Leases (Tables)

12 Months Ended

Dec. 31, 2020

Components of Right-of-Use Assets and Lease Liabilities

Components of right-of-use assets and lease liabilities presented in the balance sheet are as follows ($ in million):


Assets	Classification	December 31, 2020		December 31, 2019
Operating lease right-of-use assets	Other assets	$	19.8	$	20.9
Finance lease right-of-use assets	Property, plant and equipment, net	3.0		2.9
Total right of use assets		$	22.8	$	23.8

Liabilities	Classification	December 31, 2020		December 31, 2019
Current operating lease obligation	Accrued expenses	$	5.2	$	4.9
Long-term operating lease obligation	Other liabilities	15.6		17.2
Total operating lease obligation		$	20.8	$	22.1

Current finance lease obligation	Current debt	$	0.5	$	0.4
Long-term finance lease obligation	Long-term debt	3.0		2.8
Total finance lease obligation		$	3.5	$	3.2


	December 31, 2020						December 31, 2019
Assets	Finance		Operating		Total		Finance		Operating		Total
Land and improvements	$	—	$	0.1	$	0.1	$	—	$	0.1	$	0.1
Buildings and improvements	3.1		25.9		29.0		2.9		21.8		24.7
Machinery and equipment	1.1		4.3		5.4		0.7		4.5		5.2

Gross property, plant and equipment	4.2		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, Lease Term and Discount Rate and Other Information

Components of lease expense incurred by the Company are as follow ($ in millions):


Lease Cost	Year Ended December 31, 2020		Year 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 assets	0.5		0.4
Operating lease cost	6.8		6.2
Short-term lease expense	0.4		0.3
Variable lease expense	—		—
Sublease income	—		—
Total Lease Cost	$	7.9	$	7.1


Lease Term and Discount Rate	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	5.8		6.7
Finance leases	6.3		7.3
Weighted-average discount rate
Operating leases	6.19	%	6.49	%
Finance leases	5.26	%	5.27	%


Other Information (millions)	Year Ended December 31, 2020	Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	6.9	6.3
Operating cash flows from finance leases	0.2	0.3
Financing cash flows from finance leases	0.5	0.2
Leased assets obtained in exchange for new finance lease liabilities	0.4	0.6
Leased assets obtained in exchange for new operating lease liabilities	3.9	3.3

Maturity of Lease Liabilities, Finance Leases

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 Liabilities	Finance		Operating		Total
2021	$	0.7	6.3		$	7.0
2022	0.7		5.1		5.8
2023	0.6		3.5		4.1
2024	0.5		2.9		3.4
2025	0.6		1.8		2.4

Thereafter	1.0		5.4		6.4
Total Lease Payments	$	4.1	$	25.0	$	29.1
Less: Interest	0.6		4.2		4.8
Present Value of Lease Liabilities	$	3.5	$	20.8	$	24.3

Maturity of Lease Liabilities, Operating Leases

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 Liabilities	Finance		Operating		Total
2021	$	0.7	6.3		$	7.0
2022	0.7		5.1		5.8
2023	0.6		3.5		4.1
2024	0.5		2.9		3.4
2025	0.6		1.8		2.4

Thereafter	1.0		5.4		6.4
Total Lease Payments	$	4.1	$	25.0	$	29.1
Less: Interest	0.6		4.2		4.8
Present Value of Lease Liabilities	$	3.5	$	20.8	$	24.3