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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 16. Leases Our leases primarily consist of office space. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases beginning 2019 and later, we account for lease components separately from the non-lease components. Most leases include options to renew, and the lease renewal is at our sole discretion. Therefore, the depreciable life of assets and leasehold improvements is limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We rent or sublease certain real estate to third parties. Our sublease portfolio mainly consists of operating leases for space within our office facilities. Supplemental balance sheet information related to leases was as follows:
Lease Type |  | Balance Sheet Classification |  | December 31, 2020 |  |  | December 31, 2019 |
|  |  |  | (Dollars in millions) |
ASSETS |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Trade and other receivables, net |  | $ | 5.4 |  |  | $ | 5.5 |
Operating lease assets |  | Prepaid expenses and other current assets |  |  | 2.2 |  |  |  | 1.2 |
Operating lease assets |  | Right of use lease asset |  |  | 27.9 |  |  |  | 32.0 |
Financing lease assets |  | Property, plant, and equipment, net |  |  | 8.0 |  |  |  | 8.8 |
Total lease assets |  |  |  | $ | 43.5 |  |  | $ | 47.5 |
LIABILITIES |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Financing lease liabilities |  | Current portion of long-term debt |  | $ | 0.4 |  |  | $ | 4.0 |
Operating lease liabilities |  | Current portion of long-term lease liabilities |  |  | 10.5 |  |  |  | 8.8 |
Noncurrent |  |  |  |  |  |  |  |  |  |
Financing lease liabilities |  | Long-term debt, less current portion |  |  | 8.4 |  |  |  | 8.4 |
Operating lease liabilities |  | Long-term lease liabilities, less current portion |  |  | 33.6 |  |  |  | 30.1 |
Total lease liabilities |  |  |  | $ | 52.9 |  |  | $ | 51.3 |
The components of lease expense were as follows:
|  | Year Ended December 31, |
|  | 2020 ASC Topic 842 |  |  | 2019 ASC Topic 842 |  |  | 2018 ASC Topic 840 |
Lease Cost |  | (Dollars in millions) |
Operating lease cost |  | $ | 9.1 |  |  | $ | 12.8 |  |  | $ | 17.6 |
Financing lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of lease assets |  |  | 0.8 |  |  |  | 0.1 |  |  |  | — |
Interest on lease liabilities (a) |  |  | 0.4 |  |  |  | — |  |  |  | — |
Sublease income |  |  | (4.1 | ) |  |  | (4.4 | ) |  |  | (4.9 | )
Net lease cost |  | $ | 6.2 |  |  | $ | 8.5 |  |  | $ | 12.7 |
(a) | Interest on lease liabilities was less than $0.1 million for the year ended December 31, 2019.
As a result of COVID-19 and our pivot to a virtual working environment, we evaluated our lease portfolio resulting in the decision to close certain office locations and transition the impacted employees to fully virtual work by the end of fiscal 2020. We recognized $16.8 million of charges, which was comprised of $14.7 million of accelerated amortization of the right of use assets and $2.1 million of accelerated depreciation of leasehold improvements, related to the abandonment of the leases associated with these office locations within selling, general and administrative expense in the consolidated statements of operations during the year ended December 31, 2020. Supplemental cash flow information related to leases was as follows:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
|  | (Dollars in millions) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1.5 |  |  | $ | 11.2 |
Operating cash flows from finance leases |  |  | 0.4 |  |  |  | — |
Financing cash flows from finance leases |  |  | 3.3 |  |  |  | 0.4 |
Lease assets obtained in exchange for new lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  |  | 4.4 |  |  |  | 3.7 |
Financing leases |  |  | — |  |  |  | 8.8 |
The future minimum lease payments under our operating and financing leases were as follows:
Years Ending December 31, |  | Amount |
|  | (Dollars in millions) |
2021 |  | $ | 11.2 |
2022 |  |  | 11.3 |
2023 |  |  | 10.0 |
2024 |  |  | 8.6 |
2025 |  |  | 6.7 |
Thereafter |  |  | 11.9 |
Total lease payments (a) |  | $ | 59.7 |
Less: Interest |  |  | 6.8 |
Total |  | $ | 52.9 |
(a) | Future minimum lease payments have not been reduced by minimum sublease rentals of $6.5 million due in the future under noncancellable subleases.
Weighted average remaining lease term and weighted average discount rate were as follows:
|  | December 31, |
|  | 2020 |  |  | 2019 |
Weighted average remaining lease term (in years) |  |  |  |  |  |  |  |
Operating leases |  |  | 9.0 |  |  |  | 5.8 |
Financing leases |  |  | 10.6 |  |  |  | 11.6 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 10.18 | % |  |  | 5.02 | %
Financing leases |  |  | 3.91 | % |  |  | 3.91 | %

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