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Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases LEASES
The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease.
The following table presents operating lease ROU assets and lease liabilities.
DOLLARS IN MILLIONS20202019
Operating Lease Right-of-Use Assets$68.6 $75.6 
Operating Lease Liabilities89.6 93.2 
Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Income. Additional information regarding the Company’s operating leases is presented below.
DOLLARS IN MILLIONS20202019
Lease Cost:
    Amortization of Right-of-Use Assets - Finance Leases$0.3 $0.7 
    Operating Lease Cost20.9 20.7 
    Short-Term Lease Cost (1)4.6 0.1 
Total Expense25.8 21.5 
Less: Sublease Income (2)— 0.1 
Total Lease Cost$25.8 $21.4 
(1) - Leases with an initial term of twelve months of 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 Consolidated Statements of Income.
Other Information on Operating Leases
Supplemental cash flow information related to the Company’s operating leases for the year-ended December 31, 2020 is as follows:
DOLLARS IN MILLIONS20202019
Operating Cash Flows from Operating Leases (Fixed Payments)$15.8 $20.0 
Operating Cash Flows from Operating Leases (Liability Reduction)17.5 17.6 
Financing Cash Flows from Finance Leases0.3 0.7 
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities11.0 25.9 
Significant judgments and assumptions for determining lease asset and liability as December 31, 2020 and December 31, 2019 respectively are presented below.
20202019
Weighted-average Remaining Lease Term - Finance Leases0.7 years1.7 years
Weighted-average Remaining Lease Term - Operating Leases6.7 years7.0 years
Weighted-average Discount Rate - Finance Leases4.0 %4.0 %
Weighted-average Discount Rate - Operating Leases4.0 %3.9 %
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments.
NOTE 9. LEASES (Continued)
Future minimum lease payments under finance and operating leases at December 31, 2020 were:
DOLLARS IN MILLIONSFinance
Leases		Operating
Leases
2021$0.2 $20.8 
2022— 19.5 
2023— 17.8 
2024— 13.1 
2025— 8.4 
2026 and Thereafter— 24.2 
Total Future Payments0.2 103.8 
Less Discount— 14.2 
Present Value of Minimum Lease Payments$0.2 $89.6 
The total of minimum rental income to be received in the future under non-cancelable subleases was $0.3 million and $0.8 million at December 31, 2020 and 2019, respectively.
Leases LEASES
The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease.
The following table presents operating lease ROU assets and lease liabilities.
DOLLARS IN MILLIONS20202019
Operating Lease Right-of-Use Assets$68.6 $75.6 
Operating Lease Liabilities89.6 93.2 
Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Income. Additional information regarding the Company’s operating leases is presented below.
DOLLARS IN MILLIONS20202019
Lease Cost:
    Amortization of Right-of-Use Assets - Finance Leases$0.3 $0.7 
    Operating Lease Cost20.9 20.7 
    Short-Term Lease Cost (1)4.6 0.1 
Total Expense25.8 21.5 
Less: Sublease Income (2)— 0.1 
Total Lease Cost$25.8 $21.4 
(1) - Leases with an initial term of twelve months of 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 Consolidated Statements of Income.
Other Information on Operating Leases
Supplemental cash flow information related to the Company’s operating leases for the year-ended December 31, 2020 is as follows:
DOLLARS IN MILLIONS20202019
Operating Cash Flows from Operating Leases (Fixed Payments)$15.8 $20.0 
Operating Cash Flows from Operating Leases (Liability Reduction)17.5 17.6 
Financing Cash Flows from Finance Leases0.3 0.7 
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities11.0 25.9 
Significant judgments and assumptions for determining lease asset and liability as December 31, 2020 and December 31, 2019 respectively are presented below.
20202019
Weighted-average Remaining Lease Term - Finance Leases0.7 years1.7 years
Weighted-average Remaining Lease Term - Operating Leases6.7 years7.0 years
Weighted-average Discount Rate - Finance Leases4.0 %4.0 %
Weighted-average Discount Rate - Operating Leases4.0 %3.9 %
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments.
NOTE 9. LEASES (Continued)
Future minimum lease payments under finance and operating leases at December 31, 2020 were:
DOLLARS IN MILLIONSFinance
Leases		Operating
Leases
2021$0.2 $20.8 
2022— 19.5 
2023— 17.8 
2024— 13.1 
2025— 8.4 
2026 and Thereafter— 24.2 
Total Future Payments0.2 103.8 
Less Discount— 14.2 
Present Value of Minimum Lease Payments$0.2 $89.6 
The total of minimum rental income to be received in the future under non-cancelable subleases was $0.3 million and $0.8 million at December 31, 2020 and 2019, respectively.