Leases (Tables)

12 Months Ended

Dec. 31, 2021

The components of lease cost are as follows:

years ended December 31 (in millions)	2021		2020
Operating lease cost	$	72.9	$	79.0
Finance lease cost:
Amortization of right-of-use assets		14.3		3.6
Interest on lease liabilities		3.5		0.6
Variable lease cost		17.9		16.9
Short-term lease cost		32.3		31.3
Total lease cost	$	140.9	$	131.4

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

December 31 (in millions)	2021			2020
Operating Leases:
Operating lease right-of-use assets	$	426.7		$	453.0

Current operating lease liabilities	$	53.9		$	48.6
Noncurrent operating lease liabilities		379.4			410.4
Total operating lease liabilities	$	433.3		$	459.0

Finance Leases:
Property, plant and equipment	$	225.9		$	37.8
Accumulated depreciation		(21.2	)		(6.9	)
Property, plant and equipment, net	$	204.7		$	30.9

Other current liabilities	$	13.3		$	3.3
Other noncurrent liabilities		191.1			21.2
Total finance lease liabilities	$	204.4		$	24.5

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

December 31	2021		2020
Weighted-average remaining lease terms (years):
Operating leases		12.6		13.9
Finance leases		19.5		14.3

Weighted-average discount rates:
Operating leases	3.9%		4.2%
Finance leases	2.3%		3.3%

Future lease payments as of December 31, 2021 are as follows:

	Operating			Finance
(in millions)	Leases			Leases
2022	$	76.1		$	19.1
2023		69.9			19.0
2024		51.9			18.8
2025		45.1			18.2
2026		38.2			12.3
Thereafter		311.2			190.0
Total lease payments		592.4			277.4
Less: imputed interest		(141.0	)		(61.6	)
Present value of lease payments		451.4			215.8
Less: leases classified as held for sale		(18.1	)		(11.4	)
Less: current lease obligations		(53.9	)		(13.3	)
Total long-term lease obligations	$	379.4		$	191.1