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Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
The Company adopted the guidance contained in ASC 842, Leases, on January 1, 2019 using the modified retrospective approach permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method, the Company applied the new leases standard at the adoption date and recognized a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2019.

The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. The Company elected the practical expedient which allows that leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases without lease terms (i.e. month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases.
The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Components of right-of-use assets and lease liabilities presented in the balance sheet are as follows ($ in million):
AssetsClassificationDecember 31, 2020December 31, 2019
Operating lease right-of-use assetsOther assets$19.8 $20.9 
Finance lease right-of-use assetsProperty, plant and equipment, net3.0 2.9 
Total right of use assets$22.8 $23.8 
LiabilitiesClassificationDecember 31, 2020December 31, 2019
Current operating lease obligationAccrued expenses$5.2 $4.9 
Long-term operating lease obligationOther liabilities15.6 17.2 
Total operating lease obligation$20.8 $22.1 
Current finance lease obligationCurrent debt$0.5 $0.4 
Long-term finance lease obligationLong-term debt3.0 2.8 
Total finance lease obligation$3.5 $3.2 

December 31, 2020December 31, 2019
AssetsFinanceOperatingTotalFinanceOperatingTotal
Land and improvements$— $0.1 $0.1 $— $0.1 $0.1 
Buildings and improvements3.1 25.9 29.0 2.9 21.8 24.7 
Machinery and equipment1.1 4.3 5.4 0.7 4.5 5.2 
Gross property, plant and equipment4.2 30.3 34.5 3.6 26.4 30.0 
Less: Accumulated depreciation(1.2)(10.5)(11.7)(0.7)(5.5)(6.2)
Right-of-use assets$3.0 $19.8 $22.8 $2.9 $20.9 $23.8 

Components of lease expense incurred by the Company are as follow ($ in millions):
Lease CostYear Ended December 31, 2020Year ended December 31, 2019
Finance lease cost (cost resulting from lease payments)
Interest expense on lease liabilities$0.2 0.2 
Amortization of right-of-use assets0.5 0.4 
Operating lease cost6.8 6.2 
Short-term lease expense0.4 0.3 
Variable lease expense— — 
Sublease income— — 
Total Lease Cost$7.9 $7.1 

The following table represents future contractual lease liabilities for the next five years and thereafter for finance and operating leases ($ in millions):
Maturity of Lease LiabilitiesFinanceOperatingTotal
2021$0.7 6.3 $7.0 
20220.7 5.1 5.8 
20230.6 3.5 4.1 
20240.5 2.9 3.4 
20250.6 1.8 2.4 
Thereafter1.0 5.4 6.4 
Total Lease Payments$4.1 $25.0 $29.1 
Less: Interest0.6 4.2 4.8 
Present Value of Lease Liabilities$3.5 $20.8 $24.3 

Lease Term and Discount RateDecember 31, 2020December 31, 2019
Weighted-average remaining lease term (years) 
Operating leases5.86.7
Finance leases6.37.3
Weighted-average discount rate 
Operating leases6.19 %6.49 %
Finance leases5.26 %5.27 %
Other Information (millions)Year Ended December 31, 2020Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases6.9 6.3 
Operating cash flows from finance leases0.2 0.3 
Financing cash flows from finance leases0.5 0.2 
Leased assets obtained in exchange for new finance lease liabilities0.4 0.6 
Leased assets obtained in exchange for new operating lease liabilities3.9 3.3 
Leases Leases
The Company adopted the guidance contained in ASC 842, Leases, on January 1, 2019 using the modified retrospective approach permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method, the Company applied the new leases standard at the adoption date and recognized a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2019.

The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. The Company elected the practical expedient which allows that leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases without lease terms (i.e. month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases.
The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Components of right-of-use assets and lease liabilities presented in the balance sheet are as follows ($ in million):
AssetsClassificationDecember 31, 2020December 31, 2019
Operating lease right-of-use assetsOther assets$19.8 $20.9 
Finance lease right-of-use assetsProperty, plant and equipment, net3.0 2.9 
Total right of use assets$22.8 $23.8 
LiabilitiesClassificationDecember 31, 2020December 31, 2019
Current operating lease obligationAccrued expenses$5.2 $4.9 
Long-term operating lease obligationOther liabilities15.6 17.2 
Total operating lease obligation$20.8 $22.1 
Current finance lease obligationCurrent debt$0.5 $0.4 
Long-term finance lease obligationLong-term debt3.0 2.8 
Total finance lease obligation$3.5 $3.2 

December 31, 2020December 31, 2019
AssetsFinanceOperatingTotalFinanceOperatingTotal
Land and improvements$— $0.1 $0.1 $— $0.1 $0.1 
Buildings and improvements3.1 25.9 29.0 2.9 21.8 24.7 
Machinery and equipment1.1 4.3 5.4 0.7 4.5 5.2 
Gross property, plant and equipment4.2 30.3 34.5 3.6 26.4 30.0 
Less: Accumulated depreciation(1.2)(10.5)(11.7)(0.7)(5.5)(6.2)
Right-of-use assets$3.0 $19.8 $22.8 $2.9 $20.9 $23.8 

Components of lease expense incurred by the Company are as follow ($ in millions):
Lease CostYear Ended December 31, 2020Year ended December 31, 2019
Finance lease cost (cost resulting from lease payments)
Interest expense on lease liabilities$0.2 0.2 
Amortization of right-of-use assets0.5 0.4 
Operating lease cost6.8 6.2 
Short-term lease expense0.4 0.3 
Variable lease expense— — 
Sublease income— — 
Total Lease Cost$7.9 $7.1 

The following table represents future contractual lease liabilities for the next five years and thereafter for finance and operating leases ($ in millions):
Maturity of Lease LiabilitiesFinanceOperatingTotal
2021$0.7 6.3 $7.0 
20220.7 5.1 5.8 
20230.6 3.5 4.1 
20240.5 2.9 3.4 
20250.6 1.8 2.4 
Thereafter1.0 5.4 6.4 
Total Lease Payments$4.1 $25.0 $29.1 
Less: Interest0.6 4.2 4.8 
Present Value of Lease Liabilities$3.5 $20.8 $24.3 

Lease Term and Discount RateDecember 31, 2020December 31, 2019
Weighted-average remaining lease term (years) 
Operating leases5.86.7
Finance leases6.37.3
Weighted-average discount rate 
Operating leases6.19 %6.49 %
Finance leases5.26 %5.27 %
Other Information (millions)Year Ended December 31, 2020Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases6.9 6.3 
Operating cash flows from finance leases0.2 0.3 
Financing cash flows from finance leases0.5 0.2 
Leased assets obtained in exchange for new finance lease liabilities0.4 0.6 
Leased assets obtained in exchange for new operating lease liabilities3.9 3.3