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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | 11. Leases Operating lease right-of-use-assets and finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liability and finance lease liability are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. As of June 30, 2021 and December 31, 2020, lease right-of-use assets and lease liabilities consist of the following (in millions):
|  | June 30, 2021 |  | December 31, 2020
Right-of-use assets: |  |  |  |
Operating lease (Other non-current assets) |  | $ | 72.2 |  |  | $ | 39.8 |
Finance lease (Property, plant and equipment, net) |  | 0.3 |  |  | 0.9 |
Total right-of-use assets |  | $ | 72.5 |  |  | $ | 40.7 |
Lease liabilities: |  |  |  |
Current portion of operating lease (Other current liabilities) |  | $ | 16.2 |  |  | $ | 11.2 |
Non-current portion of operating lease (Other non-current liabilities) |  | 60.4 |  |  | 31.6 |
Finance lease (Debt obligations) |  | 0.2 |  |  | 0.8 |
Total lease liabilities |  | $ | 76.8 |  |  | $ | 43.6 |
The tables below present financial information associated with the Company's leases. This information is presented as of, and for the three and six months ended June 30, 2021 and 2020. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2021 and 2045. The following table summarizes the components of lease expense for the three and six months ended June 30, 2021 and 2020 (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 0.6 |
Interest on lease liabilities |  | — |  |  | — |  |  | — |  |  | 0.1 |
Net finance lease cost |  | 0.3 |  |  | 0.3 |  |  | 0.6 |  |  | 0.7 |
Operating lease cost |  | 4.3 |  |  | 3.5 |  |  | 7.8 |  |  | 7.2 |
Variable lease cost |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Total lease cost |  | $ | 4.7 |  |  | $ | 3.9 |  |  | $ | 8.6 |  |  | $ | 8.1 |
Cash flow information related to leases for the three and six months ended June 30, 2021and 2020 is as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Financing cash flows from finance leases |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Operating cash flows from operating leases |  | $ | 4.2 |  |  | $ | 3.6 |  |  | $ | 7.9 |  |  | $ | 7.1 |
Right-of-use assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |  |
Finance leases |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Operating leases |  | $ | 37.3 |  |  | $ | 3.6 |  |  | $ | 41.2 |  |  | $ | 12.1 |
As of June 30, 2021 and December 31, 2020, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows:
|  | June 30, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) - operating lease |  | 8.0 |  | 4.4
Weighted-average remaining lease term (years) - finance lease |  | 1.0 |  | 0.9
Weighted-average discount rate - operating lease |  | 5.2 | % |  | 6.2 | %
Weighted-average discount rate - finance lease |  | 7.0 | % |  | 8.9 | %
As of June 30, 2021, undiscounted cash flows for finance and operating leases are as follows (in millions):
| Operating Leases |  | Finance Leases
2021 | $ | 19.6 |  |  | $ | 0.2 |
2022 | 16.6 |  |  | — |
2023 | 12.4 |  |  | — |
2024 | 8.9 |  |  | — |
2025 | 6.4 |  |  | — |
Thereafter | 29.8 |  |  | — |
Total future lease payments | 93.7 |  |  | 0.2 |
Less: Present values | (17.1) |  |  | — |
Total lease liability balance | $ | 76.6 |  |  | $ | 0.2 |
Leases | 11. Leases Operating lease right-of-use-assets and finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liability and finance lease liability are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. As of June 30, 2021 and December 31, 2020, lease right-of-use assets and lease liabilities consist of the following (in millions):
|  | June 30, 2021 |  | December 31, 2020
Right-of-use assets: |  |  |  |
Operating lease (Other non-current assets) |  | $ | 72.2 |  |  | $ | 39.8 |
Finance lease (Property, plant and equipment, net) |  | 0.3 |  |  | 0.9 |
Total right-of-use assets |  | $ | 72.5 |  |  | $ | 40.7 |
Lease liabilities: |  |  |  |
Current portion of operating lease (Other current liabilities) |  | $ | 16.2 |  |  | $ | 11.2 |
Non-current portion of operating lease (Other non-current liabilities) |  | 60.4 |  |  | 31.6 |
Finance lease (Debt obligations) |  | 0.2 |  |  | 0.8 |
Total lease liabilities |  | $ | 76.8 |  |  | $ | 43.6 |
The tables below present financial information associated with the Company's leases. This information is presented as of, and for the three and six months ended June 30, 2021 and 2020. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2021 and 2045. The following table summarizes the components of lease expense for the three and six months ended June 30, 2021 and 2020 (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 0.6 |
Interest on lease liabilities |  | — |  |  | — |  |  | — |  |  | 0.1 |
Net finance lease cost |  | 0.3 |  |  | 0.3 |  |  | 0.6 |  |  | 0.7 |
Operating lease cost |  | 4.3 |  |  | 3.5 |  |  | 7.8 |  |  | 7.2 |
Variable lease cost |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Total lease cost |  | $ | 4.7 |  |  | $ | 3.9 |  |  | $ | 8.6 |  |  | $ | 8.1 |
Cash flow information related to leases for the three and six months ended June 30, 2021and 2020 is as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Financing cash flows from finance leases |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Operating cash flows from operating leases |  | $ | 4.2 |  |  | $ | 3.6 |  |  | $ | 7.9 |  |  | $ | 7.1 |
Right-of-use assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |  |
Finance leases |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |
Operating leases |  | $ | 37.3 |  |  | $ | 3.6 |  |  | $ | 41.2 |  |  | $ | 12.1 |
As of June 30, 2021 and December 31, 2020, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows:
|  | June 30, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) - operating lease |  | 8.0 |  | 4.4
Weighted-average remaining lease term (years) - finance lease |  | 1.0 |  | 0.9
Weighted-average discount rate - operating lease |  | 5.2 | % |  | 6.2 | %
Weighted-average discount rate - finance lease |  | 7.0 | % |  | 8.9 | %
As of June 30, 2021, undiscounted cash flows for finance and operating leases are as follows (in millions):
| Operating Leases |  | Finance Leases
2021 | $ | 19.6 |  |  | $ | 0.2 |
2022 | 16.6 |  |  | — |
2023 | 12.4 |  |  | — |
2024 | 8.9 |  |  | — |
2025 | 6.4 |  |  | — |
Thereafter | 29.8 |  |  | — |
Total future lease payments | 93.7 |  |  | 0.2 |
Less: Present values | (17.1) |  |  | — |
Total lease liability balance | $ | 76.6 |  |  | $ | 0.2 |

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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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