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LEASES | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | We have leases for equipment, offices and production buildings with remaining contractual lease terms of up to 20 years. Certain of those leases include options to extend the leases, for periods from one to 32 years depending on the particular lease, as well as options to terminate the leases. Certain leases include variable lease payments based on production, usage or independent factors such as PPI changes. Substantially all of the variable lease payments relate to steelmaking services and rail transportation. We use our incremental borrowing rate as the discount rate to determine the present value of the lease payments for leases, as our leases do not have readily determinable implicit discount rates. Our incremental borrowing rate is the rate of interest that we would have to borrow on a collateralized basis over a similar term and amount in a similar economic environment. We determine the incremental borrowing rates for our leases by adjusting the local risk-free interest rate with a credit risk premium corresponding to our credit rating. Lease costs are presented below:
| (In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Operating leases | $ | 3.8 |  |  | $ | 1.0 |
Finance leases: |  |  |
Amortization of lease cost | 2.1 |  |  | 0.8 |
Interest on lease liabilities | 0.5 |  |  | 0.3 |
Short-term leases | 4.1 |  |  | 1.7 |
Variable lease costs | 2.8 |  |  | — |
Total | $ | 13.3 |  |  | $ | 3.8 |
Other information related to leases was as follows:
| (Dollars In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Cash paid for amounts included in measurement of lease liabilities: |  |  |
Operating leases within cash flows from operating activities | $ | 1.1 |  |  | $ | 1.0 |
Finance leases within cash flows from operating activities | $ | 0.5 |  |  | $ | 0.3 |
Finance leases within cash flows from financing activities | $ | 2.1 |  |  | $ | 0.8 |
Right-of-use assets obtained in exchange for new finance lease liabilities 1 | $ | 29.9 |  |  | $ | 15.1 |
Weighted-average remaining lease term - operating leases (in years) | 8 |  |  | 10 |
Weighted-average remaining lease term - finance leases (in years) | 11 |  |  | 6 |
Weighted-average discount rate - operating leases | 8.4 | % |  | 7.9 | %
Weighted-average discount rate - finance leases | 6.8 | % |  | 4.7 | %
1 Does not include right-of-use assets obtained in the Merger of $5.3 million for the three months ended March 31, 2020. Future minimum lease payments under noncancellable finance and operating leases as of March 31, 2020 were as follows:
| (In Millions)
| Finance Leases |  | Operating Leases
2020 (remaining period of the year) | $ | 11.1 |  |  | $ | 43.0 |
2021 | 13.6 |  |  | 56.0 |
2022 | 12.5 |  |  | 45.6 |
2023 | 10.6 |  |  | 39.4 |
2024 | 10.5 |  |  | 29.0 |
Thereafter | 56.0 |  |  | 132.7 |
Total future minimum lease payments | 114.3 |  |  | 345.7 |
Less imputed interest | 42.9 |  |  | 104.1 |
Total lease payments | 71.4 |  |  | 241.6 |
Less current portion of lease liabilities | 11.4 |  |  | 40.4 |
Long-term lease liabilities | $ | 60.0 |  |  | $ | 201.2 |
The current and long-term portions of our finance lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively. The current and long-term portions of our operating lease liabilities are included in Other current liabilities and Operating lease liability, non-current, respectively.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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