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LEASES (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Schedule of lease expense and supplemental cash flow information for leases | The components of lease expense and supplemental cash flow information related to our leases for the quarters ended March 31 are as follows:
(in millions) |  | 2019 |  | 2018
Finance/capital lease expense (1) |  | $ | 2.0 |  |  | $ | 1.9 |
Operating lease expense (2) |  | 1.4 |  |  | 1.4 |
Short-term lease expense (2) |  | — |  |  | 0.1 |
Total lease expense |  | $ | 3.4 |  |  | $ | 3.4 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from finance/capital lease (3) |  | $ | 0.9 |  |  | $ | 1.9 |
Operating cash flows from operating leases |  | $ | 1.7 |  |  | $ | 1.7 |
Financing cash flows from finance lease (3) |  | $ | 1.2 |  |  | $ | — |
Non-cash activity - right of use assets obtained in exchange for operating lease liabilities |  | $ | 49.0 |  |  |
Remaining lease term – finance lease |  | 3.2 years |  |  |
Weighted-average remaining lease term – operating leases |  | 13.2 years |  |  |
Discount rate – finance lease (4) |  | 15.8 | % |  |
Weighted average discount rate – operating leases (4) |  | 4.6 | % |  |
(1) | For the quarter ended March 31, 2019, finance lease expense included amortization of right of use assets in the amount of $1.1 million (included in depreciation and amortization expense) and interest on lease liabilities of $0.9 million (included in interest expense). For the quarter ended March 31, 2018, total finance lease expense related to the long-term power purchase agreement was included in cost of sales.
(2) | Operating lease expense was included as a component of operation and maintenance for the quarters ended March 31, 2019 and 2018.
(3) | Prior to our adoption of Topic 842 on January 1, 2019, all cash flows related to the finance lease were recorded as a component of operating cash flows.
(4) | Because our operating leases do not provide an implicit rate of return, we used the fully collateralized incremental borrowing rates based upon information available for similarly rated companies in determining the present value of lease payments for our operating leases. For our financing lease, the rate implicit in the lease was readily determinable.
Schedule of finance lease right of use asset | The following table summarizes our finance lease right of use asset, which was included in property, plant and equipment on our balance sheets:
(in millions) |  | March 31, 2019 |  | December 31, 2018
Long-term power purchase commitment |  | $ | 140.3 |  |  | $ | 140.3 |
Accumulated amortization |  | (122.3 | ) |  | (120.9 | )
Total finance lease right of use asset/capital lease asset |  | $ | 18.0 |  |  | $ | 19.4 |
Schedule of future minimum lease payments for operating and finance leases | Future minimum lease payments under our operating leases and our finance lease, and the present value of our net minimum lease payments as of March 31, 2019, were as follows:
(in millions) |  | Total Operating Leases |  | Power Purchase Commitment
Nine months ended December 31, 2019 |  | $ | 4.5 |  |  | $ | 6.2 |
2020 |  | 7.1 |  |  | 8.8 |
2021 |  | 5.1 |  |  | 9.4 |
2022 |  | 5.1 |  |  | 4.2 |
2023 |  | 5.2 |  |  | — |
2024 |  | 5.1 |  |  | — |
Thereafter |  | 33.0 |  |  | — |
Total minimum lease payments |  | 65.1 |  |  | 28.6 |
Less: Interest |  | (17.3 | ) |  | (6.5 | )
Present value of minimum lease payments |  | 47.8 |  |  | 22.1 |
Less: Short-term lease liabilities |  | (4.1 | ) |  | (5.2 | )
Long-term lease liabilities |  | $ | 43.7 |  |  | $ | 16.9 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows for finance and operating lease liabilities. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance and operating lease liabilities recognized in the statement of financial position. + References No definition available. + Details
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- Definition Tabular disclosure of right of use assets for finance and operating leases. Includes, but is not limited to, the gross carrying amount of the assets and the associated accumulated amortization. + References No definition available. + Details
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