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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | 22. Leases As of January 1, 2019, the Company adopted Topic 842 and elected to use the modified prospective approach, which does not require a retrospective restatement of prior years. The adoption of Topic 842 resulted in no cumulative catch-up to retained earnings. As part of the adoption, the Company applied the package of practical expedients which does not require the Company to reassess the lease classification for any expired or existing leases upon adoption of Topic 842. The Company has operating leases for offices, warehouses, land for storage of cranes, vehicles, information technology equipment, and manufacturing equipment. The remaining lease terms are up to 24 years, some of which include options to extend the lease term for up to 10 years, and some which include options to terminate the lease within 1 year. Certain leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. The Company’s financing leases have an immaterial impact on the consolidated financial statements. The components of lease expense for the year ended December 31, 2019 are summarized as follows:
|  | 2019 |
Operating lease cost |  | $ | 14.4 |
Variable lease cost* |  |  | 1.4 |
Total lease cost |  | $ | 15.8 |
*Includes short-term leases, which are immaterial. |  |  |  |
Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2019 are summarized as follows:
Operating lease right-of-use assets |  | $ | 47.6 |
Other liabilities |  | $ | 10.4 |
Operating lease liabilities |  |  | 37.6 |
Total operating lease liabilities |  | $ | 48.0 |
Cash paid for operating leases included in operating cash flows was $27.4 million for the year ended December 31, 2019. As of December 31, 2019, the Company’s operating leases have a weighted-average remaining lease term of 7.3 years and a weighted average discount rate of 4.66%. Topic 842 requires a lessee to discount its unpaid lease obligations using the interest rate implicit in the lease, or if not readily determinable, the incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the implicit rate cannot be determined. The Company’s incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms in the same location. Maturities of operating lease liabilities as of December 31, 2019 are summarized as follows:
Year |  |  |  |
2020 |  | $ | 12.1 |
2021 |  |  | 10.2 |
2022 |  |  | 8.3 |
2023 |  |  | 6.0 |
2024 |  |  | 4.5 |
Thereafter |  |  | 16.5 |
Total lease payments |  |  | 57.6 |
Less: imputed interest |  |  | (9.6 | )
Present value of lease liabilities |  | $ | 48.0 |

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