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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | Leases As of June 30, 2021 and December 31, 2020, operating right-of-use (“ROU”) assets and lease liabilities were $27.5 and $27.2 ($5.0 of which was current) and $29.0 and $28.7 ($5.1 of which was current), respectively. The weighted-average remaining term for lease contracts was 5.2 years at June 30, 2021, with maturity dates ranging from July 2021 to February 2029. The weighted-average discount rate was 2.3% at June 30, 2021. ROU assets are classified as property, plant and equipment, net in the condensed consolidated balance sheets. We incurred $3.0 of rental expense under operating leases for both the three months ended June 30, 2021 and 2020, and $6.0 and $5.9 for the six months ended June 30, 2021 and 2020, respectively. Certain operating leases contain rent escalation clauses and lease concessions that require additional rental payments in the later years of the term. Rent expense for these types of leases is recognized on a straight-line basis over the minimum lease term. Adjustments for straight-line rental expense for the respective periods was not material and as such, the majority of expense recognized was reflected in cash provided by operating activities for the respective periods. This expense consisted primarily of payments for base rent on building and equipment leases. Payments related to short-term lease costs and taxes and variable service charges on leased properties were immaterial. In addition, we have the right, but no obligation, to renew certain leases for various renewal terms. The following table summarizes future minimum lease payments for non-cancelable operating leases as of June 30, 2021:
2021 | $ | 3.8 |
2022 | 6.4 |
2023 | 5.8 |
2024 | 5.3 |
2025 | 4.5 |
Thereafter (1) | 3.6 |
Total future minimum lease payments | $ | 29.4 |
_______________ (1) As of June 30, 2021, future minimum lease payments for non-cancelable operating leases for the period subsequent to 2025 relate to eight leased facilities.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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