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LEASES | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
LEASES | LEASES On January 1, 2019, we adopted Topic 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with Topic 840. On January 1, 2019, we recorded operating lease ROU assets of $16.5 million and operating lease liabilities of $17.3 million, related to real estate and equipment leases, based on the present value of the future lease payments on the date of adoption. The components of lease cost for the three and six months ended June 30, 2019 are as follows (in millions):
| Classification |  | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Operating lease cost | Facilities and grounds expense |  | $ | 1.0 |  |  | $ | 1.9 |
Short-term lease cost | Facilities and grounds expense |  | $ | 0.1 |  |  | $ | 0.2 |
Finance lease cost: |  |  |  |  |
Depreciation of leased assets | Depreciation and amortization |  | $ | 0.1 |  |  | $ | 0.2 |
Interest on lease liabilities | Interest expense |  | 0.1 |  |  | 0.2 |
Total finance lease cost |  |  | 0.2 |  |  | 0.4 |
Total lease cost |  |  | $ | 1.3 |  |  | $ | 2.5 |
Variable lease expense was immaterial for the three and six months ended June 30, 2019. Supplemental cash flow information related to our leases for the six months ended June 30, 2019 is as follows (in millions):
| Six Months Ended June 30, 2019
Cash paid for operating leases included in operating activities | $ | 1.9 |
Cash paid for finance leases included in financing activities | 0.4 |
Right-of-use assets obtained in exchange for new leases for the six months ended June 30, 2019 is as follows (in millions):
| Six Months Ended June 30, 2019
Right-of-use assets obtained in exchange for new operating lease liabilities(1) | $ | 8.2 |
Right-of-use assets obtained in exchange for new finance lease liabilities | — |
(1) | During the three months ended June 30, 2019, we modified an existing operating lease to extend the term through 2030. As a result of this modification, we increased our lease liabilities and right-of-use assets by $8.2 million.
Supplemental balance sheet information related to leases as of June 30, 2019 is as follows (in millions):
Lease Type |  | Balance Sheet Classification |  | June 30, 2019
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 23.5 |
Finance lease right-of-use assets(1) |  | Property, plant and equipment, net |  | 5.5 |
Total right-of-use assets |  |  |  | $ | 29.0 |
Operating |  | Current portion of operating lease obligations |  | $ | 1.5 |
Finance |  | Current portion of finance lease obligations |  | 0.3 |
Total current lease liabilities |  |  |  | 1.8 |
Operating |  | Obligations under operating leases, net of current portion |  | 22.7 |
Finance |  | Obligations under finance leases, net of current portion |  | 6.0 |
Total non-current lease liabilities |  |  |  | 28.7 |
Total lease liabilities |  |  |  | $ | 30.5 |
(1) | Finance lease right-of-use assets are presented net of accumulated depreciation of $1.9 million.
The average lease terms and discount rates as of June 30, 2019 are as follows:
| Weighted-average remaining lease term (years) |  | Weighted-average discount rate
Operating leases | 11.4 |  | 8.1 | %
Finance leases | 7.5 |  | 8.2 | %
The aggregate future lease payments for operating and finance leases as of June 30, 2019 are as follows (in millions):
| Operating |  | Finance
Lease payments due: |  |  |
Remainder of 2019 | $ | 1.9 |  |  | $ | 0.4 |
2020 | 3.3 |  |  | 0.8 |
2021 | 3.7 |  |  | 0.8 |
2022 | 3.3 |  |  | 0.8 |
2023 | 3.2 |  |  | 0.8 |
Thereafter | 21.6 |  |  | 7.1 |
Total lease payments | 37.0 |  |  | 10.7 |
Less: Interest | (12.8 | ) |  | (4.4 | )
Present value of lease liabilities | $ | 24.2 |  |  | $ | 6.3 |
As of June 30, 2019, we had no additional significant operating or finance leases that had not yet commenced.
LEASES | LEASES On January 1, 2019, we adopted Topic 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with Topic 840. On January 1, 2019, we recorded operating lease ROU assets of $16.5 million and operating lease liabilities of $17.3 million, related to real estate and equipment leases, based on the present value of the future lease payments on the date of adoption. The components of lease cost for the three and six months ended June 30, 2019 are as follows (in millions):
| Classification |  | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Operating lease cost | Facilities and grounds expense |  | $ | 1.0 |  |  | $ | 1.9 |
Short-term lease cost | Facilities and grounds expense |  | $ | 0.1 |  |  | $ | 0.2 |
Finance lease cost: |  |  |  |  |
Depreciation of leased assets | Depreciation and amortization |  | $ | 0.1 |  |  | $ | 0.2 |
Interest on lease liabilities | Interest expense |  | 0.1 |  |  | 0.2 |
Total finance lease cost |  |  | 0.2 |  |  | 0.4 |
Total lease cost |  |  | $ | 1.3 |  |  | $ | 2.5 |
Variable lease expense was immaterial for the three and six months ended June 30, 2019. Supplemental cash flow information related to our leases for the six months ended June 30, 2019 is as follows (in millions):
| Six Months Ended June 30, 2019
Cash paid for operating leases included in operating activities | $ | 1.9 |
Cash paid for finance leases included in financing activities | 0.4 |
Right-of-use assets obtained in exchange for new leases for the six months ended June 30, 2019 is as follows (in millions):
| Six Months Ended June 30, 2019
Right-of-use assets obtained in exchange for new operating lease liabilities(1) | $ | 8.2 |
Right-of-use assets obtained in exchange for new finance lease liabilities | — |
(1) | During the three months ended June 30, 2019, we modified an existing operating lease to extend the term through 2030. As a result of this modification, we increased our lease liabilities and right-of-use assets by $8.2 million.
Supplemental balance sheet information related to leases as of June 30, 2019 is as follows (in millions):
Lease Type |  | Balance Sheet Classification |  | June 30, 2019
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 23.5 |
Finance lease right-of-use assets(1) |  | Property, plant and equipment, net |  | 5.5 |
Total right-of-use assets |  |  |  | $ | 29.0 |
Operating |  | Current portion of operating lease obligations |  | $ | 1.5 |
Finance |  | Current portion of finance lease obligations |  | 0.3 |
Total current lease liabilities |  |  |  | 1.8 |
Operating |  | Obligations under operating leases, net of current portion |  | 22.7 |
Finance |  | Obligations under finance leases, net of current portion |  | 6.0 |
Total non-current lease liabilities |  |  |  | 28.7 |
Total lease liabilities |  |  |  | $ | 30.5 |
(1) | Finance lease right-of-use assets are presented net of accumulated depreciation of $1.9 million.
The average lease terms and discount rates as of June 30, 2019 are as follows:
| Weighted-average remaining lease term (years) |  | Weighted-average discount rate
Operating leases | 11.4 |  | 8.1 | %
Finance leases | 7.5 |  | 8.2 | %
The aggregate future lease payments for operating and finance leases as of June 30, 2019 are as follows (in millions):
| Operating |  | Finance
Lease payments due: |  |  |
Remainder of 2019 | $ | 1.9 |  |  | $ | 0.4 |
2020 | 3.3 |  |  | 0.8 |
2021 | 3.7 |  |  | 0.8 |
2022 | 3.3 |  |  | 0.8 |
2023 | 3.2 |  |  | 0.8 |
Thereafter | 21.6 |  |  | 7.1 |
Total lease payments | 37.0 |  |  | 10.7 |
Less: Interest | (12.8 | ) |  | (4.4 | )
Present value of lease liabilities | $ | 24.2 |  |  | $ | 6.3 |
As of June 30, 2019, we had no additional significant operating or finance leases that had not yet commenced.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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