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Leases | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases [Abstract] |
Leases | Leases The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. 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):
Assets | Classification | December 31, 2021 |  | December 31, 2020 |  |
Operating lease right-of-use assets | Other assets | $ | 25.1 |  |  | $ | 19.8 |  |  |
Finance lease right-of-use assets | Property, plant and equipment, net | 2.2 |  |  | 3.0 |  |  |
Total right of use assets |  | $ | 27.3 |  |  | $ | 22.8 |  |  |
Liabilities | Classification | December 31, 2021 |  | December 31, 2020 |  |
Current operating lease obligation | Accrued expenses | $ | 7.3 |  |  | $ | 5.2 |  |  |
Long-term operating lease obligation | Other liabilities | 18.7 |  |  | 15.6 |  |  |
Total operating lease obligation |  | $ | 26.0 |  |  | $ | 20.8 |  |  |
Current finance lease obligation | Current debt | $ | 0.5 |  |  | $ | 0.5 |  |  |
Long-term finance lease obligation | Long-term debt | 2.3 |  |  | 3.0 |  |  |
Total finance lease obligation |  | $ | 2.8 |  |  | $ | 3.5 |  |  |
Components of lease expense incurred by the Company are as follow ($ in millions):
Lease Cost |  |  | Year Ended December 31, 2021 |  | Year ended December 31, 2020
Finance lease cost (cost resulting from lease payments) |  |  |  |  |
Interest expense on lease liabilities |  |  | $ | 0.7 |  |  | 0.2 |
Amortization of right-of-use assets |  |  | 0.9 |  |  | 0.5 |
Operating lease cost |  |  | 8.4 |  |  | 6.8 |
Short-term lease expense |  |  | 2.3 |  |  | 0.4 |
Total lease cost |  |  | $ | 12.3 |  |  | $ | 7.9 |
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
2022 | $ | 0.7 |  |  | 8.5 |  |  | $ | 9.2 |
2023 | 0.6 |  |  | 6.0 |  |  | 6.6 |
2024 | 0.5 |  |  | 5.0 |  |  | 5.5 |
2025 | 0.5 |  |  | 3.7 |  |  | 4.2 |
2026 | 0.5 |  |  | 2.3 |  |  | 2.8 |
Thereafter | 0.4 |  |  | 4.3 |  |  | 4.7 |
Total lease payments | $ | 3.2 |  |  | $ | 29.8 |  |  | $ | 33.0 |
Less: Interest | 0.4 |  |  | 3.8 |  |  | 4.2 |
Present value of lease liabilities | $ | 2.8 |  |  | $ | 26.0 |  |  | $ | 28.8 |
Lease Term and Discount Rate | December 31, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 4.9 |  | 5.8
Finance leases | 5.5 |  | 6.3
Weighted-average discount rate |  |  |
Operating leases | 5.44 | % |  | 6.19 | %
Finance leases | 5.22 | % |  | 5.26 | %
Other Information (millions) | Year Ended December 31, 2021 |  | Year ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | 8.7 |  |  | 6.9 |
Operating cash flows from finance leases | 0.7 |  |  | 0.2 |
Leased assets obtained in exchange for new finance lease liabilities | 15.1 |  |  | 0.4 |
Leased assets obtained in exchange for new operating lease liabilities | 10.0 |  |  | 3.9 |
See Consolidated Statements of Cash Flow for information on payments on financing lease obligations.
Leases | Leases The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. 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):
Assets | Classification | December 31, 2021 |  | December 31, 2020 |  |
Operating lease right-of-use assets | Other assets | $ | 25.1 |  |  | $ | 19.8 |  |  |
Finance lease right-of-use assets | Property, plant and equipment, net | 2.2 |  |  | 3.0 |  |  |
Total right of use assets |  | $ | 27.3 |  |  | $ | 22.8 |  |  |
Liabilities | Classification | December 31, 2021 |  | December 31, 2020 |  |
Current operating lease obligation | Accrued expenses | $ | 7.3 |  |  | $ | 5.2 |  |  |
Long-term operating lease obligation | Other liabilities | 18.7 |  |  | 15.6 |  |  |
Total operating lease obligation |  | $ | 26.0 |  |  | $ | 20.8 |  |  |
Current finance lease obligation | Current debt | $ | 0.5 |  |  | $ | 0.5 |  |  |
Long-term finance lease obligation | Long-term debt | 2.3 |  |  | 3.0 |  |  |
Total finance lease obligation |  | $ | 2.8 |  |  | $ | 3.5 |  |  |
Components of lease expense incurred by the Company are as follow ($ in millions):
Lease Cost |  |  | Year Ended December 31, 2021 |  | Year ended December 31, 2020
Finance lease cost (cost resulting from lease payments) |  |  |  |  |
Interest expense on lease liabilities |  |  | $ | 0.7 |  |  | 0.2 |
Amortization of right-of-use assets |  |  | 0.9 |  |  | 0.5 |
Operating lease cost |  |  | 8.4 |  |  | 6.8 |
Short-term lease expense |  |  | 2.3 |  |  | 0.4 |
Total lease cost |  |  | $ | 12.3 |  |  | $ | 7.9 |
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
2022 | $ | 0.7 |  |  | 8.5 |  |  | $ | 9.2 |
2023 | 0.6 |  |  | 6.0 |  |  | 6.6 |
2024 | 0.5 |  |  | 5.0 |  |  | 5.5 |
2025 | 0.5 |  |  | 3.7 |  |  | 4.2 |
2026 | 0.5 |  |  | 2.3 |  |  | 2.8 |
Thereafter | 0.4 |  |  | 4.3 |  |  | 4.7 |
Total lease payments | $ | 3.2 |  |  | $ | 29.8 |  |  | $ | 33.0 |
Less: Interest | 0.4 |  |  | 3.8 |  |  | 4.2 |
Present value of lease liabilities | $ | 2.8 |  |  | $ | 26.0 |  |  | $ | 28.8 |
Lease Term and Discount Rate | December 31, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 4.9 |  | 5.8
Finance leases | 5.5 |  | 6.3
Weighted-average discount rate |  |  |
Operating leases | 5.44 | % |  | 6.19 | %
Finance leases | 5.22 | % |  | 5.26 | %
Other Information (millions) | Year Ended December 31, 2021 |  | Year ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | 8.7 |  |  | 6.9 |
Operating cash flows from finance leases | 0.7 |  |  | 0.2 |
Leased assets obtained in exchange for new finance lease liabilities | 15.1 |  |  | 0.4 |
Leased assets obtained in exchange for new operating lease liabilities | 10.0 |  |  | 3.9 |
See Consolidated Statements of Cash Flow for information on payments on financing lease obligations.

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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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