7
2024		45.3			2.3
2025		42.1			1.5
Thereafter		357.0			17.9
Total lease payments		626.5			31.3
Less: imputed interest		(167.5	)		(6.8	)
Present value of lease payments		459.0			24.5
Less: current lease obligations		(48.6	)		(3.3	)
Total long-term lease obligations	$	410.4		$	21.2