Leases

3 Months Ended

Mar. 31, 2019

NOTE 4 – LEASES

We have operating and finance leases for toll manufacturing facilities, warehouse storage, land, buildings, plant and equipment. Our leases have remaining lease terms of 1 year to 12 years and some of which include options to terminate the leases within 1 year.

The components of lease expense were as follows:

(in millions)	Three Months Ended March 31
		2019
Finance lease cost:
Amortization of right-of-use assets	$	0.6
Interest on lease liabilities		0.0
Total finance lease cost		0.6
Operating lease cost		3.0
Short-term lease cost		0.4
Variable lease cost		0.1
Sub-lease income		0.0
Total lease cost	$	4.1

Supplemental cash flow information related to leases was as follows:

(in millions)	Three Months Ended March 31
	2019
Cash paid for amounts included in the measurement of lease liabilities:	$
Operating cash flows from operating leases		3.5
Operating cash flows from finance leases		0.6
Financing cash flows from finance leases		0.0
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases		0.8
Finance leases		0.0

Supplemental balance sheet information related to leases was as follows:

(in millions except lease term and discount rate)	Three Months Ended March 31
	2019
Operating leases:
Operating lease right-of-use assets	$	37.4
Current portion of operating lease liabilities	$	11.4
Operating lease liabilities, net of current portion		26.0
Total operating lease liabilities	$	37.4
Finance leases:
Property, plant and equipment at cost	$	10.8
Accumulated depreciation		(7.8	)
Net property, plant and equipment	$	3.0
Current portion of finance leases	$	1.5
Finance leases, net of current portion		1.1
Total finance lease liabilities	$	2.6
Weighted average remaining lease term:
Operating leases		3.7 years
Finance leases		2.1 years
Weighted average discount rate:
Operating leases		3.1	%
Finance leases		2.5	%

Maturities of lease liabilities were as follows:

(in millions)	Operating leases			Finance leases
Within one year	$	11.4		$	1.5
Year two		9.2			0.8
Year three		8.1			0.3
Year four		4.7			0.1
Year five		3.6			0.0
Thereafter		3.7			0.0
Total lease payments		40.7			2.7
Less imputed interest		(3.3	)		(0.1	)
Total	$	37.4		$	2.6

As of March 31, 2019, additional operating and finance leases that have not yet commenced are $

0.0

million.