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Leases (Tables)
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Lease, Cost
The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions)
 
Jun 30,
2020
 
Dec 31,
2019
Operating Lease Right-of-Use Assets
 
$
71.9

 
$
75.6

Operating Lease Liabilities
 
95.0

 
93.2


Supplemental cash flow information related to the Company’s operating and finance leases for the six months ended June 30, 2020 and 2019 is as follows:
 
 
Six Months Ended
(Dollars in Millions)
 
Jun 30,
2020
 
Jun 30,
2019
Operating Cash Flows from Operating Lease (Fixed Payments)
 
$
10.9

 
$
10.6

Operating Cash Flows from Operating Lease (Liability Reduction)
 
9.5

 
9.3

Financing Cash Flows from Finance Leases
 
0.2

 
0.3

Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities
 
5.8

 
9.5

Significant judgments and assumptions for determining lease asset and liability at June 30, 2020 are presented below.
Weighted-average Remaining Lease Term - Finance Leases
 
1.2 years

Weighted-average Remaining Lease Term - Operating Leases
 
6.8 years

Weighted-average Discount Rate - Finance Leases
 
4.0
%
Weighted-average Discount Rate - Operating Leases
 
3.8
%

Lease expenses are primarily included in insurance expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below.
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions)
 
Jun 30,
2020
 
Jun 30,
2019
 
Jun 30,
2020
 
Jun 30,
2019
Lease Cost:
 
 
 
 
 
 
 
 
Amortization of Right-of-Use Assets - Finance Leases
 
$
0.2

 
$
0.3

 
$
0.1

 
$
0.1

Operating Lease Cost
 
10.8

 
11.2

 
5.2

 
5.5

Short-Term Lease Cost (1)
 
—

 
0.1

 
—

 
—

Total Expense
 
11.0

 
11.6

 
5.3

 
5.6

Less: Sublease Income (2)
 
—

 
0.1

 
—

 
—

Total Lease Cost
 
$
11.0

 
$
11.5

 
$
5.3

 
$
5.6

(1) - Leases with an initial term of twelve months or less are not recorded on the balance sheet.
(2) - Sublease income consists of rent from third parties of office space and is recognized as part of other income in the Condensed Consolidated Statements of Income.
Schedule of Future Minimum Lease Payments for Capital and Operating Leases
Future minimum lease payments under finance and operating leases at June 30, 2020 are presented below.
(Dollars in Millions)
 
Finance
Leases
 
Operating
Leases
Remainder of 2020
 
$
0.2

 
$
10.5

2021
 
0.2

 
20.6

2022
 
—

 
19.0

2023
 
—

 
17.0

2024
 
—

 
11.3

2025 and Thereafter
 
—

 
31.0

Total Future Payments
 
$
0.4

 
$
109.4

Less Imputed Interest
 
—

 
14.4

Present Value of Minimum Lease Payments
 
$
0.4

 
$
95.0

Note 6 - Leases (continued)
Future minimum lease payments under finance and operating leases at December 31, 2019 are presented below.
(Dollars in Millions)
 
Finance
Leases
 
Operating
Leases
2020
 
$
0.3

 
$
20.5

2021
 
0.2

 
19.3

2022
 
—

 
17.0

2023
 
—

 
14.7

2024
 
—

 
8.3

2025 and Thereafter
 
—

 
28.1

Total Future Payments
 
$
0.5

 
$
107.9

Less Imputed Interest
 
—

 
14.7

Present Value of Minimum Lease Payments
 
$
0.5


$
93.2